EVs to make up over half of Singapore vehicle sales in 2026, BMI says
Singapore’s electric vehicle (EV) market is no longer waiting for a breakthrough moment. In 2026, the shift is already visible on the road, in dealerships, and across public car parks where chargers have become a more common part of the urban landscape. But the next stage of growth may be harder than the first. EV […] The post EVs to make up over half of Singapore vehicle sales in 2026, BMI says…
By 2026, electric vehicles (EVs) in Singapore are set to make up over half of all vehicle sales, according to BMI Country Risk and Industry Research, a Fitch Group unit. EV sales are projected to surge by 34.3% that year, reaching 34,940 units and accounting for 54.6% of total vehicle sales. By 2035, EVs are expected to represent 44% of all vehicles in Singapore, with EV sales comprising 85% of total vehicle sales.
Singapore's EV market has grown rapidly, with EVs accounting for 70% of new vehicle registrations as of June 2026. This rapid growth is attributed to factors such as a high-income consumer base, compact geography, and strong regulatory capacity. However, the transition is also influenced by policy design, charging infrastructure, fleet electrification, and ownership economics in a country that aims to limit the number of cars.
Government incentives, such as the EV Early Adoption Incentive and the Enhanced Vehicular Emissions Scheme, play a significant role in driving adoption, despite Singapore's high costs associated with car ownership.
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