Singapore Will Have Greatest Share Of Passenger EVs In Southeast Asia By 2040 - Report

According to a report from Bloomberg's energy research service BloombergNEF, by 2040, Singapore is expected to have the highest percentage of passenger electric vehicles (EVs) in Southeast Asia, with a total of 80% of all passenger vehicles expected to be electric, compared with a regional average of 24%.

Thailand is expected to hold the second-highest share, with 41 percent. Vietnam comes in second with 31 percent, Indonesia with 25 percent, Malaysia with 15 percent, and the Philippines with 10 percent. BloombergNEF said that of the six Southeast Asian nations, Singapore had the highest rate of EV adoption in 2023, with EVs making up roughly 19% of all vehicles sold there. According to data from the Land Transport Authority, 32.1 percent of new car registrations in the first seven months of 2024 alone were electric vehicles.

With one public EV charging station for every three EVs, the Republic also boasted the highest density of EV charging stations in South-east Asia in 2023. For every sixteen EVs in Thailand, there was one public charger. There was one EV for every 38 in Malaysia and one for every 42 in Indonesia.
By the end of 2023, there will be 11,941 EVs on Singapore's roads, having doubled in number since 2021, according to data from the LTA's total car population by fuel type. By the end of December 2024, Singapore's EV population should have reached 25,000, with 4,819 EVs registered in the first five months of 2024.
The Enhanced Vehicular Emissions Scheme (EVES) and the Electric Vehicle Early Adoption Incentive (EVEAI), which help reduce the upfront cost of an EV, are two of the factors that have contributed to the rise in popularity of electric vehicles among new car owners in Singapore over the past three years, despite the fact that they have been on the roads for ten years.
There are more brands and types of EVs to choose from, and companies like BYD are aggressively marketing their offerings. The increased number of public EV chargers has reduced range anxiety, while EVAAI and EVES rebates may make purchasing an EV more appealing among Singaporeans, according to The Vulcan.