Business Monitor International

Singapore Autos Report

Published 01 December 2014

  • 51 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
Singapore Autos Report

As we have highlighted previously, we believe an expected large number of car owners looking to replace their cars nearing the 10-year validity period will result in a surge in sales and certificate of entitlement (COE) prices will remain elevated. This has largely played out and domestic auto sales have been on a strong uptrend since June 2014, with domestic auto sales growing by 22.0% year-on-year from January to October, while COE prices have also been on an uptrend over the past few months.

We expect that policy changes announced by Singapore's Land Transport Authority (LTA) which will be implemented over the coming months to continue supporting certificate of entitlement (COE) prices across all vehicle categories. Given that the government has cut the vehicle growth rate from 0.5% to 0.25% (with effect from February 2015), we foresee fewer COEs being issued from February 2015 onwards pushing COE prices. At the same time, having more COE quota allocated to Category A (<=1,600cc) and less to Category B (>1,600cc) should see a divergence in COE prices of these two categories over the coming months.

On the commercial vehicle (CV) front, while we previously highlighted that COE prices for Category C vehicles will remain stable, underpinned by the longer lifespan of 20 years and the Early Turnover Scheme, we now expect Category C vehicles to also face rising COE prices, given an expected drop in COEs being issued for CVs.

Meanwhile, the government is also exploring the possibility of having autonomous vehicles on Singapore's roads, and set up various committees to develop this segment. However, given that issues such as vehicle reliability, infrastructure, liability, and regulations have not yet been resolved, we do not expect autonomous vehicles to have a meaningful impact on Singapore commuters within the next five to 10 years.

Table of Contents

BMI Industry View
SWOT Analysis
Business Environment
Industry Forecast
Table: Comparison Of Monthly COE Prices, 2nd Round Bidding (SGD)
Table: New Registration Of Cars By Make (7M14)
Table: Autos Total Market - Historical Data And Forecasts (Singapore 2012-2018)
Table: Passenger Car Market - Historical Data And Forecasts (Singapore 2012-2018)
Table: Commercial Vehicle Market - Historical Data And Forecasts (Singapore 2012-2018)
Table: Motorcycle Market - Historical Data And Forecasts (Singapore 2012-2018)
Macroeconomic Forecast
Macroeconomic Analysis
Holding Out Hope In Construction
Trade Outlook Not So Bright
MAS Stands Pat On Cue
Table: Economic Activity (Singapore 2009-2018)
Industry Risk/Reward Ratings
Asia - Risk/Reward Ratings
Table: BMI Industry Risk/Reward Ratings - Asia-Pacific Autos
Company Profile
Company Monitor
Regional Overview
Table: Vehicle Sales June 2014 (CBUS)
Global Industry Overview
Table: Passenger Car Sales May 2014 (CBUs)
Outperformers Boost European Outlook
Trucks Give North America A Lift
India Brings Relief To BRICs
Demographic Forecast
Table: Singapore's Population By Age Group, 1990-2020 ('000)
Table: Singapore's Population By Age Group, 1990-2020 (% of total)
Table: Singapore's Key Population Ratios, 1990-2020
Table: Singapore's Rural And Urban Population, 1990-2020
Industry Forecasts
Sector-Specific Methodology
Risk/Reward Ratings Methodology
Table: Automotive Risk/Reward Ratings Indicators And Weighting Of Indicators

The Singapore Autos Report features the latest data and forecasts covering production, sales, imports and exports.

Business Monitor International (BMI)'s Singapore Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Singapore.

Key Benefits

  • Benchmark BMI's independent automotives industry forecasts on Singapore to test other views - a key input for successful budgetary and planning in the Singaporean automotives market.
  • Target business opportunities and risks in the Singaporean automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Singapore.
  • Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.


BMI Industry View

Summary of BMI’s key industry forecasts and views, covering production, sales and the introduction of new technology or products.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the autos sector and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end- 2019 for all key industry indicators (see list below), supported by explicit assumptions plus analysis of key downside risks to the main forecast, including:

Sales and production of motorcycles in units; total production of units; production by vehicle type (including cars, commercial vehicles, trucks and buses); total vehicle fleet size in units; sales by vehicle type, including passenger cars and commercial vehicles; fleet size by vehicle type, including passenger car, commercial vehicles and motorcycles; total vehicle trade balance in units; vehicle trade balance by vehicle type, including passenger car, commercial vehicle and motorcycle; car ownership measured as car density per 1,000 people.

BMI’s Autos Risk Reward index

BMI’s Risk Reward Indices provide investors (manufacturers, suppliers and dealers) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each indices explained.

BMI Economic Forecasts

BMI forecasts to end-2019 for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company  developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Global, Regional and Country Industry Overviews

In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country  investment, product and financing trends that will affect each market, supported by BMI’s global and regional industry forecasts.


The Autos Reports draw on an extensive network of primary sources, such as manufacturing associations, statistical bureaus, government transport ministries, national chambers of commerce and industry, national statistical offices, government ministries and central banks, and multinational companies.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc