The Development Of The Electric Charging Station Market In Singapore

According to Singapore's Lianhe Zaobao, on August 26, the Land Transport Authority of Singapore introduced 20 electric buses that can be charged and ready to hit the road in just 15 minutes. Just a month prior, the American electric vehicle manufacturer Tesla was granted permission to install three superchargers at Orchard Central shopping mall in Singapore, allowing vehicle owners to charge their electric cars in as little as 15 minutes. It seems that there is already a new trend of electric vehicle travel in Singapore.

sacvsdv (1)

Behind this trend lies another opportunity - charging stations. Earlier this year, the Singapore government launched the "2030 Green Plan," which strongly advocates for the use of electric vehicles. As part of the plan, Singapore aims to add 60,000 charging points across the island by 2030, with 40,000 in public parking areas and 20,000 in private locations such as residential estates. To support this initiative, the Land Transport Authority of Singapore has introduced the Electric Vehicle Common Charger Grant to provide subsidies for electric vehicle charging stations. With the thriving trend of electric vehicle travel and active government support, setting up charging stations in Singapore may indeed be a good business opportunity.

sacvsdv (2)

In February 2021, the Singapore government announced the "2030 Green Plan," outlining the country's green goals for the next ten years to reduce carbon emissions and achieve sustainable development. Various government departments and organizations responded to this, with the Land Transport Authority of Singapore committing to establish a fully electric bus fleet by 2040, and the Singapore Mass Rapid Transit also declaring that all its taxis will be converted to 100% electric within the next five years, with the first batch of 300 electric taxis arriving in Singapore in July this year.

sacvsdv (3)

To ensure the successful promotion of electric travel, the installation of charging stations is essential. Thus, the "2030 Green Plan" in Singapore also presents a plan to increase the number of charging stations, as mentioned earlier. The plan aims to add 60,000 charging points across the island by 2030, with 40,000 in public parking areas and 20,000 in private locations.

The Singapore government's subsidies for universal electric vehicle charging stations will inevitably attract some charging station operators to strengthen the market, and the trend of green travel will gradually spread from Singapore to other countries in Southeast Asia. Additionally, leading the market in charging stations will provide valuable experience and technological knowledge for other Southeast Asian countries. Singapore is a key hub in Asia and serves as the gateway to the Southeast Asian market. By establishing an early presence in the charging station market in Singapore, it may be advantageous for players to successfully enter other Southeast Asian countries and explore larger markets.

Post time: Jan-09-2024