Singapore’s electric vehicle adoption rate to nearly double by 2024, with one in three cars sold between January and May being electric
In Singapore, electric vehicle (EV) use is on the rise, accounting for nearly one in three new cars registered in the country in the first five months of this year. That’s almost double the 2023 figure of 18.1%, as Straits Times report.
Latest information available from Land Transport Authority (LTA) revealed that of the 14,802 new cars registered between January and May, a total of 4,819, or 32.6%, were electric vehicles.
As of May, the number of electric cars in Singapore was 16,738 units, equivalent to 2.6% of the total vehicle fleet, a sharp increase from 6,531 units (equivalent to 1%) at the end of 2022, when electric cars accounted for only 11.7% of total new vehicle registrations.
Financial incentives for purchasing cleaner energy vehicles as well as grants to support the installation of chargers in private residential areas without land and laws to ensure safe and accessible chargers are key reasons for the significant increase in electric vehicle adoption, according to Transport Minister Chee Hong Tat.
In terms of incentives, new EV buyers will enjoy rebates of up to S$40,000 (RM139,500), including S$15,000 (RM52,300) through the EV early adoption incentive scheme and up to S$25,000 (RM87,200) from the Vehicle Emission Enhancement Scheme (VES).
He said the EV Common Charger Grant, which was introduced in 2021 and runs through 2025, has co-funded the installation of 1,100 EV chargers in private condominiums so far. That’s up from 789 chargers in November 2023, before a law amendment lowering the threshold required to pass resolutions to install EV chargers in strata-titled developments took effect.
As such, Chee said the installation of EV chargers is on track to support the increase in EVs, with more than 7,100 charging points now available across the island, including charging points at more than a third of housing and development board (HDB) car parks.
ST’s report added that adoption rates have increased as more models have come onto the market, many of which are eligible for the cheaper rates. Certificate of Ownership Type A (COE)However, as one scholar points out, this number is unlikely to continue doubling.
“Singapore’s transition to electric vehicles has really only started in the last two years. Adoption rates are likely to plateau, as it cannot double every year,” said Victor Kwan, a senior lecturer at the Singapore University of Social Sciences.
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