Report Overview

Increasing fuel prices in Singapore and the presence of leading manufacturers of electric vehicles are the major factors expected to drive Singapore Electric Vehicle Market during the forecast period between 2024 and 2030.

Singapore Electric Vehicle Market – Industry Trends & Forecast Report, 2030

The Singapore Electric Vehicle Market size was estimated at USD 103.21 million in 2023. During the forecast period between 2024 and 2030, the Singapore Electric Vehicle Market size is projected to grow at a CAGR of 27.46% reaching a value of USD 564.12 million by 2030. Increasing fuel prices in Singapore and the presence of leading manufacturers of electric vehicles are the major factors propelling the growth of Singapore electric vehicle market. Additionally, rapid technological advancements, such as the introduction of AI and IoT into EVs, are expected to provide lucrative growth opportunities to players in the Singapore Electric Vehicle Market in the coming years.

Electric Vehicle – Overview

An electric vehicle (EV) is an innovative and environmentally friendly mode of transportation that relies on electric propulsion systems instead of traditional internal combustion engines (ICE). Unlike conventional vehicles powered by gasoline or diesel, EVs utilize electric motors and batteries to generate the necessary power for movement. There are two primary types of electric vehicles: Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). BEVs are solely powered by electric batteries, requiring periodic recharging from external power sources, such as electric charging stations. On the other hand, PHEVs combine both electric and ICE components, allowing for extended range and flexibility. The rising adoption of EVs is driven by a global push for sustainable transportation solutions, aiming to reduce greenhouse gas emissions, air pollution, and dependence on finite fossil fuel resources.

Singapore Electric Vehicle Market

Growth Drivers

Volatile Gasoline Prices

The surge in fuel prices has become a significant catalyst propelling the growth of the EV market in Singapore. As consumers face the economic impact of escalating fuel costs, there is a heightened awareness and interest in alternative, cost-effective transportation solutions. Electric vehicles, known for their energy efficiency and low operational expenses compared to traditional internal combustion engine (ICE) vehicles, are gaining traction as a viable option in the face of rising fuel prices. The cost savings associated with using EVs, coupled with environmental concerns and the global push toward sustainable practices, are encouraging consumers and businesses in Singapore to embrace EVs. Government incentives, subsidies, and initiatives to bolster the EV infrastructure further contribute to the expansion of EV market in the country.

Challenges

Limited Charging Infrastructure

Insufficient charging infrastructure contributes to "range anxiety" among potential EV buyers. If users are uncertain about the availability of charging stations, they may be reluctant to adopt EVs. Singapore, being a densely populated city-state, faces challenges related to limited urban space. Allocating space for charging stations, especially in crowded urban areas, can be a logistical challenge. Establishing a comprehensive charging infrastructure requires a significant investment for the installation of charging stations, electrical upgrades, and ongoing maintenance. Private entities may be hesitant to make such investments without clear incentives or a critical mass of EV users.

Impact of Escalating Geopolitical Tensions on Singapore Electric Vehicle Market

Geopolitical tensions, especially if they involve key trading partners, can disrupt global supply chains. It may impact the supply of crucial components for EVs, such as batteries and electronics, leading to production delays and potential shortages in the Singaporean market. Geopolitical tensions often contribute to economic uncertainty. Uncertain economic conditions can affect consumer confidence and purchasing decisions. In the context of the electric vehicle market, potential buyers may delay or reconsider their decisions to invest in EVs if they are uncertain about the overall economic outlook. Geopolitical tensions can influence global energy markets, affecting the prices of oil and electricity. Electric vehicles are directly tied to the electricity grid, and any fluctuations in energy prices can impact the operating costs and overall attractiveness of EVs compared to traditional internal combustion engine vehicles.

Singapore Electric Vehicle Market

Segmental Coverage

Singapore Electric Vehicle Market – By Type

Based on type, the battery electric vehicle (BEV) segment is expected to grow in the forecast period. The Singaporean government has been actively promoting the adoption of electric vehicles through various initiatives and incentives, including tax incentives, rebates, and grants for both consumers and businesses purchasing BEVs. Policies aimed at reducing carbon emissions and promoting sustainable transportation play a significant role in driving BEV adoption. The availability of a well-developed and accessible charging infrastructure is crucial for the growth of BEVs. Singapore has been investing in expanding its charging network, including public charging stations and incentives for private establishments to install chargers. An extensive and convenient charging infrastructure encourages more consumers to consider BEVs.

Singapore Electric Vehicle Market – By Vehicle Type

Based on vehicle type, the passenger cars segment is expected to grow over the forecast period. The Singaporean government has been actively promoting the adoption of electric vehicles through various policies and incentives. These may include tax breaks, rebates, and grants aimed at making electric cars more attractive to consumers. Such incentives can significantly impact the growth of passenger electric cars. The availability of a well-developed and convenient charging infrastructure is crucial for the growth of electric cars. Singapore has been investing in expanding its charging network, including public charging stations and incentives for private establishments to install chargers. A robust charging infrastructure encourages more consumers to consider electric cars.

Competitive Landscape

Major players operating in Singapore Electric Vehicle Market include BMW AG, Toyota Motor Corporation, Tesla Inc., AB Volvo, MG Motor, Nissan Motor Company, BYD Co. Ltd, Hyundai Motor Company, Spectronik, and Reit EV. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In December 2022 - Renault Singapore declared that it would fully electrify, with the company's Electric Vehicle (EV) lineup scheduled to launch in 2023. The company’s plan is compliant with Singapore's Green Plan 2030 and its worldwide instruction to increase the range of electric mobility options it offers.

Scope of the Report

By Type

• Battery Electric Vehicle

• Plug-in Hybrid Electric Vehicle

• Fuel Cell Electric Vehicle

 By Vehicle Type

• Two Wheelers

• Passenger Cars

• Commercial Vehicles

By Vehicle Class 

• Mid-Priced

• Luxury

By Top Speed       

• Less Than 100 MPH

• 100 to 125 MPH

• More Than 125 MPH

By Vehicle Drive Type 

• Front Wheel Drive

• Rear Wheel Drive

• All Wheel Drive