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1. Singapore has the Highest Penetration of Online Sales with 90% Online Sales
Click to know: Online vs Physical store sale in Used Car Market
- Increasing internet and smartphone penetration leading to high sales facilitated by online platforms such as Carro and others.
- Due to two-month long CB measures and tight border restriction, overall sales fell. Online sales saw strong growth; online retail proportion doubled in 2020 making up 12% of total retail sales.
- With online platforms gaining a lot of traction in the industry, it is expected that dealerships with physical stores will follow suit and increase their presence online to expand reach.
- Dealerships are expected to introduce their own official website/platforms to showcase their used car inventory.
- Online auto portals are expected to venture into omni-channel experiences.
2. Singapore sustains 1st rank in Asia in the World Bank's Ease of Doing Business index 2020, ranked 2nd globally
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- In 2020, Singapore ranked 2nd out of 190 countries in the World Bank’s Ease of Doing Business Index. The country has maintained its second position for four consecutive years.
- In the Global Competitiveness Index ranking, Singapore stood in 5th position in 2021, down from 1st the year before on the basis of unfavorable geography.
- Presence of high investment and R&D expenditure. Automobile manufacturers are focusing on connected and autonomous driving vehicles to play a significant role over the coming years.
3. High Employment Rate and High Labor Force Participation Rate Causing an Increase in Demand for Personal Vehicles
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Workforce and Minimum Wage:
- The size of the work force in Singapore was 3.7 million, with 70.5% Labor Force Participation Rate in 2Q 2021, indicating the strong ability of the economy to create employment. The country saw a Labor Turnover rate of 1.9% as of 2Q 2021 which suggests that the Total Labor Force should increase over the coming years.
- Singapore does not have minimum wage laws or regulations. According to the Ministry of Manpower in Singapore, employees should be paid based on their skills, capabilities and competencies.
