Singapore Automobile Rental and Leasing market size is projected to grow at a CAGR of 7.8% in terms of revenue during 2025-2031

The passenger vehicles sector by Type held the highest revenue share in Singapore Automobile Rental and Leasing Market -6Wresearch

In 2024, passenger vehicles dominated Singapore automobile rental and leasing market, driven by a surge in tourism and rising Certificate of Entitlement (COE) premiums, which made private car ownership increasingly expensive. The influx of international visitors, particularly from neighbouring countries, boosted demand for short-term rentals, while the high cost of car ownership prompted residents to opt for rental solutions.

According to 6Wresearch, Singapore Automobile Rental and Leasing market size is projected to grow at a CAGR of 7.8% in terms of revenue during 2025-2031. Singapore automobile rental and leasing market has witnessed growth during the past years, driven by evolving mobility needs, economic recovery post-pandemic, and the surge in e-commerce and logistics activities. With rising operational demands from delivery services, corporate fleets, and the increasing preference for flexible transportation solutaions over ownership, both short-term rentals and long-term leasing have gained traction. Government initiatives promoting sustainable urban mobility and restrictions on car ownership such as high Certificate of Entitlement (COE) costs have further encouraged individuals and businesses to opt for leasing as a cost-effective alternative.

Singapore’s automobile rental and leasing market is set for significant growth in the coming years, driven by its role as a global logistics hub, with the sector expected to reach more by 2025. Rising freight, e-commerce, and regional distribution are boosting demand for flexible vehicle solutions. Moreover, nation’s sustainability push is also expected to accelerate EV leasing, offering consumers a cost-effective, low-risk alternative to ownership. Additionally, growing digital adoption among tech-savvy users would transform the rental experience through seamless and contactless platforms. Thus, such factors fueling strong momentum in Singapore’s evolving vehicle rental and leasing landscape.

According to Sumit, Senior Research Analyst, 6Wresearch, the online booking segment is expected to dominate the Singapore Automobile Rental and Leasing Market by 2031F due to the growing preference for convenience, faster service, and the widespread adoption of digital platforms. As consumers increasingly prioritize seamless online transactions, rental companies are leveraging technology to offer real-time booking, flexible payment options, and personalized services. The shift towards digital solutions aligns with broader trends in consumer behavior, enhancing accessibility and customer experience.

Singapore Automobile Rental and Leasing Market (2025-2031) report provides an in-depth analysis with 23 figures and 10 tables, covered in 76 pages. The report thoroughly covers market by type, service type, rental type and booking type. Singapore Automobile Rental and Leasing Market outlook report provides an unbiased and detailed analysis of the on-going Singapore Automobile Rental and Leasing Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.