Press Release Summary: The Singapore Automotives Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2011; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.
Singaporean Automotives Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the Singaporean automotives market.
Press Release Body: New vehicle registrations in Singapore have continued on a growth curve into October 2006, although growth is slower year-on-year (y-o-y). Sales for the year to October of 126,621 units show a continuation of the trend towards slower growth, as established in 2005. However, the results are on track to meet the full-year forecast of 153,241 units, outlined in It\'s Singapore Automotives Report. The report also maintains forecast for the period to 2010, by which time we expect new registrations to be a little under 180,000 units, with the small car segment accounting for the majority of sales due to escalating oil prices.
A proposed free trade agreement (FTA) between Singapore and China should open up more trade opportunities within the industry, particularly for value-added component manufacturers supplying carmakers in China. Roughly 50% of Singapore\'s non-oil domestic exports (NODX) is comprised by electronics, and exports of these to China have almost doubled over the past two years, from US$2.3bn in 2003 to US$4.1bn in 2005. Moreover, while China has until now been considered a threat in terms of winning foreign investment in the industry, any FTA between the two countries should ensure greater bilateral investment and set the wheels in motion for a China-ASEAN FTA (CAFTA).
Indeed, Singapore remains a considerably attractive destination for foreign investors and ranks joint fifth in business environment ranking for the automotive industry in Asia Pacific. The city-state is only one point behind China overall and scores higher in criteria such as economic and political risk, as well as regulatory environment. According to Transparency International\'s corruption index, Singapore is the least corrupt state in the region. Despite a lack of domestic production in the automotive industry, a relatively low vehicle ownership rate and an ideal location to act as a regional re-export hub also make Singapore attractive to would-be investors.
In terms of the competitive landscape, Toyota\'s long-running dominance of the country\'s taxi market is being challenged by South Korea\'s Hyundai. Singapore\'s largest transport provider, ComfortDelGro, has awarded Hyundai a contract to supply 10,000 units of its Sonata model to be used as taxis. The cars will be delivered over the next four years starting in 2007. Toyota currently accounts for 80% of the taxi market, which stood at 7,894 units in 2005. The contract should go some way to improving Hyundai\'s performance from 2005, when it fell from second place to third following a 6.82% fall in sales.
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