Automotive Market Size in Singapore to grow by 18191 actual units from 2022 to 2027, The market is fragmented due to the presence of prominent companies like Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG and Daimler AG, and many more - Technavio
NEW YORK, Sept. 24, 2023
NEW YORK, Sept. 24, 2023 /PRNewswire/ -- The automotive market in Singapore is estimated to grow by 18191 actual units from 2022 to 2027, growing at a CAGR of 6.03%. The automotive market in Singapore is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer automotive market in Singapore are Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG, Daimler AG, Ferrari spa, Honda Motor Co. Ltd., Isuzu Motors Ltd., Mazda Motor Corp., Mitsubishi Electric Corp., Porsche Automobil Holding SE, Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Suzuki Motor Corp., Tata Sons Pvt. Ltd., TC Changan Singapore Pte Ltd, Tesla Inc., Toyota Motor Corp., AB Volvo, General Motors Co., and Hyundai Motor Co. The report provides a full list of key companies, their strategies, and the latest developments. Download a FREE Sample before buying
- Aston Martin Lagonda Ltd. - The company offers automotive in Singapore such as Volvo FM, Volvo FMX, Volvo FE, and Volvo FL.
- Bayerische Motoren Werke AG - The company offers automotives in Singapore such as VANTAGE, DB11, DBS, DBX.
- Daimler AG - The company offers automotives in Singapore such as BMW iX, BMW i7, and BMW X7.
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Impactful driver- Growing demand for fuel-efficient and low-emission vehicles
- The harmful effects of emissions from fossil-fueled vehicles have alarmed people around the world. This results in an increasing demand for low-emission vehicles. Also, given oil and gas prices fluctuating rapidly, consumers are turning to more fuel-efficient vehicles. Furthermore, growing fuel prices and growing demand for low-emission vehicles have caused consumers and automakers to look for alternatives to gasoline and diesel-powered vehicles. Additionally, factors like the growing demand for electric vehicles are driven by dynamic policy developments, policy implementations, and technological advancements. Hence, such factors boost the growth of the market during the forecast period.
- Key Trend - Technological advances in EV
Major Challenges - The lack of proper infrastructure
- By propulsion, the market will observe significant growth in the IC engine-based vehicles segment during the forecast period. The growth of the segment is driven by the increased preference for gasoline and diesel pickup trucks in Singapore. In addition, factors such as rising disposable income, technological developments in IC engines, and the introduction of strict legal regulations on exhaust emissions will fuel the growth of the segment.
Technavio Research experts have provided more insights on the market share of segments - View a FREE Sample Report
- How do the major trends impact the market?
- How do the key drivers and challenges impact the market?
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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