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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