Singapore Electric Vehicle Market Trends, Share, Size, Revenue, Competition and Future Outlook
Singapore Electric Vehicle (EV) Market Growth, Size, Trends Analysis- By Vehicle Type, By Drive Train Technology, By Vehicle Class, By Top Speed, By Vehicle Drive Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2024 | Report ID: AMIN24223 | Pages: 1 - 108 | Formats*: |
| Category : Automotive & Transportation | |||
Singapore Electric Vehicle Market Introduction and Overview
According to SPER Market Research, The Singapore Electric Vehicle Market is estimated to reach USD 1165.01 million by 2033 with a CAGR 27.54%.
The report includes an in-depth analysis of the Singapore Electric Vehicle Market, including market size and trends, product mix, distribution channels, and supplier analysis. Electric vehicles (EVs) are changing the automotive scene by providing a cleaner, more environmentally friendly alternative to traditional gasoline-powered cars. EVs, which are powered by rechargeable batteries, have zero exhaust emissions, thereby considerably lowering air pollution and greenhouse gases. With advances in battery technology, many modern electric vehicles now have outstanding ranges and faster charge times, making them more practical for regular use. As governments and consumers adopt greener technologies, the transition to electric mobility is altering transportation while also contributing to a more sustainable future.
- November 2022: BYD Co. Ltd introduce Singapore’s first Blade Battery powered bus, B12A03.
- November 2022: Volvo Buses Singapore, part of the Volvo Group launched Volvo BZL-SC Neustar City Electric Bus, delivering the first fully electric, 3-door stepless bus that is designed, engineered, and manufactured in Singapore.
- September 2033: AB Volvo launched the C40 Recharge in Singapore. The Volvo C40 has a battery capacity of 78kWh that gives an electric driving range of up to 450km on a single charge.
- July 2022: BYD Co. Ltd launched BYD Yuan Plus under Atto 3 name in Singapore. The vehicle model has a battery capacity of 49.92 kWh and a range of up to 430 Km on a Single Charge.
Market Opportunities and Challenges
Opportunities: The Singaporean government has taken proactive steps to promote electric vehicle (EV) adoption through a multifaceted strategy. With plan to install 60,000 Charging points by 2030, Singapore is creating a robust charging ecosystem. Singapore’s densely populated urban environment, has heightened concerns regarding air pollution. The economic viability of EVs is increasingly apparent as the global transition towards cleaner energy sources progresses. Falling battery prices, couples with lower maintenance expenses compares to ICE vehicle, enhance the overall cost competitiveness of EVs. Continuous advancements in battery technology plays a pivotal role in driving the adoption of EVs by expanding their range and reducing charging times. A shifting consumer mind set towards sustainability and environmental responsibility drives the preference for EVs among a growing segment of consumers.
Challenges: The electric vehicle (EV) market in Singapore has various challenges. The purchase price of EVs is typically higher than that of standard internal combustion engine vehicles, which may deter purchasers. Although improving, the availability and accessibility of charging stations remains limited when compared to petrol stations, leaving potential customers wary. The longevity and cost of battery replacement might be major concerns for prospective customers, influencing their long-term investment decisions. While Singapore has created incentives to encourage EV adoption, any uncertainty about future government policies or changes can undermine customer trust. Singapore's limited space may impede the development of broad charging infrastructure, particularly in residential areas.
