Singapore 2018. Hyundai shines in a negative environment

Singapore Car market in 2018 fell down 12.7% after three years of gain in a row, ending with 80.268 units sold. Honda is the market leader, ahead of Toyota and Mercedes. Hyundai (+72%) is the winner of the year, gaining the 4th place.

Economic Environment

Singapore’s economic growth slowed to a near two-and-a-half year low in the final quarter of 2018, according to an advanced estimate. This followed a deceleration in the services sector, which outweighed the uptick in manufacturing activities and a softer contraction in the construction sector. Looking ahead to Q1 2019, global demand for electronics and technology seems to be abating, which will likely depress Singapore’s manufacturing and external sector.

Although annual growth is expected to moderate in 2019, the expansion should remain brisk nonetheless, thanks to a solid service sector, strong investment and a robust labor market which should support private consumption. However, trade protectionism and slowing global demand will continue to weigh on the external sector.

Market Trend

Singapore vehicles market hit a negative peak in the 2013 and then started a fast growth, supported by the decision taken by the government to release more CEE (certification for vehicles purchase) with total vehicles sales volume grew impressively from 37.511 (2013) to a new record in the 2017, when – according to data released by the Singapore Bureau of Statistics – sales hit the 109.888 units, down 0.8% from the previous year.

In the 2018 the car passenger’s market has lost terrain. Indeed, after three consecutive years of growth the market fell down 12.7%. The year ended with registrations at 80.268.

At brand-wise, the 2018 market leader is Honda with 15.040 sales (-6.1%), with 18.7% of market share, followed by Toyota with 12.262 (-23.5%), Mercedes with 7.122 (-10.7%) and Hyundai with 6,540 units.