Singapore Electric Vehicle Market Outlook (2020-2025) | Size, Share, Trends, Growth, Revenue, Forecast, Analysis, industry, Value, Outlook & COVID-19 IMPACT

Singapore Electric Vehicle Market report comprehensively covers the market by vehicle types, charger types, DC charger power ratings, and by-charger end consumers. Singapore electric vehicle market report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latest 2023 Developments of The Singapore Electric Vehicle Market

Singapore Electric Vehicle Market is growing rapidly owing to several positive factors such as government initiatives to promote the adoption of EVs through. Some recent developments and plans included in this market are an expansion of charging infrastructure. The government is also planning to instate charging stations to support the increasing number of electric vehicles. Additionally, the government is also offering attractive rebates and tax exemptions for buyers of EVs, making them more accessible and affordable. Moreover, the promotion of electric vehicles by fleet operators is another major development of the Singapore Electric Vehicle Industry. Fleet operators such as taxi and private hire car companies are encouraged to switch to EVs along with the support of the government in terms of financing, which is driving the Singapore electric vehicle market growth.

Furthermore, the development of a smart mobility ecosystem is one of the key latest developments in the market. Singapore is working towards creating a smart and connected mobility ecosystem which includes the integration of EVs into the power grid, the development of smart charging networks, and the deployment of connected and autonomous vehicles, which will propel the Singapore EV Market Share. Overall, Singapore is taking a proactive approach to promote the adoption of electric vehicles and establish itself as a leader in the electric mobility space. The sector is rising in the country and it has become an inseparable part of the Asia Pacific Electric Vehicle Market

Singapore Electric Vehicle Market Synopsis

Deteriorating air quality, increasing carbon emissions and other environmental issues have raised an alarm to adopt electric mobility and cleaner energy resources with the total number of electric vehicles rising from 33 in 2016 to 1336 in 2019 end. Additionally, the electric vehicle market is expected to take a hit amid the Covid-19 pandemic in 2020.  

According to 6Wresearch, Singapore electric vehicle market size grew at a CAGR of 134.1% during 2020-2025. The government of Singapore has also demonstrated a strong commitment to introducing and promoting electric mobility in Singapore and has an ambitious plan to phase out all ICE vehicles by 2040. Additionally, the government has also set an ambitious plan to increase the number of charging points from 1700 to 28000 by 2030 to support electric vehicles and allow ease to adopt electric commutation among the people.

Market Analysis By Vehicle Types

The government of Singapore has taken various steps to promote the adoption of electric vehicles in the country offering various incentives and tax rebates of 45% on cars and Additional registration fees on the purchase of electric vehicles from 2021 to 2023. Further, SP group, Greenlots, ABB, and Blue SG are the early ones to play a crucial role in expanding the EV charging infrastructure in the country.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 6 Years Market Numbers.
• Estimated Data Starting from 2020 to 2025F.
• Base Year: 2019
• Forecast Data until 2025F.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Singapore Electric Vehicle Market Overview
• Singapore Electric Vehicle Market Outlook
• Singapore Electric Vehicle Market Forecast
• Historical Data and Forecast Singapore Electric Vehicle Market Revenues and Volume for the Period 2019-2025F
• Historical Data and Forecast of Singapore Electric Vehicle Market Revenues and Volume, By Vehicle Types, for the Period 2019-2025F
• Historical Data and Forecast of Singapore Electric Vehicle Market Revenues and Volume, By Charger Types, for the Period 2019-2025F
• Historical Data and Forecast of Singapore Electric Vehicle Market Revenues and Volume, By DC Charger Power Ratings, for the Period 2019-2025F
• Historical Data and Forecast of Singapore Electric Vehicle Market Revenues and Volume, By Charger End Consumers, for the Period 2019-2025F
• Market Drivers and Restraints
• Industry Life Cycle
• Porter’s Five Force Analysis
• Impact Analysis of COVID-19
• Market Trends
• Singapore Vehicle Market Revenue Ranking, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

• By Vehicle Types

• Electric 2-Wheeler
• Electric 3-Wheeler
• Electric 4-Wheeler
• Passenger Car
• Light Commercial Vehicle (Goods Carrier)
• Electric Bus
• Electric Truck

By Charger Types

• AC
• DC

By DC Charger Connector Types

• CHAdeMO
• CCS
• Others (including Tesla superchargers and GB/T)

By DC Charger Power Ratings

• 40-80 kW
• 80-120 kW
• 120-200 kW

By Charger End Consumers

• Public
• Private