Singapore Used Car Market 2021-2030, Analysis, Size, Share, Demand, Growth, Revenue, Key Segments, Competition, and Forecast 2021–2030: Ken Research

Key Findings

The Used Cars Market in Singapore has been gaining traction since several years, however, the growth has accelerated especially over the last decade as several online operating players have entered the segment.
The increasing digital space encapsulating the used cars segment has provided a boost to the industry in terms of more visibility and even credibility of the buyers and sellers. The growth of E-Commerce is expected to further augment the used car sales.
The car prices are expected to rise and only higher income families will be able to afford cars. This will propel growth of the organized used car sector as the sales occurring through the certified pre-owned car dealerships in the country will increase.
Increasing Used Car Sales due to Covid-19: The pandemic made owning a car an inevitable aspect of an individual’s life as travelling via public transport can be hazardous. People who preferred public transport during the pre-Covid times are now the potential customers of the used cars market. Since, the pandemic does not seem to completely subside soon, the demand for used cars will keep increasing. Since most of these people could not afford a car in the first place, they would prefer the most optimal solution available, that is, purchasing a pre-owned car.

For more information on the research report, 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

Growing Car Prices: There has been a shrinkage in the supply of Cost of Entitlement (COE) certificates since the number of de-registrations of cars, which is a chief determinant of COE supply rate, saw major decline in 2021. COE Premium for cars has been increasing; hence, leading to an increase in the overall cost of cars. The car market is therefore skewing towards higher income families and the sales of used cars is increasing.

Rising popularity of Digital Showrooms: The online space in the used cars market has been gaining traction over time on account of Covid-19 protocols that forced several dealers to introduce virtual showrooms. These digital platforms help facilitate minimum in-person contact during the process of selling a car by providing 360-degree view of the interiors of the car to enhance digital experience of consumers. Use of advanced technologies such as AI is helps to valuate car online by providing pictures.

Increased Focus on Value-Added Services: Since there are a higher proportion of organized players in the used cars segment, more dealers have shifted their focus on providing value-added services to survive the increasing competition. While it is quite common for the DDSAs (Direct Dealership Sales Agents) to provide such services, several multi-brand dealers too have started providing additional services such as extended warranty, insurance, after sales services, assistance in paperwork, etc., to become a ‘one-stop’ destination for used car buyers.

Organized Segment’s Share to Rise: An organized dealer is defined as an authorized or a multi brand dealership with higher inventory or a greater number of physical outlets in Singapore or an accredited dealership. Organized segment contributes to majority of the market share in the used cars space basis the number of dealers spread across the country. The share of organized dealers is expected to further rise in the future as more and more organized players enter the market. Moreover, buying used cars from organized players comes with the added advantage of availing maximum value-added services which are not provided by the unorganized players.

For more information on the research report, 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

Analysts at Ken Research in their latest publication “Singapore Used Car Market Outlook To 2025: The Pandemic Incited Increased Demand for Used Cars coupled with Increased Internet Penetration provides for Resilience in the Used Cars Market during the Economic Crisis–” observed that Singapore is in a growth phase in the used car market in South East Asia and is gradually recovering from the economic crisis after the pandemic. The increasing E-Commerce penetration is giving a boost to this industry. Going forward, the industry is expected to demonstrate further growth in the short-medium term fueled by the growth of online used car platforms that provide convenience to both buyers and sellers. Singapore Used Car Market is expected to grow at a CAGR of 8.5% on the basis of sales volume over the forecast period 2020 – 2025.

Key Segments Covered

By Market Structure
Organized Channel
Unorganized Channel
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 Ownership period
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
Others (Electric, Petrol-Electric, Diesel-Electric, etc.)

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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
Carousel
DBS Car Marketplace
C2B
Sg Ca rMart
Carro
Motorist
Car Times Automobiles
Cosmo Automobiles
Car some
Direct Cars
Oto Pac Motors
Time Period Captured in the Report: –

Historical Period – 2015-2020
Forecast Period – 2021-2025

For more information on the research report, 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

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https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/saudi-arabia-used-car-market-outlook-to-2025/356552-100.html

https://www.kenresearch.com/automotive-transportation-and-warehousing/automotive-and-automotive-components/saudi-arabia-used-car-market-outlook-to-2025/356552-100.html

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