Singapore’s Shift Towards Electric Vehicles: Trends, Preferences, and Future Projections

Even as many car owners hold out in the face of sky-high COE prices, it’s a battle that must have an inevitable end as older cars hit the 10-year mark and need to either have their COEs renewed, or the car traded-in. 

Cycle & Carriage Singapore, which distributes Kia, Maxus, Mitsubishi, Ora, Citroen, and Mercedes-Benz cars here, has released the results of its independently-conducted survey that shows what drivers in Singapore are planning to do in the near future.

HERE ARE THE KEY INSIGHTS FROM THE REPORT: 

1. 67% Planning to Sell or Trade-In by 2025: The survey reveals that 67 per cent of Internal Combustion Engine (ICE) car owners intend to sell or trade-in their vehicles by 2025, with about 50 per cent considering transitioning to electric or hybrid models.
2. Demographic Insights: A significant portion (81%) of potential EV buyers are between 20 to 49 years old, with almost 40 per cent earning a monthly income of $9,000 and above. Additionally, 58 per cent of these potential buyers are female, dispelling the stereotype of automotive early adopters being predominantly male.
3. Charging Infrastructure: Accessibility to public charging points emerges as the primary consideration for transitioning to electric vehicles, with 46 per cent of respondents highlighting it as the main factor. Battery durability and vehicle safety closely follow.
4. Government Initiatives: Singapore’s plan to have 60,000 individual public charging sockets by 2030, coupled with the EV Early Adoption Initiative rebates, is expected to further drive the adoption of electric vehicles. Despite lower new car sales overall, EVs accounted for approximately 13 per cent of new car registrations in the first five months of 2023, indicating a gradual but steady uptake.
5. Future Outlook: With the government’s phased plan to phase out ICE-powered vehicles by 2040, including a ban on new ICE car sales from 2030 onwards, the automotive landscape in Singapore is poised for significant transformation. Increased awareness and education regarding EVs are crucial in facilitating this transition.
6. Retail Initiatives: Automotive sales groups like Cycle & Carriage are expanding their EV retail offerings, introducing models like the Maxus Mifa 9, Ora Good Cat 3, Kia EV6, Kia Niro EV, and Mercedes-EQ range, catering to diverse consumer preferences and advancing the EV market.

While challenges persist, Singapore’s shift towards electric vehicles represents a promising step towards sustainability and innovation in its transportation sector. Public education, infrastructure development, and proactive industry initiatives are essential in fostering a successful transition to a greener automotive future.

image source: Carbuy