The Rise of Electric Vans in Singapore: A Market on the Move

In an exciting development, Singapore witnessed a surge in electric van registrations in 2023. A remarkable 1,451 electric vans were registered during the year, accounting for a significant 52.6% of all light goods vehicle registrations. The emergence of these eco-friendly vehicles hints at a progressive shift towards sustainable transportation in the city-state.

Chinese manufacturers dominated the electric van market in 2023, with seven out of the top ten best-selling brands originating from China. European and Japanese manufacturers also made their mark on the chart. Among them, BYD, represented by ST Engineering and sold through a network of dealers, secured the top spot with 310 registrations. This accounted for an impressive 21.3% of the total electric van registrations in 2023. Shineray, brought in by EVCo, a joint venture between SMRT subsidiary Strides Holdings and Chinese EV firm Dishangtie Green Technology (Hong Kong), came in second with 218 units.

Breaking the Chinese dominance, France’s Citroen emerged as the best-performing non-Chinese brand with 156 registrations, closely followed by German brand Opel with 136 units. Other notable players in the market were DFSK, a Chinese manufacturer securing fifth place with 118 registrations, and parallel-imported Toyota, hot on its heels with 117 registrations.

However, the market experienced a decline in registrations after the first quarter of 2023. This drop coincided with a change in emissions-testing regulations and a reduction in tax incentives from April. The introduction of new testing requirements and a halving of tax rebates potentially slowed down the pace of registrations.

Despite the decline, enthusiasm for electric vans remains high, with over 70 nearly-new registered electric vans listed for sale on an online used-vehicle portal in August 2023. A recent check on the Sgcarmart portal in January revealed 25 electric vans registered in 2023 with less than 1,000 kilometers on their odometers still available for purchase. These findings suggest that there is still potential for buyers to acquire pre-registered vehicles that have yet to find an owner.

Looking ahead, the market for electric vans in Singapore is anticipated to become even more competitive in 2024. French brands Peugeot and Renault, along with Chinese EV brand SRM, are poised to join the growing market. With the government’s ambitious plans to install at least 12,000 charging points in approximately 2,000 HDB carparks by 2025, the infrastructure to support electric vehicle adoption is rapidly expanding.

The rise of electric vans in Singapore symbolizes a genuine desire to build a greener future. As more businesses and individuals recognize the environmental and economic benefits of electric vehicles, the electrification of transportation is set to propel Singapore towards a more sustainable and carbon-neutral society.

Frequently Asked Questions (FAQs)

1. What is the significance of the surge in electric van registrations in Singapore in 2023?
The surge in electric van registrations in Singapore in 2023 signifies a progressive shift towards sustainable transportation in the city-state. It indicates a growing interest in and adoption of eco-friendly vehicles.

2. Which countries dominated the electric van market in Singapore in 2023?
Chinese manufacturers dominated the electric van market in Singapore in 2023, with seven out of the top ten best-selling brands originating from China. European and Japanese manufacturers also made their mark on the chart.

3. Which brands secured the top positions in electric van registrations in Singapore in 2023?
BYD, represented by ST Engineering and sold through a network of dealers, secured the top spot with 310 registrations, accounting for 21.3% of the total electric van registrations in 2023. Shineray, brought in by EVCo, came in second with 218 units. Other notable brands included Citroen, Opel, DFSK, and parallel-imported Toyota.

4. Why did the market experience a decline in registrations after the first quarter of 2023?
The decline in registrations after the first quarter of 2023 can be attributed to a change in emissions-testing regulations and a reduction in tax incentives. The introduction of new testing requirements and a decrease in tax rebates potentially slowed down the pace of registrations.

5. Are there still opportunities to purchase pre-registered electric vans in Singapore?
Yes, there are opportunities to purchase pre-registered electric vans in Singapore. Over 70 nearly-new registered electric vans were listed for sale on an online used-vehicle portal in August 2023. Additionally, as of January, 25 electric vans registered in 2023 with less than 1,000 kilometers on their odometers were still available for purchase.

6. What can be expected for the electric van market in Singapore in 2024?
The electric van market in Singapore is expected to become even more competitive in 2024. French brands Peugeot and Renault, along with Chinese EV brand SRM, are poised to join the growing market. The government’s plans to install at least 12,000 charging points in approximately 2,000 HDB carparks by 2025 indicate the rapid expansion of infrastructure to support electric vehicle adoption in Singapore.

7. What does the rise of electric vans symbolize for Singapore?
The rise of electric vans in Singapore symbolizes a genuine desire to build a greener future and transition towards a more sustainable and carbon-neutral society. As more businesses and individuals recognize the environmental and economic benefits of electric vehicles, the electrification of transportation is expected to propel Singapore towards a greener future.

Definitions of Key Terms:
– Electric van: A type of vehicle that runs on electricity rather than traditional internal combustion engines.
– Light goods vehicle: A commercial vehicle designed for transporting goods with a relatively light weight.
– Certificates of Entitlement (COE): A system in Singapore that regulates the number of vehicles on the road by requiring vehicle owners to bid for a COE, which grants them the right to register and own a vehicle for a fixed period.
– Emissions-testing regulations: Regulations that govern the measurement and control of harmful emissions from vehicles to reduce pollution and environmental impact.
– Tax incentives: Financial incentives provided by the government in the form of tax rebates or deductions to promote certain behaviors, such as the adoption of electric vehicles.

Suggested Related Links:
Singapore electric van registrations in 2023
Singapore’s plans to expand EV infrastructure