Insights
We’re back again to explore the top popular car brands for 2024!
Can you guess who won the top popular car brand this round? Yes, it is still Singapore's favourite brand, TOYOTA!
This year has some significant shifts in ranking. Specifically, electric vehicles (EVs) have surged in popularity within just a year.
Source: Land Transport Authority
Leading the list once again are Toyota SUVs, which continue to be a hot favourite among Singaporeans.
As a family-friendly car with a bigger cargo capacity, it seems like SUVs bring to the table reliability, comfort and all-around practicality that’s definitely keeping it on top of the leaderboard.
Making waves this year is BYD, which has quickly climbed the ranks from the 8th position in 2023 to securing the 2nd spot this year.
The rapid rise in popularity for EV cars can be attributed to LTA’s initiative for all new car registrations to be of cleaner-energy models from 2030.
Looking back, the sales of BYD in 2023 was only 605 from January to August, which made a remarkable leap to 3,609 this year.
It’s been a tough year for Mercedes-Benz, which has dropped to fourth place behind BMW. The brand has struggled with a weakening market in China and lagging sales for their top-tier models, making it difficult to fund for their shift to electric vehicles.
Meanwhile, car brands like BMW and BYD are stepping up to fill the gap.
BYD EV offerings, like the BYD Atto 3, have quickly become popular in Singapore, offering a more wallet-friendly option for those looking to jump on the electric bandwagon.
On the other hand, BMW has achieved record breaking sales figures in Q1 2024, with its Q1 year-on-year growth figures at +51.5%.
It will be rolling out it’s first fully electric BMWiX1, as well as other exciting models like the all-new BMWX2, first ever BMW i5 M60 xDrive, BMWX1 M35i xDrive and more.
Overall, the sales of cars has been higher this year.
This was contributed by the fact that the quota for COE allocation has been increasing for the past month.
For Aug to October period alone, LTA has announced an additional 15,283 COEs made available, which was a 1.2% increase compared to the preceding May to July period where 15,104 COEs were made available.
According to the latest figures, LTA shows that out of the 18,576 new cars registered between January and June, 6,019 units (32.4%) were EVs.
The EV market in Singapore is rapidly expanding, with more Chinese EV manufacturers, such as Zeekr and Xpeng, making their debut.
With more incentives like the EV Early Adoption Incentive (EEAI) where all newly registered fully-electric cars will receive 45% rebate off their Additional Registration Fee (ARF), Enhanced Vehicular Emissions Scheme (VES) and more, this will certainly boost the attractiveness of getting an EV.
On top of that, users of EVs now have access to 13,800 registered EV charging points across Singapore, and this figure is expected to grow.
The adoption rates of EV currently is still slightly behind other cities at 1.2%. In Hong Kong, the EV adoption rate is at 6.3%.
Many consumers cite the high price of EVs, due to the “high cost of EV batteries”, as a result of geopolitical and supply chain issues.
With more choices and innovations on the horizon, there's plenty to look forward to for the automotive scene in Singapore!
Just got your Toyota or BYD but haven’t had any driving practice for a long while? Sign up for a driving refresher course today at noto’s Street Smart Programme!
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