Singapore Electric Vehicle Market Report and Forecast 2025-2034

Singapore Electric Vehicle Market Outlook

The Singapore electric vehicle market size reached approximately USD 193.70 million in 2023. The market is assessed to grow at a CAGR of 20.3% between 2024 and 2032, reaching a value of around USD 1022.16 million by 2032.

Key Trends in the Market

Electric vehicles refer to vehicles that operate on an electric motor instead of an internal combustion engine. An electric vehicle can charge itself from an external source and contains key components like an electric motor, battery, inverter, and battery charger, among others.

• One of the key factors aiding the Singapore electric vehicle market growth is the rise in demand for electric vehicles due to their eco-friendly nature. Electric vehicles are beneficial for the environment as they do not promote carbon emissions.

The running cost of an electric vehicle is lower than conventional vehicles, which run on fossil fuels like petrol or diesel. Conventional vehicles emit 3 times more carbon dioxide than an average electronic vehicle.

• The introduction of favourable policy changes and measures to increase and simplify the adoption of electric vehicles is aiding the Singapore electric vehicle market demand. These measures are also expected to reduce the cost of maintaining and owning an electric vehicle in the forecast period. For instance, in September 2023, the Singapore government extended the Electric Vehicle (EV) Early Adoption Incentive, allowing EV owners to receive a rebate of up to 45% on the Additional Registration Fee (ARF).

• The expansion of charging infrastructure is also expected to fuel the Singapore electric vehicle market demand in the coming years. To support electric vehicle charging, Singapore aims to deploy 60,000 charging points across the country by 2030. The country has already deployed 600 charging points across public car parks and is also offering an electric vehicle common charger grant to catalyse the deployment of electric vehicle chargers in non-landed residences by co-funding installation costs.

Singapore Electric Vehicle Market Segmentation

Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. On the basis of propulsion type, the market can be divided into hybrid vehicles, battery electric, plug-in hybrid, and fuel cell electric.

The market, based on speed, is divided into less than 150 mph and more than 150 mph. On the basis of vehicle drive, the market is divided into rear wheel drive, front wheel drive, and all wheel drive. The market, on the basis of price, is bifurcated into low and medium range and luxury.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Singapore electric vehicle market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Tesla Inc. 

• Toyota Motor Corp

• Bayerische Motoren Werke AG 

• AB Volvo 

• Volkswagen AG 

• Hyundai Motor Company 

• Mercedes Benz Group AG 

• BYD Company Limited 

• SAIC Motor Corporation Limited (MG Motor) 

• Nissan Motor Co. Ltd.

• Others

Market Share by Vehicle Type

Commercial electric vehicles (EVs) hold a considerable portion of the Singapore electric vehicle market share. The electrification of commercial vehicles offers various advantages like low maintenance and ownership costs and cost-saving in terms of utilisation, boosting its adoption among businesses. Moreover, stringent government initiatives pushing towards clean transportation are prompting organisations to adopt EVs with zero carbon emissions.

In November 2023, the Land Transport Authority  (LTA) under the Ministry of Transport of the Government of Singapore announced its decision to roll out 360 new electric buses from December 2024. Moreover, the Singapore government has announced multiple policies, including the Zero-Emissions Vehicle (ZEV) mandate, under which car manufacturers are required to produce a minimum number of electric or hydrogen fuel cell vehicles, hence encouraging the adoption of commercial electric vehicles.

Market Share by Propulsion Type

As per the Singapore electric vehicle market analysis, the popularity of plug-in hybrid electric vehicles (PHEVs) is substantially increasing in the country. Such vehicles combine batteries to power electric motors and fuels like gasoline to power internal combustion engines (ICE). PHEVs boast more driving range, faster refuelling times, and better reliability than electric vehicles (EVs), boosting their appeal among customers.

Meanwhile, the demand for battery electric vehicles is witnessing a significant surge amid the expansion of charging infrastructure, growing environmental consciousness, and favourable government incentives.

Competitive Landscape

Mercedes Benz Group AG is a multinational automotive corporation and a leading global vehicle manufacturer. It is facilitating the systematic electrification of the entire product portfolio to promote CO2 neutrality under its project “Ambition 2039”.

Tesla Inc. was founded in 2003 and is headquartered in the US. This American multinational automotive and clean energy company has introduced different series of electric vehicles such as model S, model 3, and model Y. These EVs come with potent chargers which are fast and convenient.

Volkswagen AG was founded in 1937 and is headquartered in Germany. The company’s EV structure is based on the new modular electric drive matrix (MEB), a vehicle architectonics that was developed primarily for electric drive. This architecture is special as it allows space-saving insertion of a flat high-voltage battery in the underbody.

Other Singapore electric vehicle market players include Toyota Motor Corp, AB Volvo, Bayerische Motoren Werke AG, Hyundai Motor Company, Mercedes Benz Group AG, BYD Company Limited, and SAIC Motor Corporation Limited (MG Motor), and Nissan Motor Co. Ltd, among others.

Key Highlights of the Report