Singapore. Honda holding 21.1% of a market down 7.3% in 2019

Singapore Car market in 2019 kept losing terrain, signing the third consecutive annual loss. Indeed, Total sales have been 93.897, down 7.3% from the previous year. Honda led with 21.1% of share, while Mazda and Nissan registered awful performances.

Economic Environment

Singapore’s economic growth accelerated somewhat in the final quarter of 2019 on the back of robust construction sector activity and a pick-up in the services sector. Public sector outlays boosted activity in the construction sector in Q4, while robust finance and insurance sector activity buttressed the services sector. Nevertheless, economic growth still slowed to a one-decade low in 2019.

In December, the manufacturing PMI indicated an overall expansion in the sector for the first time in a year, which could suggest that the sector’s downturn has bottomed out. The signing of the “phase one” deal between China and the U.S. on 15 January also bodes well for the export-oriented economy.

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 34.018 (2013) to a new record in the 2017, when sales hit the 110.881 units, down 0.8% from the previous year. In 2018 – after three years of growth – the car passenger’s market lost terrain falling down 12.7%, with registrations at 80.268.

In 2019, the market declined again. Indeed – according to data released by the Singapore Bureau of Statistics – Total sales have been 93.897 (including HCVs), down 7.3% from the previous year.

In the competitive landscape, Honda has grown from a negative peak of 1.6% of market share in 2012 to 21.1%, taking the market lead, ahead of Toyota – holding 14.9% – and Mercedes.

Hyundai, Mazda and Nissan are bearing huge losses while Kia, which has gained over 5 points of share during the last five years, has registered a robust growth.

Service Solutions

Since 2010, focus2move.com is a specialist in the automotive industry tracking monthly sales for all brands and models in the widest in the World range of countries, actually over 150. From this huge database we can extract data sorted under your own conditions and deliver historical data in excel. 

If you like to receive historical data or to subscribe at monthly update, contact us at kventura@focus2move.com and we will arrange a short video call. By showing you our database and segmentation, we can find together the best solutions for your team.