Singapore Used Car Market 2021-2027, Research Report, Size, Share, Growth, Demand: Ken Research

The report titled “Singapore Used Car Market Outlook To 2025: Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis”- provides a comprehensive analysis of the used car market trends and performance in Singapore. The report covers several aspects such as volume of used cars sold & market size in terms of gross transaction value, target audience, growth facilitators, Government regulations, constraints & challenges faced by the industry, and so on. The report also covers a snapshot on Singapore online used car market, business models, value chain analysis, SWOT analysis, buying decision parameters, competitive scenario and company profiles. Singapore Used Car Industry report concludes with projections for future of the industry market size, market segmentations, the impact of Covid-19, and analyst take on the future market scenario.

Singapore Used Car Market Overview and Size:

Singapore Used Car market is in its growth phase, increasing at a CAGR of -3.1% (by value in SGD Billion) during 2015-2020. A surge in the demand of private cars, coupled with convenient financing facilities, increased internet penetration and enhanced digitalization of the used cars space have been the salient factors leading to the growth of the used cars market in Singapore.

Singapore Used Car Market Segmentations

By Market Structure (Organized, and Unorganized): The used car market in Singapore is primarily dominated by the organized segment occupying more than 90% of the overall used cars market space.

For More Information, refer to below link: – 
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

By Organized Market Source of Lead generation (Online, Dealership walk-ins): In Singapore, the Used Car market has carved a niche in the online space. Majority of the lead generation for used cars happened via the online platforms. The DDSAs (OEMs) have their own websites, and pages on social media, several multi-brand dealers prefer listing their inventory on the classified platforms as well. Facebook, Instagram and other social networking sites are gaining traction as an online space for buying and selling used cars in Singapore.

By Sales Channel (B2C and C2C): B2C sales in Singapore mainly occur through dealership walk-in and inventory listed on online classified platforms or through dealers’ websites and Instagram pages, while C2C sales are mostly generated based on Online Classifieds & Offline References from friends & family. Social Media platforms like Facebook, are used extensively for C2C promotions and advertisements in order to reach a large set of potential customers quickly and free of cost.

By B2C Sales channel (B2C- Multi-brand Dealers, DDSAs, and Bank Repossessed Car Auctions): The used cars in the B2C market of Singapore are primarily sold via three channels- multi-brand dealers, Direct Dealership Sales Agents, and Banks repossessed cars. The major share of Singapore Used Car under B2C sales is being captured by the Multi-Brand dealers. On the other hand, volume of cars sold through Bank Repossessed and Direct Dealership Sales Agents was ~10% each in the year 2020.

By Type of Car: SUVs and Sedans are quite popular in Singapore. Since the price of cars has been rising, most car purchases are made by higher income families. Hence, SUVs and Sedans make up most of the market share in used car market sales.

By Brand: Toyota is the market leader in Singapore accounting for the major share of sale of used cars by volume. Japanese brands such as Toyota, Honda and Nissan, are the most preferred Japanese cars due to strong brand preference, reliability, longer life span, and higher retention value of the used vehicle. BMW and Mercedes Benz are the most preferred continental cars.

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By Region: Most of the used car’s market is concentrated in the Central and South Singapore region.

By Age: The average replacement age of used cars in Singapore is 4-6 years. Most used cars sold have 1 previous owner.

By Kilometers Driven: Cars with a mileage of 50,000-100,000 kilometers dominated the used cars market in Singapore in the year 2020.

By Fuel: Majority of the used cars sold in Singapore were petrol run cars, while electric cars sold accounted less than 1%in 2020.

Snapshot on Online Used Car Landscape

The online Used Car Market has been gaining traction in the last few years. There has been an immense expansion in the lead generation of used cars via the online means in the last decade. Facebook, Instagram and other social networking sites plays a key role in expanding the used cars market in Singapore. Emergence of online auto-portals and classified platforms such as Carousel and DBS Car Marketplace have provided increased visibility and credibility to the customer-to-customer transactions in the unorganized segment. The increasing internet penetration of the used cars market in the country is contributing positively to the growth of the industry.

For More Information, refer to below link: – 
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

Competitive Landscape of Singapore Used Car Market

There exists intense competition in the fragmented market with various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry. The largest share of the market is held by the multi-brand dealers. While the banks also fall under the B2C organized segment, they do not exhibit any competitive characteristics as their sole purpose is to recover the losses incurred due to the delinquency of the borrowers. In order to compete with authorized dealers, most multi-brand dealers are providing value added services in order to retain and expand their market share.

Singapore Used Car Future Outlook & Projections

The used car industry in Singapore is expected to demonstrate a decent growth in the future. It is expected to increase at a five-year CAGR of 11.1% (by value in SGD Billion) from 2020 to 2025E. It is expected that the share of the organized segment in the used cars space will increase over time as more brands are planning to enter the OEM pre-owned certified space. Certain foreign established C2B players are too considering Singapore Used Car market a growing and profitable venture. Moreover, people in Singapore are realizing the advantages of buying a pre-owned car as there has been a shift in the general consumer preferences.

Key Segments Covered

By Market Structure
Organized
Unorganized
By Organized Channel Source of Lead generation
Online
Dealership walk-ins
By Sales Channel
B2C
C2C
By B2C Sales Channel
Multi-brand Dealers
Direct Dealership Sales Agents
Bank Auctions
By Type of Car
Luxury Sedan
Mid-Size Sedan
Hatchback
SUV
MPV
Sports Car
Station wagon
By Engine Size
1000 CC and Below
1001 CC – 1600 CC
1601 CC – 2000 CC
2001 CC – 3000 CC
3001 CC and Above
By Brand
Toyota
Honda
Hyundai
BMW
Audi
Volkswagen
Kia
Mazda
Nissan
By Region
North
East
West
South
Central
By Age
0-2 years
2-4 years
4-6 years
6-8 years
More than 8 years
By Mileage
20,000 – 50,000 Km
50,000 – 100,000 Km
100,000 – 150,00 Km
150,000 – 200,000 Km
200,000 and Beyond
By Fuel
Petrol
Diesel
Electric
Others (Petrol-Electric, Diesel-Electric, etc.)
Companies Covered

Authorized Dealers
Cycle & Carriage Industries
Inchcape plc
Performance Motors Ltd
Volkswagen Group
Eurokars Group of Companies
B2C
Vin Car
88 Motor Trading
Prime Motor & Leasing
Hua Yang Credit
Creative Auto
Online Portals – Online Auto Classified Platforms
Carousell
DBS Car Marketplace
C2B
SgCarMart
Carro
Motorist
Car Times Automobiles
Cosmo Automobiles
Carsome
DirectCars
Otopac Motors
Time Period Captured in the Report:-

Historical Period – 2015-2020
Forecast Period – 2021-2025
Key Topics Covered in the Report

For More Information, refer to below link: – 
https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/singapor-use-ca-market-outlook-to-2025/504384-100.html

Related Reports: –

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/uae-used-car-and-auto-classified-market-outlook-to-2025/476500-100.html

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/malaysia-used-car-market-outlook-to-2025/472827-100.html

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