Market Size of Singapore Electric Vehicle Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 32.73 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Electric Vehicle Market Analysis
Singapore Electric Vehicle Market was valued at USD 98.67 Million in 2021 and is projected to grow at a CAGR of 32.73% in terms of revenue during the forecast period.
As a result of the COVID-19 pandemic, manufacturing activities ceased for several months in the first half of 2020. Also, the disrupted supply chain and the shortage of chips in 2021 hurt the market's growth. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the country. The automotive industry witnessed significant growth in terms of production in 2021, which is likely to increase the demand for electric vehicles across the country.
Over the medium term, Government policies to support the growth of electric vehicles and plans to enlarge the electric vehicle charging infrastructure are expected to remain prominent market drivers during the forecast period. Singapore is leading the EV charging infrastructure with 1,800 public charging outlets accessible across the country and plans to add 60,000 charging sites by 2030.
Singapore government promotes vehicle manufacturers for vehicle electrification; there must be usage and purchase incentives that either lower the overall cost of ownership or make driving electric vehicles more convenient for customers. The government announced that new electric vehicles and taxis registered between 1 January 2021 and 31 December 2023 would receive a 45% rebate off the additional registration fees (ARF) tax. Such incentive helps to enhance the sale of electric vehicles across the country during the forecast period.
Singapore Electric Vehicle Industry Segmentation
An electric vehicle is powered by an electric motor instead of an internal combustion engine. An electric vehicle uses a large traction battery pack to power the electric motor and must be plugged into charging equipment. Electric vehicles use batteries such as lead acid, nickel metal hydride, and lithium-ion batteries.
Singapore Electric Vehicle Market is segmented by Vehicle Type (Passenger Vehicle and Commercial Vehicle), Drive Train Technology (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle). The report offers the market size and forecast for Singapore Electric Vehicle Market in terms of value (USD Million) for all the above segments.
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Drive Train Technology | |
| Battery Electric Vehicle | |
| Plug-in Hybrid Electric Vehicles | |
| Fuel Cell Electric Vehicles |
Singapore Electric Vehicle Market Size Summary
The Singapore electric vehicle market is experiencing significant growth, driven by government initiatives and increasing consumer demand for sustainable transportation solutions. The market is recovering from disruptions caused by the COVID-19 pandemic, with the automotive industry ramping up production to meet the rising demand for electric vehicles. The Singaporean government is actively promoting the adoption of electric vehicles through various incentives, such as tax rebates and subsidies, which are designed to reduce the cost of ownership and enhance the convenience of driving electric vehicles. The expansion of electric vehicle charging infrastructure is a key focus, with plans to significantly increase the number of public charging points across the country, further supporting the market's growth.
The market is also witnessing substantial investments from key automotive players, who are introducing new electric vehicle models and enhancing their manufacturing capabilities in Singapore. This influx of investment is expected to boost the demand for battery electric vehicles, aligning with Singapore's ambitious goal to phase out internal combustion engines by 2040. The establishment of the National Electric Vehicle Centre and the development of new EV-related technologies underscore Singapore's commitment to becoming a regional hub for electric mobility. As regulatory bodies continue to enforce stringent emissions standards, the automotive industry is increasingly shifting towards electric vehicles, positioning Singapore as a leader in the transition to greener energy solutions.
Singapore Electric Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value - USD Million)
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2.1 By Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 By Drive Train Technology
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2.2.1 Battery Electric Vehicle
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2.2.2 Plug-in Hybrid Electric Vehicles
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2.2.3 Fuel Cell Electric Vehicles
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Singapore Electric Vehicle Market Size FAQs
What is the current Singapore Electric Vehicle Market size?
The Singapore Electric Vehicle Market is projected to register a CAGR of 32.73% during the forecast period (2024-2029)
Who are the key players in Singapore Electric Vehicle Market?
BMW AG, Hyundai Motor Company, Tesla Inc., MG Motor and AB Volvo are the major companies operating in the Singapore Electric Vehicle Market.
