Market Insights Mobility Electric Vehicles

Plug-in Hybrid Electric Vehicles - Singapore

Singapore

In Singapore, the revenue in the Plug-in Hybrid Electric Vehicles market is projected to reach US$28.1m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2028) of 2.79%, resulting in a projected market volume of US$31.4m by 2028.
By then, unit sales in the Plug-in Hybrid Electric Vehicles market are expected to reach 0.55k vehicles.
The volume weighted average price of Plug-in Hybrid Electric Vehicles market in 2024 is expected to amount to US$57.2k.
From an international perspective, it is evident that in China will generate the most revenue in this segment, with US$110,200m in 2024.
Singapore's government incentives and charging infrastructure have led to a surge in the adoption of plug-in hybrid electric vehicles.

Key regions: China, United States, Norway, France, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

The Plug-in Hybrid Electric Vehicles market in Singapore has been witnessing significant growth in recent years.

Customer preferences: Customers in Singapore are increasingly opting for plug-in hybrid electric vehicles due to their numerous benefits. These vehicles offer a combination of an internal combustion engine and an electric motor, providing improved fuel efficiency and reduced emissions compared to traditional gasoline-powered vehicles. Additionally, plug-in hybrid electric vehicles offer the flexibility of using both electricity and gasoline, making them suitable for longer journeys without the need for frequent recharging.

Trends in the market: One of the key trends in the plug-in hybrid electric vehicles market in Singapore is the increasing availability of charging infrastructure. The government has been actively promoting the adoption of electric vehicles and has invested in the development of a robust charging network across the country. This has made it more convenient for consumers to own and use plug-in hybrid electric vehicles, as they have access to charging stations in various locations. Another trend in the market is the growing number of automakers offering plug-in hybrid electric vehicle models in Singapore. As consumer demand for these vehicles increases, manufacturers are expanding their product offerings to cater to this market segment. This has resulted in a wider range of options for customers, allowing them to choose a plug-in hybrid electric vehicle that best suits their needs and preferences.

Local special circumstances: Singapore's small geographical size and well-developed public transportation system make it an ideal market for plug-in hybrid electric vehicles. The country's urban environment and shorter average commute distances make plug-in hybrid electric vehicles a practical choice for many residents. Additionally, Singapore's government has implemented various incentives and initiatives to encourage the adoption of electric vehicles, including tax rebates, grants, and preferential parking rates. These factors have contributed to the growing popularity of plug-in hybrid electric vehicles in the country.

Underlying macroeconomic factors: The plug-in hybrid electric vehicle market in Singapore is also influenced by macroeconomic factors such as government policies and regulations, technological advancements, and environmental concerns. The government's push for a greener and more sustainable transportation system has led to the promotion of electric vehicles, including plug-in hybrid electric vehicles. Technological advancements in battery technology and charging infrastructure have also made plug-in hybrid electric vehicles more viable and attractive to consumers. Additionally, increasing awareness of the environmental impact of traditional gasoline-powered vehicles has driven the demand for more eco-friendly alternatives, such as plug-in hybrid electric vehicles. In conclusion, the plug-in hybrid electric vehicle market in Singapore is experiencing significant growth due to customer preferences for fuel efficiency and reduced emissions, the availability of charging infrastructure, the increasing number of automakers offering plug-in hybrid electric vehicle models, and the local special circumstances of Singapore's urban environment and government incentives. These factors, along with underlying macroeconomic factors such as government policies and technological advancements, are driving the development of the plug-in hybrid electric vehicle market in Singapore.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).