Insights
Can you guess the leading car brand in Singapore as of 2023?
If you’ve guessed TOYOTA, you’re right!As of the latest data in August, Toyota has a total of 4,034 newly registered car in 2023 - with its next contenders Mercedes-Benz coming in 2nd at 2,848 units and BMW at 2,297.Here's a glimpse of the top 10 car brands in Singapore for the year 2023, up until August:
Source: Land Transport Authority
According to the past few months of data, Toyota SUV has consistently been the best-selling car type amongst its other Sedan, Hatchback, Coupe or MPV counterparts.
But that’s not to say that SUV is the way to go. As much as how different car brands go, your ideal car should be the perfect combination of fulfilling your everyday driving needs while fitting into the lifestyle you lead.
For the past months, demand for new cars have been more or less at the 2k mark with slight fluctuations. However we can observe an increase from early January from 1,888 units to 2,541 units in August despite record-breaking COE prices.
As the best-selling car brand in 2022, Mercedes-Benz has yet again been overtaken by Toyota. Will the German marques Mercedes-Benz and BMW have a chance to clinch the top sales spot?
As Mercedes-Benz Singapore president Claudius Steinhoff said: “This is a strong motivation for us to continue focusing on the best customer experience in 2023 – excite with new products, services and experiences with a strong focus on the electrification of our portfolio.”
BMW group has also made sweeping management changes as part of its ongoing growth strategy as of 1 July 2023 to expand its business development and drive sales as well.
While Toyota's dominance in the Singaporean car market is undeniable, the ambition and resilience of Mercedes-Benz and BMW suggest that the battle for the top spot is far from over.
As these luxury car manufacturers pivot towards electrification and implement strategic changes, they aim to provide Singaporean consumers with a diverse options, ensuring that the rivalry at the pinnacle of the automotive industry remains intense and captivating.
China’s electric carmaker BYD, as an affordable Electric Vehicle (EV) alternative, has zoomed past United States’ Tesla for 2023.
About 20% of BYD sales were to private operators.
Will EVs continue to rise in popularity? With the implementation of government incentives like the EV Early Adoption Incentive (EEAI), Enhanced Vehicular Emission Scheme (VES), reduced road taxes and more, LTA has been actively encouraging people to make the switch.
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