The demand for electric vehicles (EVs) in Singapore is on the rise, with 73% of consumers expressing interest in purchasing an EV in 2024, up from 63% in 2023. This increase is primarily driven by fully electric vehicles, as 40% of potential buyers plan to opt for battery electric vehicles (BEVs). The findings come from the EY 2024 Mobility Consumer Index (MCI), which surveyed over 19,000 respondents globally, including 300 in Singapore.
While the superior performance of EVs (33%) and their status as a modern symbol (30%) are motivating factors, concerns about charging interoperability (26%) and the costs associated with charging and operating EVs (25%) remain significant barriers. “Despite ongoing efforts to tackle issues relating to EV charging, there is room for further awareness on what has been done nationwide,” notes Oliver Redrup, an associate partner at EY.
Singapore has made strides in expanding charging infrastructure, aiming for nearly 2,000 Housing and Development Board carparks to have charging points by 2025. However, challenges persist, with 60% of BEV owners citing high public charging costs and 40% concerned about their vehicle's safety during charging.
Moreover, the MCI highlights a growing interest in connectivity features among Singaporean car buyers, particularly those that enhance safety and navigation, such as vehicle tracking (65%) and real-time traffic alerts (63%). Susana Utama, EY-Parthenon partner, emphasizes the need for car manufacturers to prioritize data governance to create personalized driving experiences.
As Singapore continues to enhance its EV landscape, addressing consumer concerns and leveraging connectivity will be crucial for sustaining growth in the electric vehicle market.
