The electric vehicle (EV) market in Singapore is evolving rapidly, driven by the country's commitment to sustainable development and green technology adoption. With ambitious targets to reduce carbon emissions and promote clean transport, the city-state government has implemented various policies and initiatives to accelerate the transition to electric mobility. Initiatives in favor of zero-emission vehicles have accelerated consumer adoption of fuel-efficient vehicles, enabling the electric vehicle market to reach a total revenue of about 213.5 million U.S. dollars in 2023.
Although considerable progress has been made in the country, it is still a long way from achieving its electrification targets. A staggering 97 percent of vehicles on Singapore's roads are still petrol-powered. The still too high price of electric cars and the lack of charging stations are the main obstacles to the adoption of EVs. To tackle this, Singapore has pledged to install 60,000 charging stations by 2030, including 40,000 in public car parks.
As part of the Land Transport Master Plan 2040, Singapore's taxi and private hire car companies are also actively adopting electric vehicles to contribute to a more sustainable transport landscape. By 2030, at least half of the country's taxi fleet should be electric. Similarly, the Land Transport Authority (LTA) has committed to electrifying half of the bus fleet by 2030 and switching entirely to cleaner energy by 2040.
EV adoption in Singapore
Singapore is emerging as a key player in the electric mobility market in Southeast Asia. Although hybrid car registrations remain higher, electric vehicle registrations reached 5,468 in 2023, 50.5 percent higher than the previous year. This represents a share of 18.1 percent of the 30,225 total car registrations. Proactive government measures, including tax incentives, rebates, and subsidies, have encouraged consumers and businesses to adopt electric mobility. Indeed, the Singapore government is committed to phasing out internal combustion engine vehicles and electrifying the transport sector by 2040. To support adoption, the government is offering incentives through the EV Early Adoption incentive and rebates for cars covered by the Vehicular Emissions Scheme (VES) Band A1.Although considerable progress has been made in the country, it is still a long way from achieving its electrification targets. A staggering 97 percent of vehicles on Singapore's roads are still petrol-powered. The still too high price of electric cars and the lack of charging stations are the main obstacles to the adoption of EVs. To tackle this, Singapore has pledged to install 60,000 charging stations by 2030, including 40,000 in public car parks.
Shifting to battery electric vehicles
Battery electric vehicles (BEVs) are gaining popularity in Singapore's automotive market due to their environmental benefits and long-term power affordability. Among the leading brands in the BEV market, Tesla and BYD rank first in terms of the number of electric cars in use in the country in 2023. In addition, major car manufacturers such as Volkswagen, Mercedes-Benz, and Audi launched their latest BEV models in Singapore during the same year, providing a combination of luxury, performance, and sustainability. With continued investment in infrastructure, supportive policies, and a diverse range of electric vehicles, Singapore's electric vehicle market is poised for significant expansion and transformation in the years ahead.As part of the Land Transport Master Plan 2040, Singapore's taxi and private hire car companies are also actively adopting electric vehicles to contribute to a more sustainable transport landscape. By 2030, at least half of the country's taxi fleet should be electric. Similarly, the Land Transport Authority (LTA) has committed to electrifying half of the bus fleet by 2030 and switching entirely to cleaner energy by 2040.
