Singapore Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Singapore Used Car Market Report is Segmented by Vehicle Type (Hatchback, Sedan, and Sports Utility Vehicle (SUV) and Multi-Purpose Vehicles (MPVs)), Fuel Type (Gasoline, Diesel, and Other Fuel Types), Booking Type (Online and Offline), and Vendor Type (Organized and Unorganized). The Report Offers Market Size and Forecast for the Market in Value (USD) for all the Above Segments.

Singapore Used Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Singapore Used Car Market Size

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Singapore Used Car Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Market Size (2024) USD 45.81 Billion
Market Size (2029) USD 57.36 Billion
CAGR (2024 - 2029) 4.60 %
Market Concentration Medium

Major Players

Singapore Used Car Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Singapore Used Car Market Analysis

The Singapore Used Car Market size is estimated at USD 45.81 billion in 2024, and is expected to reach USD 57.36 billion by 2029, growing at a CAGR of greater than 4.60% during the forecast period (2024-2029).

Over the medium term, factors such as increasing purchasing power and easy availability of finance are expected to contribute positively to the growth of the used car market in Singapore. Rising digitalization, internet penetration, and an increase in online players are likely to act as critical factors in boosting the sale of used cars. They have made the overall process of selling and buying used cars quite convenient and prompt.

However, recent incidents, such as a surge in used car prices across the country due to rising certificate of entitlement (COE) premiums and large car COEs breaching the USD 100,000 mark, indicate signs of a weakening market. Such instances are forcing dealers to uphold prices on cars they had bought when the market price was high. If prolonged, these factors are estimated to act as potential challenges.

  • The rise in value-added service offerings and the variety of finance providers offering credit for used cars are also expected to drive the growth of the used car market in the region. However, the higher interest rates might turn away some potential customers.
  • Another major factor aiding the market's growth is the emergence of various non-banking finance companies offering low interest rates compared to banks and flexible installment options.
  • Central Singapore, followed by the North East and North West community development council, is expected to see positive growth during the forecast period. The demand is expected to be driven by high-net-worth individuals and consumers' inclination toward immersive purchase experiences provided by several used car dealers operating across these regions in the country.

Singapore Used Car Industry Overview

The used car market in Singapore is moderately fragmented owing to its competitive nature and the presence of a large number of regional and domestic players operating across the country. While some prominent players are focused on fleet expansion and collaborations, new entrants are focused on widening their customer base by adopting varying strategies. 

For instance, in November 2023, SgCarMart, Singapore's leading car platform, announced a partnership with KINTO Singapore to introduce the 'Leasing as an Option' service for used car buyers. Targeting over 800 vehicles on Sgcarmart initially, the program aims to redefine car usage, offering a flexible alternative to ownership.

Singapore Used Car Market Leaders

  1. Direct Cars Pte Ltd

  2. Otopac Motors Pte Ltd

  3. SgCarMart singapore

  4. Trusty Cars Pte Ltd (Carro)

  5. Carsome Singapore Pte Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Singapore Used Car Market Concentration
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Singapore Used Car Market News

  • May 2022: Eurokars Group and Porsche announced the formation of Porsche Singapore Pte Ltd, a new venture with a focus to explore emerging automotive retail concepts that will continue to create customer-centric experiences in Singapore.
  • March 2022: Used car platform Carsome acquired a 51% stake in Car Times Group, a Singapore-based used car dealer and parallel importer. The investment is aimed at competing better with Carsome's rival Carro, another Southeast Asian used car platform headquartered in Singapore.
  • February 2022: A consortium led by Toyota Financial Services Singapore purchased sgCarMart from Singapore Press Holdings for USD 150 million. The all-cash deal includes SGCM's intellectual property and its subsidiaries, Quotz Pte Ltd, Singapore's leading consumer-to-business online car auction platform, and Quotz (Taiwan) Pte Ltd. However, it excludes its financial services arm. The consortium comprises three companies, led by majority shareholder TFFSG, which will hold 76% of the shares in SGCM.

Singapore Used Car Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Drivers
    • 4.1.1 The Increasing Use of Online Platforms
  • 4.2 Market Restraints
    • 4.2.1 Stringent Governmental Regulations and Import Taxes
  • 4.3 Industry Attractiveness - Porter's Five Force Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size in Value USD billion)

  • 5.1 By Vehicle Type
    • 5.1.1 Hatchbacks
    • 5.1.2 Sedans
    • 5.1.3 Sports Utility Vehicles (SUV) and Multi-purpose Vehicles (MPVs)
  • 5.2 By Vendor Type
    • 5.2.1 Organized
    • 5.2.2 UnOrganized
  • 5.3 By Booking Type
    • 5.3.1 Online
    • 5.3.2 Offline
  • 5.4 By Fuel Type
    • 5.4.1 Gasoline
    • 5.4.2 Diesel
    • 5.4.3 Other Fuel Types

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 Otopac Motors Pte Ltd
    • 6.2.2 Directcars Pte Ltd
    • 6.2.3 Carsome Singapore Pte Ltd
    • 6.2.4 Trusty Cars Pte Ltd (Carro)
    • 6.2.5 Merchant logo Cosmo Automobiles Pte Ltd
    • 6.2.6 CarTimes Pte Ltd
    • 6.2.7 Motorist Singapore
    • 6.2.8 SgCarMart singapore
    • 6.2.9 Vincar Pte Ltd
    • 6.2.10 Eurokars Group of Companies
    • 6.2.11 Performance Motors Ltd

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Improved Focus on Extending Value-Added Services such as Used Car Financing and Insurance Options
**Subject to Availability
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Singapore Used Car Industry Segmentation

A used car, a pre-owned vehicle, or a secondhand car is a vehicle that has previously had one or more retail owners. Used cars are sold through various outlets, including franchise and independent car dealers, rental car companies, buy-here-pay-here dealerships, leasing offices, auctions, and private party sales. The scope of the report covers details on the latest technologies, trends, and developments in the market.

The used car market in Singapore is segmented by vehicle type, fuel type, booking type, and vendor type. By booking type, the market is segmented into hatchback, sedan, sports utility vehicle (SUV), and multi-purpose vehicles (MPVs)). By fuel type, the market is segmented into gasoline, diesel, and other fuel types. By booking type, the market is segmented into online and offline booking. By vendor type, the market is segmented into organized and unorganized. For each segment, market sizing and forecast are done based on value (USD).

By Vehicle Type Hatchbacks
Sedans
Sports Utility Vehicles (SUV) and Multi-purpose Vehicles (MPVs)
By Vendor Type Organized
UnOrganized
By Booking Type Online
Offline
By Fuel Type Gasoline
Diesel
Other Fuel Types
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Singapore Used Car Market Research FAQs

How big is the Singapore Used Car Market?

The Singapore Used Car Market size is expected to reach USD 45.81 billion in 2024 and grow at a CAGR of greater than 4.60% to reach USD 57.36 billion by 2029.

What is the current Singapore Used Car Market size?

In 2024, the Singapore Used Car Market size is expected to reach USD 45.81 billion.

Who are the key players in Singapore Used Car Market?

Direct Cars Pte Ltd, Otopac Motors Pte Ltd, SgCarMart singapore, Trusty Cars Pte Ltd (Carro) and Carsome Singapore Pte Ltd are the major companies operating in the Singapore Used Car Market.

What years does this Singapore Used Car Market cover, and what was the market size in 2023?

In 2023, the Singapore Used Car Market size was estimated at USD 43.70 billion. The report covers the Singapore Used Car Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Used Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Singapore Used Car Industry Report

Statistics for the 2024 Singapore Used Car market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Used Car analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.