Singapore Used Car Market Overview, 2029

The vibrant and well-regulated used automobile industry in Singapore meets a wide range of consumer needs in this small but prosperous city-state. A number of variables, such as stringent laws, a restricted amount of land, and an emphasis on sustainability, have produced Singapore's distinctive automotive landscape. The city-state is renowned for its excellent public transportation and high living standards. Due to its small size and restricted geographical area, Singapore has strict laws governing car ownership, which has resulted in a well-kept and relatively new fleet of automobiles. Owning a car is a major financial commitment because of the government's quota system and expensive taxes, such as the Additional Registration Fee (ARF) and Certificate of Entitlement (COE). Owing to the high expenses of car ownership, relatively new and well-kept cars are frequently seen in Singapore's used car market. As buyers frequently switch to newer models, there is a steady supply of high-quality used cars available on the market. The Singaporean used automobile market has been greatly impacted by the digital landscape. The popularity of online marketplaces and websites for the purchase and sale of used cars has increased, giving customers a practical way to look through ads, evaluate costs, and make defensible choices. Traditional dealerships, which provide a variety of certified pre-owned cars with warranty options, also play a significant part in the market. According to the research report "Singapore Used Car Market Overview, 2029," published by Bonafide Research, the Singapore Used Car market is expected to add more than USD 700 Million from 2024 to 2029. In Singapore, there is an increasing demand for certified pre-owned vehicles. Dealerships frequently provide certification programs that consist of comprehensive examinations, renovations, and extended warranties. The emphasis on certification and quality control raises consumer trust in the used automobile market. In the used car market in Singapore, Japanese brands are well-liked due to their reputation for dependability and fuel economy. Market dominance is frequently attributed to brands like Toyota, Honda, and Nissan, which are known for their fuel efficiency and low maintenance costs. Sustainability has been extensively promoted by Singapore, and the auto industry has benefited from this. The market has had a progressive rollout of hybrid and electric vehicles, in line with government initiatives to support eco-friendly modes of transportation. Grey market and parallel import cars are also present in Singapore's used car market. Bypassing authorized dealerships and importing cars straight from foreign nations is known as parallel importation. This makes a wider variety of models possible, but consumers should exercise caution when it comes to warranty coverage and post-purchase servicing. The Land Transport Authority (LTA) in Singapore enforces a severe vehicle inspection process for all used cars. Before a car is permitted to be driven, this examination makes sure it complies with safety and pollution regulations. Thus, buyers can feel secure about the roadworthiness of the used vehicles on the market. Given Singapore's focus on a well-functioning and integrated public transit infrastructure, people looking for additional or specialized urban mobility solutions are frequently catered to by the used car market. Small vehicles, electric scooters, and motorcycles are popular choices for those navigating the city's well-connected public transport infrastructure.

In terms of vehicle type segment market is divided into conventional, hybrid and electric. Among them conventional vehicle type is expected to lead the Singapore used car market. Singapore is a well-developed city-state that has a vast road network and gas stations, among other amenities. Conventional automobiles, powered by gasoline or diesel internal combustion engines, are better suited to the current infrastructure. In general, conventional cars have a greater driving range than electric cars. The range and versatility of conventional vehicles make them useful for daily commuting and sporadic longer journeys in a small city-state like Singapore, where drivers may traverse relatively modest distances. Conventional cars come from a variety of manufacturers and models on the Singapore used automobile market. Conventional automobiles remain popular because a wide range of consumer wants and tastes are met by the variety of options available. The body type is divided into hatchbacks, sedan, SUV & MUV and others (Coupe & Convertible). Sedan body type is expected to grow at significant pace in Singapore used car market. Sedans are well-suited for urban driving, and in a compact and highly urbanized city-state like Singapore, where maneuverability and ease of parking are essential, sedans may be favored. The practicality of sedans in navigating through city traffic and fitting into limited parking spaces could drive their growth. Sedans are often associated with comfort and style. The relatively spacious interiors and sleek designs of sedans can appeal to consumers who prioritize a comfortable and aesthetically pleasing driving experience. As preferences for comfort and style grow, sedans may gain popularity. The fuel type is bifurcated into petrol, diesel, others (CNG, PNG, electric, etc.). Electric fuel type used car is gaining popularity is expected to grow at significant pace in Singapore used car market. The adoption of electric vehicles is one of the green and sustainable projects that Singapore has been aggressively pushing. Government benefits like tax breaks, lower registration costs, and other advantages might persuade people to buy electric vehicles. In order for electric vehicles to become more widely used, the infrastructure for charging them must be developed and expanded. EV owners should expect greater convenience as Singapore invests in expanding the number of charging stations and improving accessibility to them. Based on online distribution channel market is segmented into offline and online. Online distribution channel is predicted to grow at fastest rate in Singapore used car market. Online platforms provide customers with unmatched ease. Busy city dwellers in Singapore find it appealing because they can explore, compare, and buy used automobiles whenever they want, all from the comfort of their own homes. The accessibility offered by the internet channel may surpass that of traditional brick-and-mortar stores. Online resources frequently offer high-quality photographs, comprehensive specs, and virtual showrooms for used cars. A more educated decision-making process is made possible by the virtual exploration of several possibilities by potential buyers. Online automobile shopping is more appealing because of the advancements in digital experiences. The accessibility of online vehicle platforms is improved by the increasing use of smartphones and other mobile devices. Using smartphone apps, customers can look for used automobiles, compare prices, and even finish transactions all in line with Singapore's mobile-first culture. Considered in this report: • Geography: Singapore • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029

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Manmayi Raval

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Aspects covered in this report: • Singapore Used Car market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Vehicle: • Conventional • Hybrid • Electric By Body Type: • Hatchbacks • Sedan • SUV • Others (Coupe & Convertible)

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By Fuel Type: • Petrol • Diesel • Others (CNG, LPG, electric, etc.) By Vendor Type: • Organised • Unorganised By Size: • Mid-Size • Compact • SUVs By Distribution Channel: • Offline • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Used Car industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.