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.