LTA announces lower vehicle growth rate for the next three years
14 Oct 2011|6,209 views
The annual vehicle population growth rate will be lowered from the current 1.5% to 1.0% in 2012, and then to 0.5% in 2013 and 2014. For 2012, the 1% p.a. growth will be front-loaded, with the current 1.5% p.a. growth rate maintained for the first half of the quota year (February 2012 to July 2012), followed by 0.5% p.a. growth rate for the remaining half of the quota year (August 2012 to January 2013). Overall, the growth rate for the new 3-year quota period is therefore 1.5% p.a. for the first 6 months, followed by 0.5% p.a. growth rate for the remaining 2.5 years. According to the LTA, the current annual vehicle population growth rate of 1.5% has outstripped the average annual road growth of about 1% in recent years. As road growth is expected to slow down to about 0.5% p.a. on average over the next decade, it is not sustainable to maintain the vehicle growth rate at 1.5%. The lower vehicle growth rate will be more closely aligned to the pace of road growth going forward.
The lower vehicle growth rate is not expected to have a large impact on the COE supply in the next few years, especially in the context of an expected uptrend in vehicle de-registration numbers. The annual vehicle population growth rate will be reviewed after three years, and the COE quota for the COE bidding period from February 2012 to July 2012 will be announced in mid-January 2012.
Source: LTA
The annual vehicle population growth rate will be lowered from the current 1.5% to 1.0% in 2012, and then to 0.5% in 2013 and 2014. For 2012, the 1% p.a. growth will be front-loaded, with the current 1.5% p.a. growth rate maintained for the first half of the quota year (February 2012 to July 2012), followed by 0.5% p.a. growth rate for the remaining half of the quota year (August 2012 to January 2013). Overall, the growth rate for the new 3-year quota period is therefore 1.5% p.a. for the first 6 months, followed by 0.5% p.a. growth rate for the remaining 2.5 years.
According to the LTA, the current annual vehicle population growth rate of 1.5% has outstripped the average annual road growth of about 1% in recent years. As road growth is expected to slow down to about 0.5% p.a. on average over the next decade, it is not sustainable to maintain the vehicle growth rate at 1.5%. The lower vehicle growth rate will be more closely aligned to the pace of road growth going forward.
The lower vehicle growth rate is not expected to have a large impact on the COE supply in the next few years, especially in the context of an expected uptrend in vehicle de-registration numbers. The annual vehicle population growth rate will be reviewed after three years, and the COE quota for the COE bidding period from February 2012 to July 2012 will be announced in mid-January 2012.
Source: LTA
According to the LTA, the current annual vehicle population growth rate of 1.5% has outstripped the average annual road growth of about 1% in recent years. As road growth is expected to slow down to about 0.5% p.a. on average over the next decade, it is not sustainable to maintain the vehicle growth rate at 1.5%. The lower vehicle growth rate will be more closely aligned to the pace of road growth going forward.
The lower vehicle growth rate is not expected to have a large impact on the COE supply in the next few years, especially in the context of an expected uptrend in vehicle de-registration numbers. The annual vehicle population growth rate will be reviewed after three years, and the COE quota for the COE bidding period from February 2012 to July 2012 will be announced in mid-January 2012.
Source: LTA
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