Investments by Foreign Companies will Fuel the Demand for Electric Passenger Vehicles
This growth insight is part of an ongoing quarterly tracker that monitors the trends and developments in the Singapore automotive market. The study employs multi-level secondary and primary sources for data collation, including country-level official associations/federations, government authorities, country subject experts, and third-party sources (international/regional organizations). The insight offers an overview of Singapore's automotive market and the factors that will influence growth in the short and long terms. The increase in consumer spending from $28,396 (S$38,374) million in Q3 2018 to $28,527 (S$38,551) million in Q4 2018 created demand. This drove overall vehicle sales volumes, which had registered a decline from Q2 2018 to Q3 2018. The launch of several new vehicle models during the quarter provided the necessary impetus for new vehicle sales in the country.
Electric vehicle demand also recorded growth as a result of substantial investments by foreign establishments. The Singapore commercial vehicle industry is likely to face challenges in terms of declining sales as a result of the shrinking manufacturing sector. Other challenges include expensive vehicle ownership and rising inflation. This study provides an insight into the market and offers an analysis of the trends across the various segments and sub-segments in Singapore, with a focus on Q4 2018.
Research Scope
- Assessment of market regulations, growth indicators, and forecasts for Q4 2018 for Singapore's automotive market
- Assessment of factors such as total industry volume, segment volume share, passenger cars’ sub-segment volume share and market share by brand, commercial vehicles’ sub-segment volume share and market share by brand, market participant activities, new model launches, and regulatory activities for October, November, and December 2018
- Presentation of the findings and the conclusions
Key Issues Addressed
- What was the total market volume during the quarter?
- What were the key segments and their volumes and shares in Q4 2018? What were the volumes of the various sub-segments?
- What were the competitor market shares during the quarter? Which brands were the major gainers and losers?
- What were the major activities of the market participants?
- What were the key regulatory developments?
