Based on Ernst & Young Mobility Consumer Index, more than half of Singaporean consumers are planning to purchase an electric vehicle (EV) in the coming years. 55% of those surveyed cited their number 1 reason for switching to an EV – environmental concerns.
Of those surveyed, 80% of Singapore consumers admitted that the COVID-19 pandemic had raised awareness and concerns about environmental issues. With half of this group also feeling that they have the responsibility to reduce their own personal environmental impact.
The growth in EV sales is evidence of this shifting mindset. And this growth is despite the government freezing vehicle growth rates in Singapore.
EY Global Transport Leader Tony Canavan said, “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”.
However, Mr Canavan also admitted that the government’s push for electric cars has been a major player in helping consumers adopt EVs as well as break down the barrier of entry.
“The government has also given a clear direction to encourage EV adoption through its announcement in March 2021 that all new car and taxi registrations will need to be of cleaner-energy models from 2030, and that all vehicles will need to run on cleaner energy by 2040,”Tony Canavan
Apart from reasons to switch, the survey also revealed concerns about the charging infrastructure and features of the EV market as a major reasons why consumers do not want to switch to an EV.