Singapore’s Automobile Market in 2024

Singapore’s automobile sales (substituted with new registration data) in 2024 increased 36.7% from the previous year to 51,492 units. The rise in sales volume was due to an increase in the issuance of Certificates of Ownership (COE). COE is a system introduced by the government in 1990 to control the number of vehicles owned in the country to maintain sound road conditions. Its basic policy is to maintain or slightly increase the number of vehicles owned.