Forecast: Passenger Cars in Use in Singapore

Between 2013 and 2023, the number of passenger cars in use in Singapore exhibited fluctuations with an overall trend of gradual growth interrupted by significant decreases in 2015 and 2020. The most notable dip occurred in 2020 with a 16.13% year-on-year decline, likely attributed to the global pandemic. However, the recovery was swift, with a 15.62% increase in 2021. By 2023, the number of cars had slightly increased by 0.96% year-on-year, reaching 698.97 thousand units. Over the last five years, the compound annual growth rate (CAGR) was 1.02%.

Forecasts for the coming years indicate a steady growth trend, with the number of passenger cars expected to rise to 731.58 thousand units by 2028, reflecting a 5-year CAGR of 0.78% and an overall growth rate of 3.94% from 2024 to 2028.

Future trends to watch for include:

• Potential impact of emerging technologies such as electric and autonomous vehicles.
• Government policies on vehicle ownership and environmental regulations.
• Changes in consumer behavior post-pandemic and their effect on mobility preferences.