EV interest rises, but charging costs and infrastructure remain concerns

Seven in 10 plan to buy an EV this year.

More Singaporeans are considering electric vehicles, despite concerns over charging interoperability, charging infrastructure, and running costs.

Data from EY showed that seven in 10 car buyers in Singapore plan to buy an EV in 2024, more than the past year when only six in 10 wanted to.

Of those planning to buy an EV in 2024, most (40%) wanted to purchase a battery electric vehicle (BEV). Others preferred a hybrid or plug-in hybrid (33%).

Car buyers said they want an EV given its superior performance compared to internal combustion engine (ICE) cars.

Some wanted to buy out of genuine concern for the environment (29%), whilst others were drawn to the status symbols associated with it (30%).

Despite rising interest in EVs, prospective buyers remain cautious, with charging interoperability (26%) and uncertainties about charging and running costs (25%) being top concerns. 

They also cited a lack of clarity in the political and regulatory landscape (Singapore 24%, global 8%) and limited charging stations (Singapore 24%, global 27%) as issues.

Additionally, EY found that EV owners in Singapore struggle with high charging costs at public stations (60%) and also have concerns about vehicle safety during charging (40%) and long wait times (37%).