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Singapore Used Car Market Outlook To 2025

Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis

Region:Asia

Author(s):Kanishka Chakraborty and Divya Tyagi

Product Code:KR1110

Download Sample Report
Published On

January 2022

Total pages

141

About the Report

The report titled “Singapore Used Car Market Outlook To 2025: Increasing Used Cars Demand Due to the Pandemic Contributes to Increase in Used Cars Sales during the Economic Crisis”- provides a comprehensive analysis of the used car market trends and performance in Singapore. The report covers several aspects such as volume of used cars sold & market size in terms of gross transaction value, target audience, growth facilitators, Government regulations, constraints & challenges faced by the industry, and so on. The report also covers a snapshot on Singapore's online used car market, business models, value chain analysis, SWOT analysis, buying decision parameters, competitive scenario and company profiles. Singapore Used Car Industry report concludes with projections for future of the industry market size, market segmentation, the impact of Covid-19, and analyst take on the future market scenario.

 Singapore Used Car Market Overview and Size:
Singapore Used Car market is in its growth phase, increasing at a CAGR of -3.1% (by value in SGD Billion) during 2015-2020. A surge in the demand of private cars, coupled with convenient financing facilities, increased internet penetration and enhanced digitalization of the used cars space have been the salient factors leading to the growth of the used cars market in Singapore.
Singapore Used Car Market

Singapore Used Car Market Segmentations

By Market Structure (Organized, and Unorganized): The used car market in Singapore is primarily dominated by the organized segment occupying more than 90% of the overall used cars market space.
By Organized Market Source of Lead generation (Online, Dealership walk-ins): In Singapore, the Used Car market has carved a niche in the online space. Majority of the lead generation for used cars happened via the online platforms. The DDSAs (OEMs) have their own websites, and pages on social media, several multi-brand dealers prefer listing their inventory on the classified platforms as well. Facebook, Instagram and other social networking sites are gaining traction as an online space for buying and selling used cars in Singapore.
By Sales Channel (B2C and C2C): B2C sales in Singapore mainly occur through dealership walk-in and inventory listed on online classified platforms or through dealers’ websites and Instagram pages, while C2C sales are mostly generated based on Online Classifieds & Offline References from friends & family. Social Media platforms like Facebook, are used extensively for C2C promotions and advertisements in order to reach a large set of potential customers quickly and free of cost.
 
By B2C Sales channel (B2C- Multi-brand Dealers, DDSAs, and Bank Repossessed Car Auctions): The used cars in the B2C market of Singapore are primarily sold via three channels- multi-brand dealers, Direct Dealership Sales Agents, and Banks repossessed cars. The major share of Singapore Used Car under B2C sales is being captured by the Multi-Brand dealers. On the other hand, volume of cars sold through Bank Repossessed and Direct Dealership Sales Agents was ~10% each in the year 2020.
 
By Type of Car:  SUVs andSedans are quite popular in Singapore. Since the price of cars has been rising, most car purchases are made by higher income families. Hence, SUVs and Sedans make up most of the market share in used car market sales.
 
By Brand: Toyota is the market leader in Singapore accounting for the major share of sale of used cars by volume. Japanese brands such as Toyota, Honda and Nissan, are the most preferred Japanese cars due to strong brand preference, reliability, longer life span, and higher retention value of the used vehicle. BMW and Mercedes Benz are the most preferred continental cars.
 
By Region: Most of the used cars market is concentrated in the Central and South Singapore region.
By Age: The average replacement age of used cars in Singapore is 4-6 years. Most used cars sold have 1 previous owner.
 
By Kilometers Driven: Cars with a mileage of 50,000-100,000 kilometers dominated the used cars market in Singapore in the year 2020.
 
By Fuel: Majority of the used cars sold in Singapore were petrol run cars, while electric cars sold accounted less than 1%in 2020.
 

Snapshot on Online Used Car Landscape

The online Used Car Market has been gaining traction in the last few years. There has been an immense expansion in the lead generation of used cars via the online means in the last decade. Facebook, Instagram and other social networking sites plays a key role in expanding the used cars market in Singapore. Emergence of online auto-portals and classified platforms such as Carousell and DBS Car Marketplace have provided increased visibility and credibility to the customer-to-customer transactions in the unorganized segment. The increasing internet penetration of the used cars market in the country is contributing positively to the growth of the industry.
 

Competitive Landscape of Singapore Used Car Market

There exists intense competition in the fragmented market with various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry. The largest share of the market is held by the multi-brand dealers. While the banks also fall under the B2C organized segment, they do not exhibit any competitive characteristics as their sole purpose is to recover the losses incurred due to the delinquency of the borrowers. In order to compete with authorized dealers, most multi-brand dealers are providing value added services in order to retain and expand their market share.
 

Singapore Used Car Future Outlook & Projections

The used car industry in Singapore is expected to demonstrate a decent growth in the future. It is expected to increase at a five year CAGR of 11.1% (by value in SGD Billion) from 2020 to 2025E. It is expected that the share of the organized segment in the used cars space will increase over time as more brands are planning to enter the OEM pre-owned certified space. Certain foreign established C2B players are too considering Singapore Used Car market a growing and profitable venture. Moreover, people in Singapore are realizing the advantages of buying a pre-owned car as there has been a shift in the general consumer preferences.
 