Market Competitive Landscape
Several prominent competitors dominate Singapore's electric vehicle market, including Hyundai Motor, Tesla Inc, BMW Group, MG Motors, Volvo Group, BYD Co. Ltd, Mitsubishi Motor Corporation, Audi AG and Mercedes-Benz group AG. Several vehicle manufacturers are investing in the country to boost electric vehicle sales throughout the anticipated period.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Vehicle Type, By Drive Train Technology, By Vehicle Class, By Top Speed Type, By Vehicle Drive Type |
| Regions covered | Northern, Western, Eastern and Southern. |
| Companies Covered | Audi AG; AB Volvo Group; BMW Group; BYD Co. Ltd; Hyundai Motor; Mercedes-Benz Group AG; Mitsubishi Motor Corporation; MG Motor; Nissan Motor Company; Tesla Inc, Toyota Motor Corporation. |
COVID-19 Impact on Singapore Electric Vehicle Market
The COVID-19 pandemic affected Singapore's EV market in a number of ways. Customers had to wait longer for EVs and component deliveries as a result of production and delivery delays brought on by the epidemic. A rise in interest in environmentally friendly mobility solutions, such as electric vehicles (EVs), was caused by the pandemic's increased awareness of environmental issues. The Singaporean government responded to economic difficulties by extending or introducing incentives for electric vehicle purchases, which increased acceptance and sales. As a result of the pandemic, more people are working from home. This lessened the need for personal vehicles in the short term, but it also made long-term mobility solutions more difficult to evaluate.
Key Target Audience
- Environmental Enthusiasts
- Cost- Conscious
- Incentive Seekers
- Short Commuters
- Low Maintenance Advocates
Our in-depth analysis of the Singapore Electric Vehicle Market includes the following segments:
| By Vehicle Type: | |
| By Drive Train Technology: | |
| By Vehicle Class: | |
| By Top Speed: | |
| By Vehicle Drive Type: |
Key Topics Covered in the Report
- Singapore Electric Vehicle Market Size (FY’2024-FY’2033)
- Overview of Singapore Electric Vehicle Market
- Segmentation of Singapore Electric Vehicle Market By Vehicle Type (Passenger Cars, Commercial Vehicles and Two Wheeler)
- Segmentation of Singapore Electric Vehicle Market By Drive Train Technology (Battery Electric Vehicle, Plug-in Hybrid Vehicles and Fuel Cell Electric Vehicles)
- Segmentation of Singapore Electric Vehicle Market By Vehicle Class (Mid Price and Luxury)
- Segmentation of Singapore Electric Vehicle Market By Top Speed (Less than 100 MPH, 100 to 125 MPH and More than 125 MPH)
- Segmentation of Singapore Electric Vehicle Market By Vehicle Drive Type (Front Wheel Drive, Rear Wheel Drive and All Wheel Drive)
- Statistical Snap of Singapore Electric Vehicle Market
- Expansion Analysis of Singapore Electric Vehicle Market
- Problems and Obstacles in Singapore Electric Vehicle Market
- Competitive Landscape in the Singapore Electric Vehicle Market
- Impact of COVID-19 and Demonetization on Singapore Electric Vehicle Market
- Details on Current Investment in Singapore Electric Vehicle Market
- Competitive Analysis of Singapore Electric Vehicle Market
- Prominent Players in the Singapore Electric Vehicle Market
- SWOT Analysis of Singapore Electric Vehicle Market
- Singapore Electric Vehicle Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Singapore Electric Vehicles (EV) Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Electric Vehicles Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Singapore Electric Vehicles Market
7. Singapore Electric Vehicles Market, By Vehicle Type (USD Million) 2020-2033
7.1. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Type, 2020-20267.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Type, 2027-20337.3. Passenger Cars7.4. Commercial Vehicles7.5. Two-Wheeler
8. Singapore Electric Vehicles Market, By Drive Train Technology (USD Million) 2020-2033
8.1. Singapore Electric Vehicles Market Size, Share and Forecast, By Drive Train Technology, 2020-20268.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Drive Train Technology, 2027-20338.3. Battery Electric Vehicles8.4. Plug-in Hybrid Electric Vehicles8.5. Fuel Cell Electric Vehicles
