In the 2022 Financial Budget rolled out by the Ministry of Finance, consumers of premium and luxury cars would have to spend more on a new tiered tax structure that was implemented in March 2022. They will be billed with a tax amounting to approximately 220% of the vehicle’s open market value exceeding SGD80,000.
The number of electric vehicles has grown strongly in Singapore over the review period. Similarly, sales of luxury electric cars will continue to rise, due to higher demand and the wider goal set by the government to make the country’s land transport system more environmentally sustainable.
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Understand the latest market trends and future growth opportunities for the Luxury Cars industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and Tesla
See All of Our DefinitionsThis report originates from Passport, our Luxury Cars research and analysis database.
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