The LTA has announced that it will retain the current vehicle growth rate of 0% until 31 January 2022, given the current uncertainty of travel demand.
Despite the smaller supply of COEs, last year saw a growth in the number of privately-owned cars, owing to fewer taxi and private-hire cars.
Starting in February next year, the growth rate for the car and motorcycle population will drop from 0.25 to zero percent.
Senior Minister of State for Transport Lam Pin Min said that the plan to reduce Singapore's vehicle population growth will not majorly affect COE prices.
According to the Land Transport Authority, car population is down four percent as the total number of vehicles shrinks for the third straight year.
Vehicle population in Singapore takes a dive for the first time in more than 10 years, with private car clocking the sharpest dip of 0.4 percent.
The Land Transport Authority (LTA) has completed its vehicle growth rate review, and will cut vehicle growth rate progressively for the next three years