EV Adoption Accelerates, hitting 32.6% Market Share in 2024

In my 7 June 2024 article on upcoming EVs in Singapore, I discussed a Bloomberg Inexperienced examine that set the Tipping Level to the mass adoption of EVs when greater than 5% of latest automobile gross sales are electrical.

“when 5% of latest automobile gross sales are purely electrical. This threshold alerts the beginning of mass adoption, after which technological preferences quickly flip.”

Tom Randall, “Electrical Vehicles Cross the Tipping Level to Mass Adoption in 31 Nations” Bloomberg 24 March 2024

In line with a current Straits Instances (ST) article, EVs accounted for 32.64% of all new vehicles registered in Singapore from January to Might 2024, primarily based on Land Transport Authority (LTA) knowledge. Of the full 14,802 vehicles registered throughout this era, 4,819 have been EVs, with Chinese language model BYD accounting for 45.3%.

The EV inhabitants has doubled yearly since 2021

Trying on the knowledge within the  LTA’s complete automobile inhabitants by Gas Sort, Singapore’s EV inhabitants has doubled yearly since 2021, with a complete of 11,941 EVs on Singapore’s roads by the tip of 2023. With 4,819 EVs already registered within the first 5 months of 2024, Singapore’s EV inhabitants attain 25,000 by 31 December 2024.
EVs have been in Singapore for ten years, however their recognition with new automobile house owners has solely taken off within the final three years, as a result of a number of components, together with the Enhanced Vehicular Emissions Scheme (EVES) and the Electrical Automobile Early Adoption Incentive (EVEAI), which, taken collectively, can decrease the upfront price of an EV by as much as $40,000.

Vary anxiousness, the worry of working out of electrical energy whereas driving to a recharging station, has additionally considerably diminished. In line with Transport Minister Chee Hong Tat in a current Written Reply to Parliamentary questions, there are greater than 7,100 EV charging factors throughout Singapore at present, with greater than a 3rd of HDB carparks having charging factors put in. The EV Widespread Charger grant has supported the set up of greater than 1,100 EV chargers in Non-Landed Non-public Residences (NLPR).

Lastly, a number of automobile manufacturers, akin to BMW, BYD, Hyundai, Kia, MG, and Tesla, launched fashions in Class A in 2024, to draw new EV consumers.

Greatest Promoting EV and Hybrid Manufacturers in Singapore

We seemed by the information of all EVs and hybrids bought and extracted the highest 5 manufacturers for each. This reveals that BYD is rising its lead in EVs, whereas Tesla has now dropped to 3rd behind BMW, which has executed nicely in each the EV and the Hybrid sectors. 

Talking of hybrids, 6,435 new automobiles have been registered in the identical interval, with Toyota persevering with to dominate, although Mercedes-Benz is shut behind, and Nissan a distant third.

Singapore’s EV market has entered a golden section

There are actually extra manufacturers and sorts of EVs to select from, and types akin to BYD are aggressively advertising their merchandise. Extra EV chargers have diminished vary anxiousness whereas rebates from EVAAI and EVES (which at the moment finish on 31 December 2024) might make shopping for an EV now simpler.

Characteristic picture: Goran Horvat @ Pixabay