Singapore Car Market in 2025 keeps growing. YTD sales up to October gained 23.3%, with BYD overtaking Toyota and securing leading spot. Tesla and Honda also reported notable gains while Hyundai and Nissan posted double-digit losses.
Economic Environment
In 2025, Singapore’s GDP growth forecast has been upgraded by the Ministry of Trade and Industry (MTI) to a range of 1.5% to 2.5%, up from the earlier 0.0% to 2.0%, reflecting stronger-than-expected performance in the first half of the year. The economy expanded by 4.3% year-on-year in the first half, with second-quarter growth of 4.4% following 4.1% in the first quarter. On a quarter-on-quarter basis, GDP grew 1.4% in the second quarter, reversing the 0.5% contraction in the first quarter. Growth was supported by wholesale trade, manufacturing, finance and insurance, and transportation and storage, with front-loading of regional exports ahead of US tariffs providing a temporary boost.
However, the food and beverage services sector contracted due to higher outbound travel. The external outlook improved as the US introduced a 90-day tariff pause and later struck trade deals with the Eurozone, Japan, South Korea, and several Southeast Asian economies, leading to softer reciprocal tariffs. US-China trade tensions also eased temporarily, with a truce reducing tariffs sharply and talks continuing on an extension. Despite this, Singapore’s growth in the second half of 2025 is expected to moderate as front-loading effects fade and reciprocal tariffs take hold.
Automotive Industry Trend and Outlook
Following the impressive growth streak that defined the whole year, the singaporean car market keeps increasing. YTD sales up to October 2025 surged 23.3% to 41,893 units.
Brand-wise the leader became BYD which climbed 1 spot (+86.9%), followed by Toyota -down 1 spot- in 2nd (+2.4%), BMW -up 1 spot- in 3rd (+1.8%) and Mercedes -down 1 spot- in 4th (-5.3%).
Honda ranked 5th (+26.4%), followed by Tesla in 6th (+47.9%), Hyundai in 7th (-29.7%) and Mazda -up 1 spot- in 8th (-3.8%).
Kia -up 1 spot- secured 9th position (-4.8%) and Nissan -down 2 spots- closed the top 10 (-33.4%).
Looking at specific models the Toyota Corolla secured 1st spot whilst growing 12.9% from the previous year, followed by the Mazda3 up 12.7%.
EV Market Trend and Outlook
Singapore’s EV sector is accelerating quickly, thanks to government initiatives such as the The Vehicular Emissions Scheme. Chinese brands, with BYD at the forefront, are securing a hold onto the country’s sector, providing more affordable vehicles. Still, infrastructure scaling remains a key bottleneck for EV developement.
Medium-Term Market Trend
Singapore’s car market has seen sharp fluctuations over the past decade. From 2014 to 2017, sales surged from 29,036 to a record 92,016 units, a 217% increase. This was followed by a downturn, with sales falling 12.6% in 2018 and 9.9% in 2019, down to 72,408 units. The pandemic in 2020 led to widespread disruptions, causing a sharp 38.6% drop to 44,463 units. A mild recovery followed in 2021, but sales declined again in 2022 (–31.9%) and 2023 (–2.3%), reaching just 30,221 units. Factors behind the slump included global supply chain issues, especially microchip shortages, and a shift toward EVs, still unaffordable for many low-income consumers.
In 2024, the market rebounded by 42.4%, driven by improved COE quota availability, easing supply constraints, and strong demand from ride-hailing and logistics firms. However, EVs remain a small fraction of total sales, hindered by high upfront costs (partly due to the “Certificate of Entitlement” required by the government), limited charging infrastructure, and consumer concerns about range and convenience despite growing government incentives and long-term green targets.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturers Group.
