Singapore: the World’s most expensive car market dropped 25% in first half 2013

The car market decline posted in first half 2013 may not be related to high price of Certificate of Entitlement (COE), while at a reduced demand for new vehicles, which can be structural and reduce market volume in the next years. Indeed, Singapore is facing a “demographic cliff” that will tighten labor markets. Government is very active on controlling its effect as it could result in a wage-price spiral that could unhinge inflation expectations. Recently, new measures were introduced, including increasing the minimum down payment for a car to 40%, plus capping loans at five years from the previous 10 years together with a hike in ownership taxes.

No surprise if the market dropped at 2.196 units in June, down 5.7% and ended the first half 2013 losing one fourth of 2012 level, at only 11.661 sales. Indeed, give a look at the best brands performance:

BMW was the June leader with 443 sales and 20.2% of share. In first half, BMW was second with 1.952 units and 16.7% of share.

Mercedes was outpaced by BMW in June, while keeping leadership in the first half. June sales were 358, with a share of 16.3%, up 2.9 points from the previous month. First half sales were 2.077 with a share of 17.8%.

Toyota was 3rd and leader of “normal people” market, selling 349 units with a share of 15.9%, up 3.5 points from the previous month. Year-to-date sales it was 4th with 1.419 sales and a share of 12.2%.

Volkswagen was 4th, selling 257 units with a share of 11.7%, down 0.8 points of share from the previous month. Year-to-date it was third with 1.588 sales and a share of 13.6%.

Audi was 5th with 172 sales and a share of 7.8%, up 0.9 points from the previous month. Year-to-date sales were 927 with a share of 7.9%.

In the table below, the Top 25 Brands, ranked for year to date position:

Rank Ytd

Brand

Jun

YTD 2013

Q2 2012

Q3 2012

Q4 2012

Q1 2013

May 2013

Jun 2013

Ytd   2013

1

Mercedes

358

2.077

11,9%

14,9%

14,4%

20,3%

13,4%

16,3%

17,8%

2

BMW

443

1.952

16,0%

17,5%

19,5%

15,4%

19,0%

20,2%

16,7%

3

Volkswagen

257

1.588

11,3%

13,3%

13,3%

14,8%

12,5%

11,7%

13,6%

4

Toyota

349

1.419

15,5%

17,2%

17,3%

10,6%

12,4%

15,9%

12,2%

5

Audi

172

927

5,5%

5,5%

5,9%

7,6%

6,9%

7,8%

7,9%

6

Volvo

48

512

3,2%

3,7%

4,1%

4,7%

4,6%

2,2%

4,4%

7

Nissan

102

326

1,9%

2,5%

2,0%

1,6%

3,5%

4,6%

2,8%

8

Jaguar

36

311

2,7%

1,2%

1,1%

3,5%

2,2%

1,6%

2,7%

9

Mazda

63

270

2,0%

1,1%

1,2%

2,1%

1,9%

2,9%

2,3%

10

Hyundai

35

246

2,9%

4,1%

3,6%

2,3%

2,5%

1,6%

2,1%

11

Porsche

33

240

1,5%

1,9%

1,7%

2,5%

1,5%

1,5%

2,1%

12

Land Rover

41

227

2,5%

1,2%

1,0%

2,1%

1,5%

1,9%

1,9%

13

Honda

36

185

1,8%

1,8%

1,7%

1,1%

2,3%

1,6%

1,6%

14

Peugeot

22

170

3,3%

2,0%

1,6%

1,2%

2,8%

1,0%

1,5%

15

Chevrolet

21

157

2,9%

1,2%

1,3%

1,6%

1,3%

1,0%

1,3%

16

Kia

22

112

2,2%

1,6%

1,8%

1,0%

0,7%

1,0%

1,0%

17

Ford

15

102

2,2%

1,3%

1,1%

1,0%

1,0%

0,7%

0,9%

17

Bentley

5

102

0,3%

0,5%

0,5%

0,7%

2,4%

0,2%

0,9%

18

Mini

13

94

1,9%

0,8%

0,8%

0,8%

0,5%

0,6%

0,8%

19

Citroen

27

86

2,4%

1,1%

0,9%

0,6%

1,0%

1,2%

0,7%

20

Subaru

36

85

0,9%

0,4%

0,4%

0,4%

0,7%

1,6%

0,7%

21

Ferrari

3

64

0,4%

0,3%

0,2%

0,4%

1,1%

0,1%

0,5%

22

Renault

2

59

0,8%

0,3%

0,2%

0,6%

0,5%

0,1%

0,5%

23

Opel

13

56

0,3%

0,7%

0,4%

0,6%

0,4%

0,6%

0,5%

24

Rolls Royce

1

53

0,2%

0,3%

0,3%

0,4%

1,0%

0,0%

0,5%

25

Suzuki

6

42

0,9%

0,3%

0,4%

0,3%

0,6%

0,3%

0,4%

To be immediately updated on World’s car markets facts and data, please subscribe to our free newsletter. Just click here.

To receive a deep report on single or multiple markets, with data, facts and perspectives, just contact us for a quotation, mailing at info@focus2move.com.

(56)

In the spotlight

Brazil Outlook 2017. Recession is not over

Brazil Automotive Industry outlook in the 2017 is not yet positive albeit the prolonged crisis. Indeed economic perspective are still negative and the sector has not yet bottomed out. Market recovery from 2018