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
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| Regions covered | Northern, Western, Eastern and Southern.
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| 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.
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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: | Passenger CarsCommercial VehiclesTwo-Wheeler |
| By Drive Train Technology: | Battery Electric VehiclesPlug-in Hybrid Electric VehiclesFuel Cell Electric Vehicles |
| By Vehicle Class: | Mid-PriceLuxury |
| By Top Speed: | Less Than 100 MPH100 to 125 MPHMore than 125 MPH |
| By Vehicle Drive Type: | Front Wheel DriveRear Wheel DriveAll Wheel Drive |
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 report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. 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. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. 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. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Singapore Electric Vehicles Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. 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, 2020-2026
7.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Type, 2027-2033
7.3. Passenger Cars
7.4. Commercial Vehicles
7.5. 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, 2020-2026
8.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Drive Train Technology, 2027-2033
8.3. Battery Electric Vehicles
8.4. Plug-in Hybrid Electric Vehicles
8.5. 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, 2020-2026
9.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Class, 2027-2033
9.3. Mid-Price
9.4. 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, 2020-2026
10.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Top Speed, 2027-2033
10.3. Less Than 100 MPH
10.4. 100 to 125 MPH
10.5. 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, 2020-2026
11.2. Singapore Electric Vehicles Market Size, Share and Forecast, By Vehicle Drive Type, 2027-2033
11.3. Front Wheel Drive
11.4. Rear Wheel Drive
11.5. 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 Region
13.4. Southern Region
13.5. Eastern Region
13.6. Western Region
14. Company Profile
14.1. Audi AG
14.1.1. Company details
14.1.2. Financial outlook
14.1.3. Product summary
14.1.4. Recent developments
14.2. AB Volvo Group
14.2.1. Company details
14.2.2. Financial outlook
14.2.3. Product summary
14.2.4. Recent developments
14.3. BMW Group
14.3.1. Company details
14.3.2. Financial outlook
14.3.3. Product summary
14.3.4. Recent developments
14.4. BYD Co. Ltd
14.4.1. Company details
14.4.2. Financial outlook
14.4.3. Product summary
14.4.4. Recent developments
14.5. Hyundai Motor
14.5.1. Company details
14.5.2. Financial outlook
14.5.3. Product summary
14.5.4. Recent developments
14.6. Mercedes-Benz Group AG
14.6.1. Company details
14.6.2. Financial outlook
14.6.3. Product summary
14.6.4. Recent developments
14.7. Mitsubishi Motor Corporation
14.7.1. Company details
14.7.2. Financial outlook
14.7.3. Product summary
14.7.4. Recent developments
14.8. MG Motor
14.8.1. Company details
14.8.2. Financial outlook
14.8.3. Product summary
14.8.4. Recent developments
14.9. Nissan Motor Company
14.9.1. Company details
14.9.2. Financial outlook
14.9.3. Product summary
14.9.4. Recent developments
14.10. Tesla Inc
14.10.1. Company details
14.10.2. Financial outlook
14.10.3. Product summary
14.10.4. Recent developments
14.11. Toyota Motor Corporation
14.11.1. Company details
14.11.2. Financial outlook
14.11.3. Product summary
14.11.4. Recent developments
14.12. Others
15. Conclusion
16. List of Abbreviations
17. Reference Links