
Singapore Electric Vehicle Market Report and Forecast 2025-2034
Description
The Singapore electric vehicle market size reached approximately USD 193.70 Million in 2024. The market is assessed to grow at a CAGR of 20.30% between 2025 and 2034, reaching a value of around USD 1229.66 Million by 2034.
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.
The EMR’s report titled “Singapore Electric Vehicle Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup 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
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.
Mercedes Benz Group AG
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.
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
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 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 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.
The EMR’s report titled “Singapore Electric Vehicle Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- Hybrid Vehicles
- Battery Electric
- Plug-in Hybrid
- Fuel Cell Electric
- Less than 150 mph
- More than 150 mph
- Rear Wheel Drive
- Front Wheel Drive
- All Wheel Drive
- Low and Medium Range
- Luxury
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
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.
Mercedes Benz Group AG
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.
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
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.
Table of Contents
135 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Asia Pacific Electric Vehicle Market Overview
- 5.1 Key Industry Highlights
- 5.2 Asia Pacific Electric Vehicle Historical Market (2018-2024)
- 5.3 Asia Pacific Electric Vehicle Market Forecast (2025-2034)
- 5.4 Asia Pacific Electric Vehicle Market breakup by Country
- 5.4.1 China
- 5.4.2 Japan
- 5.4.3 India
- 5.4.4 ASEAN
- 5.4.5 Australia
- 5.4.6 Singapore
- 5.4.7 Others
- 6 Singapore Electric Vehicle Market Overview
- 6.1 Key Industry Highlights
- 6.2 Singapore Electric Vehicle Historical Market (2018-2024)
- 6.3 Singapore Electric Vehicle Market Forecast (2025-2034)
- 7 Singapore Electric Vehicle Market by Vehicle Type
- 7.1 Passenger Cars
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Commercial Vehicles
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 Singapore Electric Vehicle Market by Propulsion Type
- 8.1 Hybrid Vehicles
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Battery Electric
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Plug-in Hybrid
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 Fuel Cell Electric
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 9 Singapore Electric Vehicle Market by Speed
- 9.1 Less than 150 mph
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 More than 150 mph
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 10 Singapore Electric Vehicle Market by Vehicle Drive
- 10.1 Rear Wheel Drive
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 Front Wheel Drive
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 All Wheel Drive
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 11 Singapore Electric Vehicle Market by Price
- 11.1 Low and Medium Range
- 11.1.1 Historical Trend (2018-2024)
- 11.1.2 Forecast Trend (2025-2034)
- 11.2 Luxury
- 11.2.1 Historical Trend (2018-2024)
- 11.2.2 Forecast Trend (2025-2034)
- 12 Market Dynamics
- 12.1 SWOT Analysis
- 12.1.1 Strengths
- 12.1.2 Weaknesses
- 12.1.3 Opportunities
- 12.1.4 Threats
- 12.2 Porter’s Five Forces Analysis
- 12.2.1 Supplier’s Power
- 12.2.2 Buyer’s Power
- 12.2.3 Threat of New Entrants
- 12.2.4 Degree of Rivalry
- 12.2.5 Threat of Substitutes
- 12.3 Key Indicators for Demand
- 12.4 Key Indicators for Price
- 13 Competitive Landscape
- 13.1 Supplier Selection
- 13.2 Key Global Players
- 13.3 Key Regional Players
- 13.4 Key Player Strategies
- 13.5 Company Profiles
- 13.5.1 Tesla Inc.
- 13.5.1.1 Company Overview
- 13.5.1.2 Product Portfolio
- 13.5.1.3 Demographic Reach and Achievements
- 13.5.1.4 Certifications
- 13.5.2 Toyota Motor Corp.
- 13.5.2.1 Company Overview
- 13.5.2.2 Product Portfolio
- 13.5.2.3 Demographic Reach and Achievements
- 13.5.2.4 Certifications
- 13.5.3 Bayerische Motoren Werke AG
- 13.5.3.1 Company Overview
- 13.5.3.2 Product Portfolio
- 13.5.3.3 Demographic Reach and Achievements
- 13.5.3.4 Certifications
- 13.5.4 AB Volvo
- 13.5.4.1 Company Overview
- 13.5.4.2 Product Portfolio
- 13.5.4.3 Demographic Reach and Achievements
- 13.5.4.4 Certifications
- 13.5.5 Volkswagen AG
- 13.5.5.1 Company Overview
- 13.5.5.2 Product Portfolio
- 13.5.5.3 Demographic Reach and Achievements
- 13.5.5.4 Certifications
- 13.5.6 Hyundai Motor Company
- 13.5.6.1 Company Overview
- 13.5.6.2 Product Portfolio
- 13.5.6.3 Demographic Reach and Achievements
- 13.5.6.4 Certifications
- 13.5.7 Mercedes Benz Group AG
- 13.5.7.1 Company Overview
- 13.5.7.2 Product Portfolio
- 13.5.7.3 Demographic Reach and Achievements
- 13.5.7.4 Certifications
- 13.5.8 BYD Company Limited
- 13.5.8.1 Company Overview
- 13.5.8.2 Product Portfolio
- 13.5.8.3 Demographic Reach and Achievements
- 13.5.8.4 Certifications
- 13.5.9 SAIC Motor Corporation Limited (MG Motor)
- 13.5.9.1 Company Overview
- 13.5.9.2 Product Portfolio
- 13.5.9.3 Demographic Reach and Achievements
- 13.5.9.4 Certifications
- 13.5.10 Nissan Motor Co. Ltd.
- 13.5.10.1 Company Overview
- 13.5.10.2 Product Portfolio
- 13.5.10.3 Demographic Reach and Achievements
- 13.5.10.4 Certifications
- 13.5.11 Others
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