Recently published research from Business Monitor International, "Singapore Autos Report Q3 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 06/19/2014 -- The latest certificate of entitlement (COE) bidding exercise, which closed on May 7 2014, saw significant price declines in most vehicle categories, with only the commercial vehicle (CV) segment registering an increase. As the accompanying table highlights, small car COEs (1,600cc and below) saw the biggest fall in prices from SGD71,335 in the previous bidding round to SGD60,002 in this latest round.
Greater COE Supply Causing Price Declines?
This decline in prices has come on the back of a slew of vehicles being de-registered from May to July 2014. Since 2005, the supply of car COEs has been falling due to declining de-registrations. However, with many of the cars in Singapore's fleet now reaching the end of their 10-year COE cycle, we are going to see a greater COE quota in the next few months as these cars get taken off the country's roads.
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For example, the supply for car COEs will increase by roughly 42% during the May to July period, which as the table above shows, has already had a knock-on effect on their premiums.
However, we caution that prices are unlikely to fall much further in the coming months. The fall in car COE prices needs to be put into context and prices are still more than twice their 2010 levels.
?But Prices Will Find Support
While we cannot rule out more price dips in the coming months due to the higher COE supply environment, we retain the view that prices will remain elevated by historical standards for now. Demand for new cars remains strong and many buyers were in fact waiting for this additional COE quota to come into the market before making their purchases.
Furthermore, dealers have responded to the higher COE supply by cutting their car prices and we see consumers rushing to lock in these lower prices in the next few weeks and months. Two other factors supporting prices will be car owners who recently de-registered their vehicles, jumping into the market for a new car, as well as owners who need to scrap their cars in 2015, securing a...
The Singapore Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Singapore Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Singapore.
- Benchmark BMI's independent automotives industry forecasts on Singapore to test other views - a key input for successful budgetary and planning in the Singaporean automotives market.
- Target business opportunities and risks in the Singaporean automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Singapore.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
BMI Industry View
Summary of BMI's key industry forecasts and views, covering production, sales and the introduction of new technology or products.
Global, Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country investment, product and financing trends that will affect each market, supported by BMI?s global and regional industry forecasts.
Business Environment Ratings
BMI's proprietary Autos Business Environment Ratings are a unique country-comparative Risk-Reward Ratings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers, suppliers and dealers) who seek to either identify and compare market opportunities, or evaluate country-specific operational challenges.
The ratings methodology makes sophisticated use of over 40 industries, economic and demographic data points.
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Total production value (US$bn); total production of units; production by vehicle-type (including cars, commercial vehicles, trucks and buses); total sales value (US$bn); sales by vehicle-type, including passenger cars and commercial vehicles (vans and microbuses, pickups, trucks and buses, 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.
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