SUVs - Singapore

Singapore

Revenue in the SUVs market is projected to reach €809m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.16%, resulting in a projected market volume of €803m by 2029.
SUVs market unit sales are expected to reach 19.8k vehicles in 2029.
The volume weighted average price of SUVs market in 2024 is expected to amount to €40k.
From an international perspective it is shown that the most revenue will be generated in the United States (€309bn in 2024).

Key regions: United States, Germany, United Kingdom, India, China

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Analyst Opinion

The SUVs market in Singapore has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. SUVs have become increasingly popular among Singaporean consumers, with a shift towards larger and more spacious vehicles.

This trend can be attributed to several factors, including customer preferences for comfort and safety, as well as the unique characteristics of the local market. Customer preferences in Singapore have evolved to prioritize comfort and safety, leading to an increased demand for SUVs. Singaporeans are known for valuing convenience and luxury, and SUVs provide a combination of both.

The spacious interiors and higher seating positions of SUVs offer a more comfortable driving experience, while advanced safety features provide an added sense of security. Additionally, SUVs are versatile vehicles that can accommodate different lifestyle needs, such as family outings or outdoor activities. Trends in the SUVs market in Singapore also reflect global and regional developments.

SUVs have gained popularity worldwide due to their versatility and perceived status. In recent years, SUVs have become the fastest-growing segment in the automotive industry, and this trend is mirrored in Singapore. The availability of a wide range of SUV models from various manufacturers has further contributed to the growth of the market.

Local special circumstances in Singapore have also played a role in the development of the SUVs market. Singapore is a small city-state with limited land area, which means that compact cars have traditionally been more popular due to their ease of maneuverability and parking. However, the increasing affluence of Singaporeans and their desire for larger vehicles have led to a shift towards SUVs.

The government's efforts to improve the infrastructure and expand road networks have also made SUVs more viable options for daily commuting. Underlying macroeconomic factors have also influenced the SUVs market in Singapore. The country's strong economy and high per capita income levels have contributed to increased consumer spending power.

This, coupled with competitive financing options and attractive promotional offers from automotive manufacturers, has made SUVs more affordable and accessible to a wider range of consumers. In conclusion, the SUVs market in Singapore has experienced significant growth due to changing customer preferences, global and regional trends, local special circumstances, and underlying macroeconomic factors. The popularity of SUVs can be attributed to their comfort, safety, versatility, and perceived status.

As Singapore continues to develop and its consumers' preferences evolve, the SUVs market is expected to continue its upward trajectory.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).