SINGAPORE — Singapore is forecast to have the largest share of passenger electric vehicles (EVs) in South-east Asia by 2040, according to a report from Bloomberg's energy research service BloombergNEF.
A total of 80 per cent of all passenger vehicles here are expected to be electric by 2040, the report said.SINGAPORE — Singapore is forecast to have the largest share of passenger electric vehicles in South-east Asia by 2040, according to a report from Bloomberg's energy research service BloombergNEF.
In the first seven months of 2024 alone, EVs formed 32.1 per cent of new car registrations, based on data from the Land Transport Authority. This is because batteries are the most expensive component of EVs, said Komal Kareer, the report's author. For example, major Chinese automakers such as BYD, Great Wall Motor and GAC Aion have manufacturing facilities in Thailand - by far the biggest market for EVs in the region, with sales rising more than four times to 86,383 units in 2023.
The chief reason for Singapore's increasing EV adoption rate is the certificate of entitlement system, which encourages car owners to turn in their vehicles every 10 years.
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