Car sales pick up speed as massive de-registration cycle gathers steam

Sales will grow 20% over 2 years.

Local car sales are expected to pick up speed over the next two years as Singapore's de-registration cycle gains traction, a report by BMI Research revealed today.

The report revealed that Singapore will be leading the South East Asian vehicle market with an average annual growth of 20%, while weakness in other major markets such as Malaysia and Indonesia will help the city-state cement its position.

However, smaller markets like the Philippines and Vietnam might be able to give Singapore a run for its money in terms of car sales growth.

"Singapore is now in the process of replacing vehicles due for de-registration at the end of their 10-year validity period. This will make Singapore the standout growth market in the ASEAN region," the report said.

More From Singapore Business Review

• Here are the credit card deals you shouldn't miss during the Great Singapore Sale 2015
  

• This retired banker's fintech startup makes complicated wealth management a piece of cake
  

• Check out this quaint co-working space that occupies 5 conservation shophouses