Key Topics Covered in the Report

  • Executive Summary
  • Research Methodology
  • Singapore Used Car Market Overview
  • Singapore Used Car Market Size, 2015-2020
  • Singapore Used Car Market Segmentation, 2020
  • Growth Drivers in Singapore Used Car Market
  • Issues and Challenges in Singapore Used Car Market
  • Government Regulations
  • Ecosystem and Value Chain of Used Car Industry in Singapore
  • Customers Purchase Decision Making Parameters
  • Cross Comparison between Major Authorized Dealers and Multi-brand Dealers and Company Profiles
  • Snapshot on Online used car market
  • Future Market Size and Segmentations, 2021E-2025E
  • Covid-19 Impact on the Industry & the way forward
  • Analysts’ Recommendations

Products

Time Period Captured in the Report:-

  • Historical Period – 2015-2020
  • Forecast Period – 2021-2025

Companies

Key Segments Covered

By Market Structure

  • Organized
  • Unorganized

By Organized Channel Source of Lead generation

  • Online
  • Dealership walk-ins

By Sales Channel

  • B2C
  • C2C

By B2C Sales Channel

  • Multi-brand Dealers
  • Direct Dealership Sales Agents
  • Bank Auctions

By Type of Car

  • Luxury Sedan
  • Mid-Size Sedan
  • Hatchback
  • SUV
  • MPV
  • Sports Car
  • Stationwagon

By Engine Size

  • 1000 CC and Below
  • 1001 CC – 1600 CC
  • 1601 CC – 2000 CC
  • 2001 CC – 3000 CC
  • 3001 CC and Above

By Brand

  • Toyota
  • Honda
  • Hyundai
  • BMW
  • Audi
  • Volkswagen
  • Kia
  • Mazda
  • Nissan

By Region

  • North
  • East
  • West
  • South
  • Central

By Age

  • 0-2 years
  • 2-4 years
  • 4-6 years
  • 6-8 years
  • More than 8 years

By Mileage

  • 20,000 – 50,000 Km
  • 50,000 – 100,000 Km
  • 100,000 – 150,00 Km
  • 150,000 – 200,000 Km
  • 200,000 and Beyond

By Fuel

  • Petrol
  • Diesel
  • Electric
  • Others (Petrol-Electric, Diesel-Electric, etc.)

Companies Covered

Authorized Dealers

  • Cycle & Carriage Industries
  • Inchcape plc
  • Performance Motors Ltd
  • Volkswagen Group
  • Eurokars Group of Companies

B2C

  • Vin Car
  • 88 Motor Trading
  • Prime Motor & Leasing
  • Hua Yang Credit
  • Creative Auto

Online Portals – Online Auto Classified Platforms

  • Carousell
  • DBS Car Marketplace

C2B

  • SgCarMart
  • Carro
  • Motorist
  • Car Times Automobiles
  • Cosmo Automobiles
  • Carsome
  • DirectCars
  • Otopac Motors 

Table of Contents

1. Executive Summary

1.1 Flow Chart

1.2 Used Car Ecosystem

1.3 Genesis of Used Car Industry in Singapore

1.4 Used Car Offline Business Models

1.5 Cross Comparison across Countries

2. Country and Economic Overview

2.1. Ease of Doing Business in Singapore

2.2. Macro Economic Overview

2.3. Demographic Overview

2.4 Future Outlook and Projections for C2B Online Platforms Market

2.5 E-Commerce Overview

2.6 E-Commerce Penetration

3. Supplementary Services

3.1 Singapore Auto Finance Market Ecosystem

3.2 Trends and Developments in Singapore Auto Finance Industry

3.3 Singapore Auto Finance Aggregator Market Overview

3.4 Impact of Aggregator Platforms on Various Financial Institutions

3.5 Case Study: LENDELA

3.6 Comparison between Banks and Auto Dealers

3.7 Government Policies Affecting Singapore Auto Finance Industry

3.8 Auto Insurance

3.9 Major Aftersales Services

3.10 Aftermarket

3.11 Warranties

4. Overview, Opportunity & Current Scenario of the Industry

4.1 Value Chain of Used Car Industry in Singapore

4.2 Used Car Value Chain Analysis on the Basis of Stages

4.3 Sourcing of Used Cars for Dealers and Direct Buyers in Singapore

4.4 Lead Generation of Used Cars for Dealers and Direct Consumer Purchases in Singapore

4.5 SWOT Analysis

4.6 Competition Scenario

5. Demand & Supply Analysis

5.1 Market Sizing Analysis for Singapore Used Car Industry basis Volume & GTV, 2015-2020

5.2 Impact of Covid-19

5.3 Segmentation: By Market Structure (Organized and Unorganized Market), 2020

5.4 Further Segmentation of Organized Channel: By Source of Lead Generation (Online and Dealership Walk-Ins), 2020

5.5 Further Segmentation of Organized Market: Basis Sales Chanel (B2C and C2C), 2020

5.6 Further Segmentation of B2C: Basis Sales Chanel (Multi Brand Dealerships, Direct Dealership Sales Agent and Banks Repossessed), 2020

