Singapore Car Sales 2022: The Quiet Revolution
When you peek at the first‑half numbers, it looks like the car market in Singapore is skating on a calm pond. But step closer – and there’s a whole storm brewing beneath the surface.
The Crowd–Pleaser Brands
- Top five remains on the podium: Honda, Toyota, Hyundai, Kia, and Volkswagen – no one swapped out the trophy.
- It’s like the same five friends hanging at a gym; their status never changes.
Why They’re Still Popping
It’s all smooth sailing with the brands themselves. But that still doesn’t explain the twisty plot twist in the market’s wiring.
Enter the COE Whirlwind
The Certificate of Entitlement (COE) saga has whispered a storm into the mainstream buying habits.
- Quota cuts: The number of COE slots shrank faster than your favourite fast‑food menu on a diet.
- Price bursts: COE prices hit record highs, turning the market into a pricey poker game.
- The effect: Buyers now have to move fast or find another angle.
What It Means For Your Garage
If you’re looking to snag a new ride, remember the COE elephant is walking in, and you might need a bigger wallet or a game‑changing strategy.
Smaller market, shrinking pie
2022 Car Market Shrinks Big Time—COEs Are the Culprit
2022 has seen a dramatically smaller car market, all thanks to the scarcity of COEs (Certificate of Entitlement). In the first half of the year, 16,567 cars were registered—well below the 25,777 that hit the road in the same period last year. That’s a whopping 38 % drop.
To put it in perspective: 2021 ended with 45,442 registrations, while 2022 is now projected to see only about 30,000 cars make their debut.
Why the Numbers Keep Falling
- COE supply has shrunk dramatically, which means no COE = no car.
- As COEs become scarcer, prices skyrocket. Even at the tail end of 2021, the trend was already clear.
- So far this year:
- Category A COEs never dip below $60,000.
- Categories B and E stay solidly above $85,000.
- July’s figures hit record highs—nothing short of a price roller‑coaster.
LTA’s Measures: A Band‑Aid?
The Land Transport Authority (LTA) has rolled out measures hoping to smooth out price spikes. While the policy might help, it doesn’t address the root cause—the shortage of COEs that keeps prices absurdly high.
So, Who Wins and Who Loses?
When COE prices shoot through the roof, the mainstream brands suffer, while luxury vehicles thrive. A S$160,000 Toyota Corolla suddenly feels less “making sense” than a $250,000 Mercedes‑Benz—it’s all about the math behind the ticket.
These high costs mean brands are facing tough times. Unlikely to match previous sales numbers in a market that’s shrinking by a magnitude we haven’t seen for about a decade.
The Podium : Toyota, Mercedes-Benz, BMW
Toyota Tops the Charts Again—Hybrids Everywhere!
It’s no surprise that the Japanese giant Toyota is back on the leaderboard for the first half of 2022. The brand’s knack for making mainstream cars shine is on full display, especially now that they’ve beefed up the lineup with half‑the‑size-and-up models that come packed with hybrid power.
Hybrid Stars that Keep the Sales Rolling
- Camry Hybrid – the sedan that’s as comfortable as a weekend drive.
- Harrier Hybrid – the SUV that says “adventure” without the extra fuel bulk.
- Alphard Hybrid MPV – big family fun, clean tech!
Compared to the classic Corolla Altis or Vios, people are far less likely to fuss over the price tag on the larger, more prestigious models. Add a sweet VES rebate, and you’ve got a recipe that’s hard to resist. In fact, a whopping 66% of Toyota’s Singapore sales this year came from hybrids, while 34% were standard petrol.
Mercedes‑Benz: The Silent Challenger
While the German luxury icon usually takes the second spot on the leaderboard, that placement barely scratches the surface of what Mercedes‑Benz is doing. With 2,940 cars registered so far, the brand is on track to at least match its 2021 sales numbers. Plus, it’s the sole Top‑10 performer that’s seen a real surge in market share—an impressive 3.6% jump.
New Models on the Horizon
Even though it’s not rolling out a burst of new cars—apart from the evergreen C‑Class that switched to an all‑electric lineup in January 2022—Mercedes has a big, electric‑fuelled lineup coming your way:
- EQB
- EQV
- EQE
- EQS
All slated for launch this year, these will push the brand into the electric future while keeping that classic luxury charm.
Is BMW the top EV brand in Singapore?
BMW’s Mid‑Year Showstopper: The “Third Place” of Automobile Hallmarks
Feel that faint chill in the air when you realise that BMW is floating in the third spot of the automotive charts? That’s right— and it’s not because they’ve bumped into any solid new top‑liners. The only real heavyweight they dropped into the crowd this year was the 2 Series Gran Coupe 216i, but that arrived hat‑in‑hand only in June.
The Two‑Faced Sales Saga
- Gas‑Powered Gloom: Sales of regular petrol cars have dipped compared to H1 and H2 of 2021.
