Electric vehicle adoption rates are on the rise in both Singapore and the UK, driven by incentives and regulatory support. Singapore sees a significant increase in EV registrations, with one in three new cars being EVs in 2024. In the UK, over one million new car registrations in 2024 are attributed to fleet purchases, while pure electric vehicles now make up 19% of all new vehicle registrations.
Increasing Electric Vehicle Adoption in Singapore and the UK
Singapore: The adoption of electric vehicles (EVs) in Singapore has surged significantly, with about one in three new cars registered from January to May 2024 being EVs, compared to 18.1% in 2023. Financial incentives, including rebates of up to S$40,000, and regulatory support have driven this growth. The country currently has over 7,100 EV charging points, nearly double the number from previous years. Chinese brand BYD is the leading EV manufacturer, accounting for 45.3% of all EVs registered during this period. The total number of electric cars in Singapore rose from 6,531 at the end of 2022 to 16,738 by May 2024.
UK: The UK’s new car market saw over one million registrations in the first half of 2024, driven mainly by fleet purchases and a notable increase in EV sales. Pure electric vehicles now account for 19% of all new vehicle registrations, marking the highest monthly share this year. However, purchases by private buyers have declined for nine consecutive months, with only 67,625 new cars registered in June by private consumers. Industry experts cite the rising cost of new cars as a significant barrier and are calling for increased government incentives to boost EV affordability and adoption.
