PROSPECTS AND OPPORTUNITIES
Retail sales rise as electric vehicles continue to launch and drive growth
Retail sales of premium and luxury cars are set to increase at a current value CAGR of 14% (2024 constant value CAGR of 11%) over the forecast period to reach SGD9.8 billion.
Technological advancements and personalised features drive ongoing growth
Advancements in technology will continue to drive sales across the forecast period, with wealthier consumers looking for advanced performance in addition to digital features. Mercedes-Benz launched its MBUX Virtual Assistant in 2024, offering a 'hyper-personalised user experience.
Online and offline channels engage consumers through unique benefits
E-commerce sales of premium and luxury cars are expected to rise in Singapore across the forecast period, with consumers becoming more accustomed to purchasing big-ticket items online. In addition, online shopping has seen rapid advancements across the past five years, with manufacturers having to invest in online showrooms during the outbreak of COVID-19.
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Overview:
Understand the latest market trends and future growth opportunities for the Premium and Luxury Cars industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Premium and Luxury Cars industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Premium and Luxury Cars in Singapore report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Premium and Luxury Cars in Singapore?
- Which are the leading brands in Premium and Luxury Cars in Singapore?
- How are products distributed in Premium and Luxury Cars in Singapore?
- How important is tourism in evaluating demand for Premium and Luxury Cars in Singapore?
- How is the rise of e-commerce changing the retail and competitive landscape?
- How has COVID-19 and global recession impacted demand for luxury goods? What are the opportunities amidst the adversity?
- Where is future growth expected to be most dynamic?
Premium and Luxury Cars in Singapore - Category analysis
KEY DATA FINDINGS
Double-digit growth as high-net-worth individuals invest in premium and luxury cars
New launches from top competitors drive growth on the premium and luxury car landscape
Electric cars gain ground and drive growth, aligning with consumer demand
Retail sales rise as electric vehicles continue to launch and drive growth
Technological advancements and personalised features drive ongoing growth
Online and offline channels engage consumers through unique benefits
Luxury Goods in Singapore - Industry Overview
Luxury goods in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for luxury goods?
DISCLAIMER
Premium and Luxury Cars
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 definitionsWhy buy this report?
- 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
This report originates from Passport, our Premium and Luxury Cars research and analysis database.
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