Forecast: Passenger Cars Registrations in Singapore

The registration of passenger cars in Singapore has shown significant fluctuations from 2013 to 2023, with a notable peak in 2017 at 94.69 thousand units and a subsequent decline. By 2023, the registration value stood at 81.35 thousand units, reflecting a marginal year-on-year growth of 0.61%. The 5-year CAGR from 2018 to 2023 was relatively stagnant, registering at -0.066%.

From 2024 onwards, the forecasted data indicates a steady and moderate increase in passenger car registrations, achieving a forecasted 5-year CAGR of 0.5% up to 2028. This suggests a stabilizing demand in the market.

Future trends to watch for include the impact of policies promoting electric vehicles, advancements in public transport infrastructure, and economic factors influencing consumer preferences for car ownership over the next few years.