Singapore Electric Truck Market to be Led by Battery Electric Vehicles Through 2028
The Singapore electric truck market is expected to
gain from the rising demand for emission-free
vehicles and increasing government initiatives to promote electric vehicles
over the forecast period.
According to the TechSci Research report, "Singapore
Electric Truck Market - By Region, Competition, Forecast and Opportunities,
2028," the Singapore electric truck market is anticipated to grow at a
good CAGR during the forecast period, In Singapore, the future of green transport is
discussed in a few strategic plans and roadmaps created by government organizations.
The LTMP by LTA, the Smart Mobility 2030 Strategy by LTA, and the Sustainable
Singapore Blueprint by MEWR and MND are three significant government strategies
that demonstrate the strategic framework, in which electromobility is or will
be integrated in Singapore. According to the LTMP, Singapore needs stronger
regulations on vehicle emissions and is encouraging greener solutions to help
cut down on air pollution from automobiles to achieve a high-quality and
sustainable living environment. It goes on to detail the Carbon Emissions-Based
Vehicle Scheme (CEVS), which was established in 2013 and updated in 2015. CEVS
uses financial penalties and incentives to persuade consumers to purchase more
fuel-efficient vehicles.
Around the world, including in the many countries
of Asia Pacific, air pollution has been known to aggravate climate conditions
while causing major health risks. Many governments in the Asia Pacific region
have begun to implement an increasing number of emission-free public
transportation systems in their different locations as a means of
combating the pollution issue.
Due to the growing
demand-supply gap in Singapore for electric trucks, manufacturers find it
easier to conduct business through numerous sales channels of commercial
vehicle dealers and distributors. Furthermore, the increased competition
among the country’s leading commercial vehicle sellers has increased the emphasis
on building the dealership network in Singapore. Singapore is a highly
urbanized country with limited land area, and the city-state is keen on reducing
its carbon footprint and air pollution. Electric trucks maintain zero carbon emissions,
making them an attractive alternative to traditional diesel-powered trucks. They
can offer significant cost savings over their lifetime, as they require less
maintenance and their fuel costs are also less, making them a more
cost-effective option for businesses.
The Singapore
electric truck market is driven by regular industrialization and increased
economic growth. The automotive sector in the country has seen a consistent
increase in commercial vehicles and electric truck sales due to the rise in the
transportation sector and the expansion of infrastructure and road projects.
Browse more than 198 market
data Figures spread through 242 Pages and an in-depth TOC on "Global Singapore Electric Truck Market"
Due to the highly
developed and expanding economy of Singapore, the demand for materials and
products transportation is rising significantly. The logistics and supply chain
industry, a significant economic sector, depends heavily on trucks. ThegGlobal
e-commerce growth has been boosted by the COVID-19 epidemic, and Singapore is
no exception. The demand for last-mile delivery services, which mainly rely on
trucks, is rising as more people are preferring online purchases.
Singapore is
making investments in initiatives to build its infrastructure, such as new
buildings and transport hubs. Trucks are becoming increasingly popular due to
the need for moving construction supplies. Many businesses are replacing their
outdated fleet of trucks with newer, more ecologically friendly ones. This is
in reaction to more stringent emission standards and rising interest in eco-friendly
practices.
Short-haul
vehicles can be quickly electrified, and if depot charging is accessible, a majority
of these do not need a big charging network. Longer-range trucks will require
high-power chargers, which are currently expensive and usually necessitate
significant grid upgrades. Therefore, early preparation and investment are
crucial to lessen grid strain and build a workable network for the following
stage of heavy-duty vehicle electrification. The simultaneous electrification
of road transport and the deployment of decentralized variable renewable energy
sources, such as rooftop solar, will make managing the distribution of power
grids more challenging.
