Key Takeaways:
- Singapore’s electric vehicle adoption is accelerating, supported by government incentives, a growing range of models, and national targets to phase out traditional vehicles.
- Infrastructure development is ongoing but uneven, with gaps in charging access across HDBs, private condos, and less central areas, as well as concerns about grid readiness.
- EV ownership introduces new practical considerations, including longer charging times, the need for specialised maintenance, and emerging environmental challenges related to battery disposal.
- Drivers should reassess their protection needs, as EVs come with distinct risks that may not be covered under standard plans, making tailored insurance an important part of readiness.
Introduction
The shift towards electric vehicles (EVs) is gaining pace across the globe. From Europe to Asia, cities are tightening emissions standards and expanding EV infrastructure to support cleaner transport.
Singapore is no exception. Under the Green Plan 2030 and with a host of EV-friendly incentives, the country has made it clear that a more sustainable road system is part of its future. But as EV numbers continue to grow each year, one question remains: Is Singapore truly ready for widespread adoption?
Singapore’s EV Adoption Is Gaining Speed
Singapore’s EV landscape is evolving quickly. In 2024, EVs made up around one-third of all new car registrations, an increase from 18% the year before. Among Light Goods Vehicles, about half of new registrations were electric.
This rise has been driven by policies like the EV Early Adoption Incentive (EEAI), which provides rebates of up to $15,000, as well as national targets to phase out internal combustion engine vehicles by 2040 and even earlier for cars, by 2030.
With a growing variety of models available, from compact runarounds to high-performance EVs, more drivers are making the switch. Still, the figures only offer part of the picture.
Can Singapore’s Infrastructure Keep Up with EV Growth?
A strong charging network is key to supporting the shift to electric vehicles. Today, many HDB carparks and commercial buildings are equipped with EV chargers, and the Land Transport Authority has plans to roll out 60,000 charging points by 2030.
Still, access remains uneven. Some HDB estates have limited charging options, and private condominiums often face logistical or strata approval hurdles. In commercial areas, chargers tend to be concentrated in central districts, leaving some neighbourhoods less well served.
Looking ahead, rising EV usage will also place new demands on Singapore’s energy grid. Smart energy systems will be needed to prevent overloads and ensure charging remains efficient even during peak hours.
What Does It Really Cost to Own an EV in Singapore?
Electric vehicles still come with a higher upfront price tag compared to traditional cars, though that gap is narrowing thanks to falling battery costs and government support. Over time, EV owners may save on fuel and maintenance, but those savings depend on driving habits and access to convenient charging.
The EEAI, along with tax rebates under the Vehicular Emissions Scheme, helps to reduce the initial cost. The Certificate of Entitlement also plays a role, with most EVs falling into Category A or B based on their power output, which can affect the final price.
When weighing up the total cost, it’s important to consider more than just purchase and running expenses. Long-term servicing, battery replacement, and suitable insurance are all part of the bigger picture.
What’s Still Holding Back Mass EV Adoption?
Switching to an EV isn’t just about getting a new car; it means adjusting to an entirely different way of driving and owning a vehicle. For many, there’s still a learning curve. Questions like how to charge, how long it takes, and how to plan longer trips aren’t always clear.
Charging itself takes time. Unlike a quick top-up at the petrol station, charging an EV can range from 30 minutes to a few hours depending on the setup. That’s not always convenient, especially for those living in dense urban areas where chargers might not be close by.
On the backend, the support system still has room to grow. EVs require a different set of skills to maintain, and there’s a growing need for trained technicians. Then there’s the matter of batteries—how to dispose of or recycle them safely without creating a new environmental issue. These are important pieces of the puzzle that need attention as adoption grows.
Do EV Owners Need Different Protection?
Electric vehicles come with their own set of risks. From battery fires and software glitches to accidents at charging stations, the challenges are not quite the same as those faced by traditional car owners.
That’s where having insurance tailored for EVs becomes important. These plans often include coverage for things like battery repairs, electrical faults, and roadside assistance specific to EV breakdowns—features that may not be covered under standard policies.
While a basic plan might be enough for conventional cars, EV owners may benefit from more specialised protection. Choosing a comprehensive car insurance plan that’s designed with EV needs in mind can offer added peace of mind, both for daily use and the long haul.
How Do Singapore Drivers Feel About EV Adoption?
Many Singaporeans are becoming more receptive to EVs, but there are still a few hurdles to clear. According to a 2024 study, 73% of car buyers in Singapore said they were considering an EV this year, up from 63% the year before. That’s higher than the global average, which rose from 55% to 58%.
Among those looking to make the switch, 40% of Singapore respondents said they were most likely to choose a battery electric vehicle, compared to just 24% globally. Others preferred to ease into the transition, with around one-third opting for hybrid or plug-in hybrid models—a sign that many still value the flexibility and familiarity of a hybrid engine during the shift away from internal combustion.
Despite growing interest, a few practical concerns remain. Top worries include whether chargers are compatible across different networks, unclear charging and running costs, gaps in the policy landscape, and a limited number of charging stations in some areas. These factors continue to influence how quickly drivers are willing to commit to an EV.
Final Thoughts: EV Readiness Goes Beyond Roads and Chargers
Singapore has made solid progress towards an electric future. Government incentives, expanding infrastructure, and a wider range of EV models all point in the right direction. But true readiness goes beyond building chargers or setting policies. It also requires public understanding, skilled technician support, and protection that reflects the realities of owning an EV.
EVs come with risks that differ from conventional cars, like battery faults, software issues, and charger-related incidents. For drivers making the switch, it’s worth reviewing whether your current insurance plan accounts for these differences and offers the level of support you might need down the road.
To stay prepared as EV adoption grows, explore Income Insurance’s motor coverage or speak to an advisor today.
