A survey from auditing firm EY has revealed that more than 5 in 10 consumers in Singapore intend to make an electric vehicle (EV) as their next car purchase

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SINGAPORE

The electric vehicle (EV) movement has been gaining traction in Singapore in recent months, thanks to a concerted push by the Government towards encouraging the take up of more environmentally-friendly cars. And a new survey from auditing firm EY has revealed that more than 5 in 10 consumers in Singapore intend to make their next car purchase an EV.

The findings were part of EY’s Mobility Consumer Index (MCI), which surveyed 300 Singaporeans in June 2021. The results showed that 55 percent of respondents in Singapore would make an EV their next car purchase, an increase of 11 percent from the previous survey conducted last year.

Of these consumers, the vast majority (80 percent) cited concern for the environment as the primary reason for considering an EV. Interestingly, 66 percent of consumers also stated that they are willing to pay a premium for an EV, and more than half said that buying an EV allows them to be more responsible in reducing their personal environment impact.

Tony Canavan, EY’s Global Transport Leader, notes that, “Most consumers are willing to pay a premium for an EV, either due to environmental concerns or an understanding that the long-term costs will likely be lower. This is a fundamental shift in attitudes, which is ultimately beneficial for consumers and the planet.”

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Indeed, electrified car sales in Singapore (which also includes hybrids and plug-in hybrids) have been steadily growing in 2021, and they now make up 8 percent of the vehicle population here. Full EVs grew by 27.3 percent in sales year on year compared to 2020, helped by generous rebates offered by the Government as announced in this year’s Budget.

While there is now a more positive outlook on EVs among consumers in Singapore, there remains concerns with regards to the EV ownership experience. Locally, 56 percent of respondents cites charging infrastructure as the main roadblock towards the adoption of EVs here, while 39 percent of prospective EV owners saying that Singapore still lacks adequate charging points for them to consider switching to EVs.

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That picture might soon change however, with the Government having committed to having 60,000 EV charging points around the country by 2030. With Singapore aiming to mandate a cleaner vehicle population over the next two decades, there will be a greater proliferation of EVs in the near future. Mainstream car buyers already have a number of decent EV choices to select from, and that variety is expected to grow as EV demand increases in the years ahead.

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