9. Singapore Electric Vehicles Market, By Vehicle Class (USD Million) 2020-2033
9.1. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Class, 2020-20269.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Class, 2027-20339.3. Mid-Price9.4. Luxury
10. Singapore Electric Vehicles Market, By Top Speed (USD Million) 2020-2033
10.1. Singapore Electric Vehicles Market Size, Share and Forecast, By Top Speed, 2020-202610.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Top Speed, 2027-203310.3. Less Than 100 MPH10.4. 100 to 125 MPH10.5. More than 125 MPH
11. Singapore Electric Vehicles Market, By Vehicle Drive Type (USD Million) 2020-2033
11.1. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Drive Type, 2020-202611.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Drive Type, 2027-203311.3. Front Wheel Drive11.4. Rear Wheel Drive11.5. All Wheel Drive
12. Singapore Electric Vehicles Market Forecast, 2020-2033 (USD Million)
12.1. Singapore Electric Vehicles Market Size and Market Share
13. Singapore Electric Vehicles Market, By Region, 2020-2033 (USD Million)
13.1. Singapore Electric Vehicles Market Size and Market Share By Region (2020-2026)13.2. Singapore Electric Vehicles Market Size and Market Share By Region (2027-2033)13.3. Northern Region13.4. Southern Region13.5. Eastern Region13.6. Western Region
14. Company Profile
14.1. Audi AG
14.1.1. Company details14.1.2. Financial outlook14.1.3. Product summary14.1.4. Recent developments
14.2. AB Volvo Group
14.2.1. Company details14.2.2. Financial outlook14.2.3. Product summary14.2.4. Recent developments
14.3. BMW Group
14.3.1. Company details14.3.2. Financial outlook14.3.3. Product summary14.3.4. Recent developments
14.4. BYD Co. Ltd
14.4.1. Company details14.4.2. Financial outlook14.4.3. Product summary14.4.4. Recent developments
14.5. Hyundai Motor
14.5.1. Company details14.5.2. Financial outlook14.5.3. Product summary14.5.4. Recent developments
14.6. Mercedes-Benz Group AG
14.6.1. Company details14.6.2. Financial outlook14.6.3. Product summary14.6.4. Recent developments
14.7. Mitsubishi Motor Corporation
14.7.1. Company details14.7.2. Financial outlook14.7.3. Product summary14.7.4. Recent developments
14.8. MG Motor
14.8.1. Company details14.8.2. Financial outlook14.8.3. Product summary14.8.4. Recent developments
14.9. Nissan Motor Company
14.9.1. Company details14.9.2. Financial outlook14.9.3. Product summary14.9.4. Recent developments
14.10. Tesla Inc
14.10.1. Company details14.10.2. Financial outlook14.10.3. Product summary14.10.4. Recent developments
14.11. Toyota Motor Corporation
14.11.1. Company details14.11.2. Financial outlook14.11.3. Product summary14.11.4. Recent developments
14.12. Others
15. Conclusion
16. List of Abbreviations
17. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Singapore Electric Vehicles Market is projected to reach USD 1165.01 million by 2033, growing at a CAGR of 27.54% during the forecast period.
Singapore Electric Vehicles Market grew in Market size from 2022. The Market is expected to reach USD 1165.01 million by 2033, at a CAGR of 27.54% during the forecast period.
Singapore Electric Vehicles Market CAGR of 27.54% during the forecast period.
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Singapore Electric Vehicles Market size is USD 1165.01 million from 2024 to 2033.
Singapore Electric Vehicles Market Segment is covered By Vehicle Type, By Drive Train Technology, By Vehicle Class, By Top Speed Type, By Vehicle Drive Type.
The Asia-Pacific is anticipated to have the highest Market share in the Singapore Electric Vehicles Market.
The key players in the Market include Companies Covered Audi AG; AB Volvo Group; BMW Group; BYD Co. Ltd; Hyundai Motor; Mercedes-Benz Group AG; Mitsubishi Motor Corporation; MG Motor; Nissan Motor Company; Tesla Inc, Toyota Motor Corporation.
Electric vehicles (EVs) are changing the automotive scene by providing a cleaner, more environmentally friendly alternative to traditional gasoline-powered cars.
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