Singapore’s Automobile Sales Results in YTD June 2021

New registration of automobiles in Singapore in the first six months of 2021 increased 60.0% from the same period of the previous year to 33,000 units. The sharp increase is due to the suspension of the issuance of Certificate of Entitlement (COE) and the temporary closure of automobile dealerships from April to June in the previous year as a result of the outbreak of the new coronavirus infection. However, Singapore’s government has restricted the rate of increase in passenger vehicle ownership to 0% from February 2018 to January 2022. The number of new registrations for the full year of 2021 will be close to 36,000 units because the potential market size in 2021 is the number automobiles newly registered in 2011 whose COE will expire this year.