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Home Automotive, Transportation and Warehousing Automotive and Automotive Components Singapore Used Car Market Future Outlook To 2025, Size, Major Players, Revenue,...

Singapore Used Car Market Future Outlook To 2025, Size, Major Players, Revenue, Demand, Competition, Segmentation, Business Opportunity, Dealers, Present Status, and Forecast: Ken Research

HOW IS THE SINGAPORE USED CAR MARKET POSITIONED?

Overview: 65% of the total population is under the age bracket 20-64 years supplemented by the high per capita income.

The used car market in Singapore is quite fragmented. There has been a surge in the demand for private vehicles since the pandemic has made it quite risky to use public transportation. Factors such as increasing purchasing power and easy availability of finance have positively contributed to the growth in the used car market revenue. Increased digitalization, internet penetration and increase in online players are critical factors in boosting the used cars sales as they have made the overall process of selling and buying used cars quite convenient and prompt.

The buying decision of the customers is dependent on key parameters such as the age, brand, price, mileage, and so on.

Market: Market for used car in Singapore has increased at a CAGR of ~% over the period 2015-2020 on the basis of revenue. Sales for used cars were recorded at ~units in Singapore during 2020.

There has been a surge in the demand for quality cars, warranty packages, after-sale services, and other value-added services, as several new car potential buyers are gradually moving towards the used cars segment.

Yet, the independent sellers (Customer to Customer) transactions operate in the market due to their lower prices.

The used cars market showed resilience during the economic crisis brought down on the country by the pandemic in the year 2020. While the new cars market witnessed a tremendous decline, the used cars market experienced a very slight decline from the previous year in terms of sales.

Most of the used car market losses were compensated for once the Circuit Breaker measures were eased and people were required to travel from one place to another while maintaining social distance. Since travel using public transport was a risk to health, a lot of people started buying used cars.

Singapore Used Car Market Segmentation

By Market Structure: Private vehicles accounted for the majority of share in the used car market segment. Commercial vehicles in the other hand make for the remaining small percentage of share.

By Type of Car: SUVs are the most preferred car type amongst used car buyers. Other preferred car types include Sedans and Sports Cars. By Organized Market Source of lead generation:

In Singapore, online platform is the most preferred method for lead generation for organized players. It also offers a display of large variety of used vehicles on a single click and allows person to compare different vehicles at the same time.

By Sales Channel: B2C sales is most the preferred sales channel in Singapore. C2C sales make up a relatively small portion of the market.

By Brand: Toyota has the highest share in the used cars market. Other Japanese brands such as Mitsubishi, Hyundai, Nissan, etc., have captured a high proportion of the total market as well.

By Age: Cars with age of 4 – 6 years have the highest market share. This is the average replacement period of a car in Singapore. This is majorly due to average car ownership period in the country is gradually declining.

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 Region: Central Singapore holds the highest market share for used cars. The other areas covered are the North, West, East and South of Singapore. With the onset of the pandemic, the need for personal cars has increased manifold.

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 play 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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Competition Scenario in 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 Market Future Outlook and 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 ~% (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.

For More Information, refer to below link: –

Singapore Used Car Market Forecast 2021–2030

Related Reports: –

Singapore Auto Finance Market Outlook to 2025 (Edition II) – Driven by exorbitant Car Prices, Growing Digital Penetration and evolving Vehicle Ownership Characteristics amidst Systemically Regulated Car Ownership Polices by the Government

Singapore Property Classifieds Market Outlook to 2025 – Driven by Consumer Preference and investments from VCs along with Exponential growth of smartphone penetration

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