Singapore’s Electric Vehicle Vision
The automotive world is at the brink of a major transformation, with electric vehicles (EVs) leading the way.
Cycle & Carriage Singapore, an eminent automotive group in Southeast Asia, recently shared invaluable insights into consumer sentiments and motivations towards EVs.
Findings from Cycle & Carriage Singapore research study
“To understand the future, you must first uncover the mindset of early adopters.” – Cycle & Carriage Singapore
Cycle & Carriage’s EV Study Insights
A staggering 67% of petrol vehicle owners are aiming to sell their cars by 2025, with half considering a hybrid or EV as their next purchase.
Those leaning towards EVs are primarily younger, affluent, and possess higher educational qualifications. Notably, women represent 58% of this group, challenging preconceived notions about early automotive adopters.
While half the survey respondents knew the basic concept of EVs, there remains a significant awareness gap. Only 22% have delved deeper into research, indicating a significant potential for broader educational campaigns.
The availability of charging points topped the list at 46%, followed closely by battery longevity and vehicle safety.
“Our future is electric, but our present still needs a jolt of awareness.” – Cycle & Carriage Singapore
Government’s Role in Electrifying the Future
When it comes to electrifying the future of the roads of Singapore, the Land Transport Authority(LTA) and the Ministry of Transport (MOT) are working closely to make it possible for us to be a greener city.
Hence, the Singapore Green Plan 2030 stands testament to the government’s commitment to a sustainable future.
Launched in February 2021, the Singapore Green plan 2030 cornerstone is the ‘energy reset’ pillar which aims to transition all vehicles to clean energy by 2040. Consequently, the registration of new ICE (internal combustion engine) vehicles will cease from 2030.
Screengrab from SG greenplan website
Land Transport Authority (LTA) further elucidates the nation’s commitment to reducing emissions through their EV Vision. They aim for an 80% reduction in peak land transport emissions by mid-century.
With the transition to EVs, CO2 emissions could be halved compared to ICE vehicles. This could result in a decrease in carbon emissions by up to 2 million tonnes, accounting for approximately 4% of national emissions.
Moreover, LTA has set ambitious targets, such as establishing 60,000 EV charging points by 2030 to ensure accessibility and convenience for EV users.
Screengrab of EV charging points / Eigen Energy Facebook Page
Complementing these initiatives, they are also on track to electrify 50% of their bus fleet by 2030, further demonstrating a commitment to a cleaner environment.
“Our green vision for 2030 isn’t just a plan, it’s a promise.” – Land Transport Authority
Tax Incentives Boosting Electric Vehicle Adoption in Singapore
Singapore’s commitment to promoting Electric Vehicles (EVs) shines through its recent policy initiatives. These aim to make EVs, especially those for the mass market, more financially appealing.
Hence from 2021 to 2023, the EV Early Adoption Incentive (EEAI) offers a 45% rebate off the Additional Registration Fee (ARF), capped at $20,000, significantly reducing the initial cost difference between EVs and traditional vehicles.
Complementing this is the Enhanced Vehicular Emissions Scheme (VES), valid until 2025, which boosts rebates by $5,000 for cars and $7,500 for taxis.
Additionally, from 2022 to 2023, the ARF floor for electric cars and taxis will be dropped from $5,000 to $0, enabling potential savings of up to $45,000 when combined with other rebates.
And, to level the playing field, road taxes for electric and hybrid cars within the 90-230kW power rating will be cut by up to 34% from 2022.
In essence, Singapore’s tax incentives are shaping a future where EVs are not only environmentally friendly but also economically savvy choices.
Screengrab of the summary of EEAE / LTA Website
National Electric Vehicle Centre (NEVC) – Spearheading the Green Drive
Under the leadership of the Land Transport Authority (LTA), the National Electric Vehicle Centre (NEVC) is at the forefront of advocating for expanded EV use, aligning with Singapore’s aspiration to transition all vehicles to cleaner energy sources by 2040.
The NEVC, pooling expertise from various agencies, collaborates both within governmental realms and with external industry participants.
Their collective objective encompasses the rapid roll-out of a comprehensive EV charging network, the formulation of contemporary regulations and standards for EVs, and nurturing a strong and sustainable EV framework in Singapore to ensure a smooth shift to this cleaner mode of transportation.
Screengrab of the EV Road Map / LTA Website
Moving Towards a Clean and Green Future
Singapore is undeniably steering towards a cleaner, greener future.
With comprehensive plans and clear visions from both private and public sectors, the road ahead looks promisingly electric.
Companies like Cycle & Carriage Singapore are not only staying abreast of these changes but are actively contributing by introducing new EV models and green mobility solutions.
The journey might be challenging, but with collaborative efforts and a clear direction, Singapore is well on its path to redefine its automotive landscape.
“Electric vehicles are more than just a trend; they are our ticket to a sustainable future.” – Cycle & Carriage Singapore
Featured Images from Land Transport Authority (LTA)
