Used cars sales in Singapore to cross over 120 Th units by 2025. Will Singapore continue the support for increased sale of used cars? : Ken Research

 1. Adoption of AI Technology and Easy Financing Options Contributing to C2B Platforms’ Growth

                             

Click to know: More technological Developments Singapore Used Car Market

• Leveraging technologies such as Artificial Intelligence & Virtual Reality

 to enhance the digital experience for consumers by offering 360° interior & exterior view of the car, estimating car price online via uploaded images, analyzing consumer behavioral insights to show relevant ads according to interests & more.

2. There is intense competition with various authorized dealerships, multi-brand & independent players competing on the basis of parameters such as warranty, inspection, quality checks, and value-added services.

                             

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• Larger number of consumers and dealerships are shifting online would require portals to innovate and offer additional services such as online car evaluation, certification, warranty among others.
• Value-added services such as vehicle inspection, financing options, insurance, ownership transfer & more is expected to be a focus area for used car dealers to provide a hassle-free experience to the buyers.
• Intense competition with various authorized dealerships, multi-brand outlets & independent (standalone as well as clustered dealers) operating in the industry.
• Easy availability of used car loans by various banks & NBFCs have led to the amplification of pre-owned car sales.
• Brands Competing Intensely on Value Added Services Offered

3. Emerging Green Car Loans in Singapore has amplified use of EV vehicles

                       

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• Singapore Government aims to replace Internal Combustion Engine vehicles in the country by 2040 and expand EV charging infrastructure significantly to 28,000 by 2030.
• In line with the above goal, Banks in the country such as DBS have launched “Green Car Loan” at interest rates as low as 1-2% p.a. to encourage car owners in Singapore to reduce their carbon footprint.

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The Used Car Industry in Singapore is growing at CAGR of 11.1% Basis Revenue. Will Singapore continue this growth trajectory? Ken Research

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1.  Singapore has the Highest Penetration of Online Sales with 90% Online Sales

Click to know: Online vs Physical store sale in Used Car Market

• Increasing internet and smartphone penetration leading to high sales facilitated by online platforms such as Carro and others.
• Due to two-month long CB measures and tight border restriction, overall sales fell. Online sales saw strong growth; online retail proportion doubled in 2020 making up 12% of total retail sales.
• With online platforms gaining a lot of traction in the industry, it is expected that dealerships with physical stores will follow suit and increase their presence online to expand reach.
• Dealerships are expected to introduce their own official website/platforms to showcase their used car inventory.
• Online auto portals are expected to venture into omni-channel experiences.         

2. Singapore sustains 1^st rank in Asia in the World Bank's Ease of Doing Business index 2020, ranked 2^nd globally

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• In 2020, Singapore ranked 2nd out of 190 countries in the World Bank’s Ease of Doing Business Index. The country has maintained its second position for four consecutive years.
• In the Global Competitiveness Index ranking, Singapore stood in 5th position in 2021, down from 1st the year before on the basis of unfavorable geography.
• Presence of high investment and R&D expenditure. Automobile manufacturers are focusing on connected and autonomous driving vehicles to play a significant role over the coming years.

3. High Employment Rate and High Labor Force Participation Rate Causing an Increase in Demand for Personal Vehicles

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Workforce and Minimum Wage:

• The size of the work force in Singapore was 3.7 million, with 70.5% Labor Force Participation Rate in 2Q 2021, indicating the strong ability of the economy to create employment. The country saw a Labor Turnover rate of 1.9% as of 2Q 2021 which suggests that the Total Labor Force should increase over the coming years.
• Singapore does not have minimum wage laws or regulations. According to the Ministry of Manpower in Singapore, employees should be paid based on their skills, capabilities and competencies.