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Author: John Hanton August 1, 2022 2 min read

Singapore’s car market in 2022 rises by 3.0% with 45,442 sales, reporting positive performance only in Q2. Hyundai reports the best performance, rising 28.6%, while Mitsubishi drops 45%.

Market Trend

Amid strong demand for automotive vehicles, several domestic and foreign OEM manufacturers are planning to expand their production bases in Singapore. The government of Singapore also prioritizes the automotive segment as a key revenue generator and is encouraging the flow of FDIs in the automotive industry.

The Singapore car market this year attempted to recover from the pandemic crash of 2020 and reported a positive performance only in Q2.

In the first two months of 2022, according to data released by the Singapore Bureau of Statistics, auto sales started in a very negative tone. Moreover, due to the Coronavirus outbreak, the country took temporary control measures in March and – in response to growing numbers of new cases – announced a stringent set of preventive measures which were collectively called a “circuit breaker”, applied from April 7. As a result, the market lost 28.3% in Q1 with 14,699 sales.

Singapore is one of the most promising and fastest-growing automobile markets in the region. Singapore automobile industry is supported by multiple factors such as labor availability, R&D efforts, geographic advantage, and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales to 2026.

Singapore is one of the most promising and fastest-growing automobile markets in the region. Singapore automobile industry is supported by multiple factors such as labor availability, R&D efforts, geographic advantage, and government support. With a positive outlook for the economy and greater household purchasing power, automobile sales in the country are set to witness a strong surge in sales to 2026.