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Used cars sales in Singapore to cross over 120 Th units by 2025. Will Singapore continue the support for increased sale of used cars? : Ken Research
Leveraging technologies such as Artificial Intelligence & Virtual Reality to enhance the digital experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.
2. There is intense competition with various authorized dealerships, multi-brand & independent players competing on the basis of parameters such as warranty, inspection, quality checks, and value-added services.
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Larger number of consumers and dealerships are shifting online would require portals to innovate and offer additional services such as online car evaluation, certification, warranty among others.
Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used car dealers to provide a hassle-free experience to the buyers.
Intense competition with various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry.
Easy availability of used car loans by various banks & NBFCs have led to the amplification of pre-owned car sales.
Brands Competing Intensely on Value Added Services Offered
3. Emerging Green Car Loans in Singapore has amplified use of EV vehicles
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Singapore Government aims to replace Internal Combustion Engine vehicles in the country by 2040 and expand EV charging infrastructure significantly to 28,000 by 2030.
In line with the above goal, Banks in the country such as DBS have launched "Green Car Loan" at interest rates as low as 1-2% p.a. to encourage car owners in Singapore to reduce their carbon footprint.
Click to know: More technological Developments Singapore Used Car Market:
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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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.
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