Singapore Used Car Market 2021-2027, Research Report, Size, Share, Growth, Demand: Ken Research
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.
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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.
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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
By Organized Channel Source of Lead generation
By Sales Channel
By B2C Sales Channel
Direct Dealership Sales Agents
By Type of Car
By Engine Size
1000 CC and Below
1001 CC – 1600 CC
1601 CC – 2000 CC
2001 CC – 3000 CC
3001 CC and Above
More than 8 years
20,000 – 50,000 Km
50,000 – 100,000 Km
100,000 – 150,00 Km
150,000 – 200,000 Km
200,000 and Beyond
Others (Petrol-Electric, Diesel-Electric, etc.)
Cycle & Carriage Industries
Performance Motors Ltd
Eurokars Group of Companies
88 Motor Trading
Prime Motor & Leasing
Hua Yang Credit
Online Portals – Online Auto Classified Platforms
DBS Car Marketplace
Car Times Automobiles
Time Period Captured in the Report:-
Historical Period – 2015-2020
Forecast Period – 2021-2025
Key Topics Covered in the Report
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Ankur Gupta, Head Marketing & Communications
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India
Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.
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