5.7 Segmentation: By Car Body Type (SUVs, Sedans, Hatchbacks, MPVs, Sports Cars, Stationwagon), 2020

5.8 Segmentation: By Brand (Toyota, Honda, Mercedes Benz, BMW, Hyundai, Audi,         Volkswagen, Kia, Mazda, Nissan and Others) , 2020

5.9 Segmentation: By Mileage (20 - 50 Km, 50 - 100 Km, 100 - 150 Km, 150 - 200 Km, 200 km and Beyond), 2020

5.10 Segmentation: By Regions (North, East, West, South, Central), 2020

5.11 Segmentation: By Vehicle Age ( 0-1 years, 1-3 years, 3-5 years, 5-8 years, more than 8 years), 2020

5.12 Segmentation: By Engine Size (1000 cc& Below, 1001 - 1600 cc, 1601 - 2000 cc, 2001 - 3000 cc, 3001 & Above), Ownership (1, 2, 3, 4, 5, 6, 6+) and Car Parcs, 2020

6. Industry Analysis

61 Business Trends and Developments

6.2 Issues and Challenges

6.3 Government Regulations

6.4 Sales Regulations: Lemon Law

6.5 Car Inspection

6.6 Car Transfer Regulation

6.7 Car Engine Requirements

6.8 Used Car Financing Options

6.9 Decision Making Process in Buying a Used Car in Singapore

7. Snapshot on Online Used Car Platforms in Singapore

7.1 Customer Pain Points in Used Car Industry

7.2 Online Used Car Marketplaces Business Models

7.3 Proposed Business Framework

7.4 Online Used Cars Transactional Platforms in Singapore

7.5 Competition Scenario - Market Positioning of Auto Classified Portals

7.6 Cross Comparison Between Existing Online Retail Models in Singapore Used Car Market

7.7 Strengths and Weaknesses of Major Online Auto Portals

7.8 Cross Comparison Between Existing Online Retail Models on Services

8. Competition Landscape

8.1 Competition Landscape for Singapore Used Car Market

9. Company Profiles - Authorized Dealers

9.1 Republic Auto Pte Ltd

9.2 Borneo Motors Pte Ltd

9.3 Select by Performance Premium Selection Ltd

9.4 Volkswagen’s Das Welt Auto

9.5 Eurokars Pre-Owned Pte Ltd

10. Snapshot on Authorized Dealers

10.1 Authorized Dealers of Major Car Brands

10.2 Cross Comparison between Major Authorized Dealers

10.3 Strengths and Weaknesses of Major Authorized Dealers

10.4 Cross Comparison between Major Authorized Dealers on Services

11. Competition Landscape - B2C Multi-Brand Dealers

11.1 Cross Comparison between Major B2C Multi-Brand Dealerships

11.2 Cross Comparison between Major B2C Multi-Brand Dealerships on Services

11.3 Strengths and Weaknesses of Major B2C players

12. Snapshot on C2B Online Used Car Market in Singapore

12.1 C2B/C2B2C Operating Model

13. Snapshot on Major C2B Competitors

13.1 Cross Comparison between Major C2B/ C2B2C players

13.2 Cross Comparison between Major C2B/ C2B2C players on Process of Selling

13.3 Cross Comparison between Major C2B/ C2B2C players on USP

13.4 Cross Comparison on Value Added Services between Major Online C2B/ C2B2C players

13.5 Strengths and Weaknesses of Major Online C2B Auto Portals

14. Snapshot on Additional C2B Players

14.1 Cross Comparison between C2B/ C2B2C players

14.2 Cross Comparison between C2B/ C2B2C players on Process of Selling

14.3 Cross Comparison between C2B/ C2B2C players on Services

14.4 Strengths and Weaknesses of C2B Online Auto Portals

15. Future Outlook and Projections

15.1 Covid-19 Impact: Singapore Used Car Industry

15.2 Future Outlook & Market Size of Used Car Industry, 2020-2025F

15.3 Future Market Segmentations: Market Structure and Source of Lead Generation (Organized Channel), 2025F

15.4 Future Market Segmentations Basis Sales Channel (B2C, C2C) and Further Segmentation of B2C Sales Channel, 2025F

15.5 Future Market Segmentations Basis Type of Car, 2020-2025F

15.6 Future Market Segmentations Basis Brand, 2025F

15.7 Future Market Segmentations Basis Mileage, 2025F

15.8 Future Market Segmentations Basis Region, Type of Engine and Car Parcs, 2025F

15.9 Future Market Segmentations Basis Engine Size and Vehicle Age, 2025F

16. Case Study Analysis

15.1 CarTrade (India)

15.2 Cars24 (India)

15.3 CarSwitch (UAE)

17. Analyst Recommendation

18. Appendix

Disclaimer

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