- Electrified Euphoria: The electric vehicles, on the other hand, are on the up— 575 cars sold in the same span, compared to a respectable 414 in the second half of 2021.
And you’d think demand is the thing holding it down, but it’s not. From the launch of the iX3 and iX Electric SUVs to the i4 EV sedan, every model has been over‑subscribed— BMW is practically selling them faster than it can ship them.
The “God‑favorite” of the Market
BMW has once again edged out Honda into the fourth place. This mirrors a market reshuffle that’s all but the new normal, more inverted than you’d expect.
Why the German Lux Brand Still Wins Hearts
Despite the sales slump in traditional cars, it’s the electric rides that are playing catch‑up. They’re not just gadgets; they’re cost‑effective powerhouses that satisfy the modern enthusiast’s drive to future‑proof.
Bottom Line: Bouncing High Ground
So, when you read the numbers, the only question is: can BMW keep this momentum? For now, their electric line is a thunderstorm of demand, and that’s what keeps the brand firmly seated in the third position.
Lux makes bucks – and vice versa
Car Market Feeling the COE Pain
Beyond the top‑five brands, the marketplace is looking pretty brutal right now. The COE (Certificate Of Entitlement) crunch is gobbling up sales, and even the big names are losing ground. None of them are even approaching the 2021 figures they brag about, and the gap in market share is like a shallow puddle that will dry up fast. The competition is so fierce that the distance from the 6th to the 10th best sellers is a single-digit number—just 40 units. That’s as close as high‑stakes football theory gets.
Luxury Cars: A Different Ball Game
Luxury buyers aren’t playing the same playbook as the average driver. They’re more driven by status and the dazzling “wow” factor of a premium vehicle than by price or practicality. That’s why the luxury segment has exploded into the spotlight.
Porsche’s Turbo Boost
Porsche is the headline‑grabber. In 2021, it sat at a cool 13th place; this year it rockets up to eighth. That’s no small climb in a market that’s flatlining. The catalyst? The Taycan electric powerhouse. It’s now one of Porsche’s best‑selling models in this region, with 118 units sold. It’s the same vibe from 2013, when Porsche outpaced Honda, proving that strong brand DNA and a killer electric offering can ride the COE wave like a pro surfer.
Super‑Luxury: A Sunshine Story
Super‑luxury brands are hitting the high‑end jackpot. The numbers look like a front‑row seat at a concert.
- Bentley – 68 units sold this year.
- Rolls‑Royce – 54 units. That’s a steal compared to its 2021 haul of 90.
- Ferrari – 49 units, close to the 61 of last year. If it falls below, we’ll be shocked.
These three carmakers—BMW, Mercedes‑Benz, and Porsche—benefit from top-tier brand equity and the “high‑COE” boost. In short, luxury looks perpetually fresh and keeps drivers locked to the business.
Bottom Line
2024’s car scene is a tug‑of‑war. While most mainstream models are shrinking, the luxury block is on a roll. The message: if you’re in the market for a budget car, you’ll find the selection curried up tight. If you want the glam, the dream’s about to shine—and the numbers say it loud.
EV brands bubbling up
Mid‑Year EV Showdown: Tesla, BYD, and MG Take the Spotlight
Picture this: you’re scrolling through the EV rankings and suddenly, Tesla pops into the Top 10. It’s a bold move, especially considering it’s been a one‑liner (just the Model 3 sedan) until now. Yet, with 315 registrations so far, the company has snagged the 11th spot. Pretty slick.
BYD Breaks the Mold
Next up, we’ve got a Chinese contender, BYD, hitting the 12th rank with 300 cars registered. Most of those are E6 MPVs that private‑hire fleets love, but the newly launched Atto 3 SUV has already racked up 100 orders. That’s going to turn BYD’s year‑end numbers into a real headline story.
Why This Matters
If BYD had been a traditional petrol brand, none of this would have a chance. Think about MG—the Chinese marque that sells both a budget-friendly MG HS SUV (fuel car) and the MG ZS EV. In 2021, MG sold about twice as many petrol cars as EVs. Now, the tables have turned: a whopping 163 of 186 registrations were EVs.
MG was the second‑best selling EV brand last year (at least, that’s what we’re sure of), proving EVs are breaking the myth that “high COE must mean a luxury brand.” Thanks to rebates and the VES scheme, chatty EVs are winning.
What’s Next
This wraps up our mid‑year roundup. Keep an eye out for our upcoming stories exploring electrified cars and body types—you won’t want to miss it.
Note: The Land Transport Authority (LTA) groups all electrified cars—EVs, PHEVs, hybrids—together in registration figures. That’s why we can’t be 100% sure unless a brand sells only EVs, like BYD and Tesla.
Original article published in CarBuyer. CarsCOE LTA
