Analyzing the trend of vehicles in use in Singapore, the data exhibits fluctuations between 2013 and 2023, with notable declines in 2015 and 2020. The vehicles in use decreased substantially by 16.2% in 2020 but rebounded by 15.53% in 2021. As of 2023, the vehicles in use stood at 889.45 thousand units, reflecting a year-on-year increase of 0.88% and achieving a 5-year CAGR of 0.94%.
From 2024 onwards, the data forecasts a steady increase in vehicles in use, culminating in 927.57 thousand units by 2028. The forecasted 5-year CAGR is expected to be 0.72%, indicating sustained growth. This suggests that the market is stabilizing and potentially entering a phase of moderate yet consistent expansion.
Future trends to monitor include advancements in electric and autonomous vehicle technology, regulatory changes related to emissions and traffic management, and shifts in consumer preferences towards eco-friendly transportation options. These factors could significantly influence the growth trajectory and composition of vehicles in use in Singapore.
