Key Market Indicators
Singapore's truck importation is projected to decline significantly by 2028. The import value is expected to drop to approximately $193 million, down from around $258 million in 2023. This represents an average annual decrease of 4.5%. Historically, since 1994, the demand for trucks in Singapore has decreased by an average of 2.5% each year. On the export front, Singapore saw a sharp decline in truck exports in recent years. In 2018, the export value stood at roughly $39 million, a steep fall from the $60 million recorded in 2017. This represents a year-on-year decrease of 35.7%. Since 1994, the supply of trucks from Singapore has been on a downward trend, with an average annual decrease of 23.3%.