Market Insights Mobility Electric Vehicles

Battery Electric Vehicles - Singapore

Singapore

The projected revenue in the Battery Electric Vehicles market in Singapore is expected to reach €188.2m in 2024.
This market is anticipated to grow at an annual growth rate (CAGR 2024-2029) of 7.25%, resulting in a projected market volume of €267.0m by 2029.
By that time, unit sales of Battery Electric Vehicles market in Singapore are expected to reach 4,525.00vehicles.
The volume weighted average price of Battery Electric Vehicles market in the country is projected to be €58.5k in 2024.
From an international perspective, it is evident that the largest revenue will be generated China, with an estimated revenue of €195,400m in 2024.
Singapore is witnessing a surge in the adoption of Battery Electric Vehicles, driven by government incentives and a strong charging infrastructure.

Key regions: United Kingdom, Japan, Netherlands, France, United States

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Analyst Opinion

The Battery Electric Vehicles market in Singapore is experiencing significant growth and development.

Customer preferences: Customers in Singapore are increasingly interested in Battery Electric Vehicles due to their environmental benefits and cost savings. Battery Electric Vehicles produce zero emissions, which aligns with Singapore's commitment to reducing carbon emissions and improving air quality. Additionally, Battery Electric Vehicles require less maintenance and have lower operating costs compared to traditional gasoline-powered vehicles, making them an attractive option for cost-conscious consumers.

Trends in the market: One of the key trends in the Battery Electric Vehicles market in Singapore is the increasing availability of charging infrastructure. The Singapore government has been actively promoting the adoption of Battery Electric Vehicles and has invested in the development of a comprehensive charging network across the country. This has alleviated concerns about the limited range of Battery Electric Vehicles and has encouraged more consumers to consider making the switch. Another trend in the market is the introduction of new and improved Battery Electric Vehicle models. Major automakers are launching a wide range of Battery Electric Vehicles with longer driving ranges, faster charging times, and advanced features. These advancements have increased the appeal of Battery Electric Vehicles and have helped overcome some of the initial barriers to adoption.

Local special circumstances: Singapore's small size and well-developed public transportation system make it an ideal market for Battery Electric Vehicles. The average daily commute in Singapore is relatively short, which means that the limited driving range of early Battery Electric Vehicles is less of a concern. Additionally, Singapore's compact urban environment makes it easier to install charging infrastructure and provide support services for Battery Electric Vehicle owners.

Underlying macroeconomic factors: The Singapore government has implemented various policies and incentives to promote the adoption of Battery Electric Vehicles. These include tax rebates, grants, and exemptions from certain fees and taxes. These incentives have helped to reduce the upfront cost of Battery Electric Vehicles and have made them more affordable for consumers. Furthermore, Singapore's commitment to sustainable development and reducing carbon emissions has created a favorable environment for Battery Electric Vehicles. The government has set ambitious targets for reducing carbon emissions and has implemented measures to encourage the adoption of clean energy solutions, including Battery Electric Vehicles. In conclusion, the Battery Electric Vehicles market in Singapore is growing rapidly due to customer preferences for environmentally-friendly and cost-effective transportation options. The availability of charging infrastructure, the introduction of new models, and the government's support through incentives and policies have all contributed to the development of the market. With Singapore's compact urban environment and commitment to sustainable development, Battery Electric Vehicles are expected to continue gaining popularity in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).