Mordor Intelligence has released a new report on the Singapore Electric Vehicle Market, providing an in-depth analysis of key trends, growth drivers, and future market projections.
The Singapore Electric Vehicle Market was valued at USD 98.67 million in 2021 and is expected to grow at a revenue CAGR of 32.73% during the forecast period. Government initiatives to promote the adoption of electric vehicles and plans to expand the electric vehicle charging infrastructure are anticipated to be key drivers of market.
Key Trends Driving the Singapore Electric Vehicle Market
- Government Initiatives and Policies
The Singaporean government has implemented a series of measures to accelerate EV adoption, including the allocation of USD 22 million between 2021 and 2025 to promote electric mobility and expand charging infrastructure on private properties. Additionally, the government plans to install 60,000 charging points nationwide by 2030, significantly enhancing the convenience and accessibility of EV charging for consumers.
2. Expansion of Charging Infrastructure
As of recent reports, Singapore boasts over 1,800 public charging points, with plans to increase this number substantially to support the anticipated rise in EV adoption. This extensive network is designed to alleviate range anxiety among potential EV buyers and encourage the transition from internal combustion engine vehicles to electric alternatives.
3. Entry of International EV Manufacturers
The Singaporean EV market is witnessing increased participation from global automotive giants. Companies such as Hyundai Motor, Tesla Inc., BMW Group, MG Motors, and Volvo Group have established a presence in the country, offering a diverse range of electric vehicles to cater to varying consumer preferences. This influx of international players is expected to intensify competition and drive innovation within the market.
Market Segmentation
The Singapore EV market is segmented based on vehicle type, drivetrain technology, vehicle class, top speed, and vehicle drive type:
- By Vehicle Type:
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- Passenger Cars
- Commercial Vehicles
- Two-Wheelers
2. By Drivetrain Technology:
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- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Fuel Cell Electric Vehicles (FCEVs)
3. By Vehicle Class:
-
- Mid-Price
- Luxury
4. By Top Speed:
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- Less than 100 MPH
- 100 to 125 MPH
- More than 125 MPH
5. By Vehicle Drive Type:
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- Front Wheel Drive
- Rear Wheel Drive
- All Wheel Drive
The passenger car segment is anticipated to dominate the market, driven by increasing consumer demand for personal electric vehicles. Within drivetrain technologies, Battery Electric Vehicles (BEVs) are expected to hold a significant share due to their zero-emission capabilities and alignment with government sustainability goals.
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Key Players
The competitive landscape of Singapore’s EV market includes both domestic and international manufacturers:
- BYD Auto Co., Ltd.
- Tesla Inc.
- Hyundai Motor Company
- BMW Group
- MG Motors
- Volvo Group
Notably, BYD has emerged as a leading player, surpassing Tesla in sales within Singapore and Southeast Asia during the first half of 2024. BYD’s success is attributed to strategic partnerships and a diverse product lineup catering to regional preferences.
Conclusion
Singapore’s electric vehicle market is set for substantial growth, propelled by supportive government policies, rapid expansion of charging infrastructure, and active participation from global automotive manufacturers. As the nation progresses towards its goal of phasing out internal combustion engine vehicles by 2040, the EV market is expected to play a pivotal role in achieving sustainable transportation and environmental objectives.
Industry Related Reports
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Asia-Pacific Electric Scooters and Motorcycles: The Asia Pacific Electric Two-Wheeler Market is segmented by Propulsion Type (Hybrid and Electric Vehicles) and by Country (China, India, Japan, and South Korea). The report provides market size data in terms of both market value (USD) and market volume (units).