Forecast: Commercial Vehicles in Use in Singapore

The number of commercial vehicles in use in Singapore has shown varied trends over the past decade. From 2013 until 2019, the market exhibited steady incremental growth with annual increases ranging from 0.62% to 0.82%. However, in 2020, there was a significant decrease of 16.45%, likely due to the impacts of the COVID-19 pandemic.

Recovery began in 2021 with a notable year-on-year rise of 15.2%, continuing with a strong growth of 5.93% in 2022. By 2023, the number of commercial vehicles in use had reached a total of 190.48 thousand units, reflecting a moderate increase of 0.61% compared to the previous year. Over the last five years, this segment has demonstrated a Compound Annual Growth Rate (CAGR) of 0.65%.

Looking ahead, the forecasted data from 2024 to 2028 projects a continuous, albeit modest, growth with a five-year CAGR of 0.51%. By 2028, the forecasted number of commercial vehicles in use is expected to increase by 2.57% from the 2023 figure. This steady growth can be attributed to economic recovery post-COVID-19 and increased industrial activities within the region.

Future trends to watch for include potential regulatory changes in vehicle emissions and the adoption of electric commercial vehicles, which could impact both market dynamics and growth rates.