Singapore’s EV adoption rate nearly doubles in 2024, with one out of 3 cars sold from Jan-May being electric

Singapore’s EV adoption rate nearly doubles in 2024, with one out of 3 cars sold from Jan-May being electric

Over in Singapore, electric vehicle (EV) take-up is on the rise, accounting for nearly one of every three new cars registered the republic in the first five months of this year. That’s nearly double the 2023 figure of 18.1%, as the Straits Times reports.

The latest available information from the land transport authority (LTA) revealed that out of the 14,802 new cars registered from January to May, a total of 4,819 units, or 32.6%, were EVs.

The number of electric cars in Singapore as of May stands at 16,738 units, or 2.6% of the total vehicle population, well up from the 6,531 units (or 1%) at the end of 2022, when EVs only accounted for 11.7% of total new car registrations.

According to the country’s transport minister Chee Hong Tat, financial incentives for buying cleaner energy vehicles as well as a grant to support the installation of chargers in non-landed private residences and a law to ensure that chargers are safe and accessible are the primary reasons why EV adoption rates have increased significantly.

In terms of incentives, buyers of new EVs get up to SGD40,000 (RM139,500) in rebates, these being SGD15,000 (RM52,300) through the EV early adoption incentive and up to SGD25,000 (RM87,200) from the enhanced vehicular emissions scheme (VES).

Singapore’s EV adoption rate nearly doubles in 2024, with one out of 3 cars sold from Jan-May being electric

He said the EV common charger grant, introduced in 2021 and available until the end of 2025, has co-funded the cost of putting 1,100 EV chargers in private condominiums so far. This is up from 789 chargers in November 2023, which was before the amendment to the law that lowers the threshold needed to pass resolutions to install EV chargers at strata-titled developments kicked in.

As such, Chee said that the installation of EV chargers is on track to support the growth in the EV population, with more than 7,100 charging points now available across the island state, including charging points in more than a third of housing and development board (HDB) car parks.

The ST report adds that adoption rates have climbed as a result of more models coming into the market, many of them qualifying for the cheaper Category A certificate of entitlement (COE). However, as an academic points out, the numbers might not continue to double.

“Singapore’s transition to EVs really started only in the past two years. The adoption rate will likely plateau, as it cannot be nearly doubling every year,” said Victor Kwan, a senior lecturer with the Singapore University of Social Sciences.

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