Electric
trucks, nowadays, are equipped with advanced driving assistance system, which
has different features, such as automatic emergency braking (AEB) and adaptive
cruise control (ACC) systems. When a truck is in danger of colliding with the
car in front of it, AEB systems can detect this and, if necessary, instantly
apply the brakes. A predetermined space between the car and the truck is
maintained with the assistance of ACC through acceleration and/or braking. Some
systems have the ability to stop and restart. Air disc brakes (ADBs), while not
necessary for ADAS, are foundational brake systems that employ calipers to
squeeze pairs of pads against a disc or rotor (as opposed to typical drum
brakes, which use shoes to exert pressure against a drum) to generate the
friction necessary to stop the vehicle.
The Singapore
electric truck market is analyzed based on vehicle type, fuel type, range type,
application type, and region. Based on vehicle type, the market is divided into
light-duty trucks, medium-duty trucks, and heavy-duty trucks. Based on fuel
type, the market is divided into BEV, HEV, PHEV, and FCEV. Based on range type,
the market is divided into up to 150 miles, 151-250 miles, 251-500 miles, and
above 500 miles. By Application, the market is classified into logistics,
mining, and construction. Regionally, the market is divided into the Central
region, East region, West region, North region, and North-East region.
Among the
vehicle types, the demand for light-duty electric trucks has been significantly
high and this segment holds the largest market share. The extensive usage of light-duty
electric trucks in the logistic sector, construction work, and sometimes for
personal use is aiding the segment’s growth. In terms of sales, medium- and heavy-duty
electric trucks have gained significant traction in the recent year in many countries
in Asia Pacific as Singapore has gotten its first electric truck.
In terms of fuel
type, the hybrid electric vehicle (HEV) segment accounts for a significant
share of the market. HEVs are present in a higher number, while battery
electric vehicles (BEVs) are also gaining popularity among buyers, thanks to
their straightforward operations. BEVs require very little maintenance because
they have only a few moving parts. Few tune-ups are needed for a BEV as there
are no oil changes or other maintenance procedures using fluids, such as engine
oil. A traditional fuel or diesel car has more moving components than a BEV.
Compared to a
petrol or diesel vehicle, servicing is generally simpler, less frequent, and
less expensive. Every EV battery age and loses effectiveness. For about eight
years, most truck manufacturers guarantee that EV batteries would not decline
below a particular level.
Some of the
players operating in the Singapore electric truck market include:
- VINCAR PTE LTD (Sokon Group)
- JARDINE CYCLE & CARRIAGE LIMITED (Maxus
Inc.)
- BYD Singapore (BYD Co. Ltd)
- VOLVO GROUP SINGAPORE (PTE.) LTD
- Goldbell Engineering Pte. Ltd. (Mitsubishi
FUSO)
- Daimler South East Asia Pte Ltd (Daimler Truck
AG)
- DONGFENG COMMERCIAL VEHICLE PTE. LTD
- ISUZU MOTORS ASIA LIMITED
- SCANIA SINGAPORE PTE. LTD
- MAN TRUCK & BUS SINGAPORE PTE
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“The rising demand
for technologically-advanced trucks has increased the buzz for electric trucks in
Singapore. In this fast-changing market, utilities, regulators, technology
providers, and fleets, all continue to learn and grow. Additionally, in
developing regions of the country, commercial battery electric vehicle charging
is now feasible and cost-effective, thanks to creative utility programs and
rate structures. However, utilities and regulators must create and approve
these kinds of programs far more quickly and broadly if electric vehicle
adoption is to grow across the country.
By seeing this
demand, automotive manufacturers have started to manufacture electric trucks,
which are equipped with advanced technologies. Companies have also begun to
launch new models of electric trucks to meet the demand in the country. Many automotive
companies have increased their budget for R&D to innovate and increase their
product range in the electric truck market," said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Singapore Electric Truck Market By
Vehicle Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), By Fuel
Type (BEV, HEV, PHEV, FCEV), By Range (Up to 150 Miles, 151-250 Miles, 251-500
Miles, Above 500 Miles), By Application (Logistics, Mining, Construction), By
Region, Competition, Forecast, and Opportunities, 2028” has evaluated the
future growth potential of Singapore Electric Truck Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Singapore Electric Truck Market.
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