The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Towards the end of the review period, the demand for premium and luxury cars had been growing gradually due to the greater desire to display one’s social status and wealth in Singapore. Despite a higher rate of Certificate of Entitlement (COE) compared to developed countries such as the US and Europe, the supply of these certificates has gradually reduced; supply follows a 10-year cyclical vehicle population trend, where each COE is valid for 10 years with owners having the option of renewal before expiry.
Luxury electric cars continued to arrive in Singapore towards the end of the review period, mainly due to higher demand and partly due to the wider goal of making the country’s land transport system more environmentally sustainable. The latter is part of the Land Transport Master Plan 2040 which sees the use of electric vehicles as the heart of this strategy.
Mercedes-Benz (Daimler South East Asia Pte Ltd) and BMW (Performance Motors Ltd for Bayerische Motoren Werke AG) remained notable leading brands within premium and luxury cars in Singapore at the end of the review period, holding double-digit value share prior to the pandemic, placing them at some distance from their closest competitors Audi, Porsche and Jaguar.
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Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in Singapore with research from Euromonitor's team of in-country analysts.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.