Singapore Electric Truck Market to Grow with a CAGR of 3.8% through 2030

The Singapore electric truck market is expanding rapidly, fueled by sustainability goals, government incentives, smart logistics infrastructure, and rising demand for low-emission urban freight and last-mile delivery solutions.

According to TechSci Research report, “Singapore Electric Truck Market – By Region, Competition Forecast & Opportunities, 2030F”, Singapore Electric Truck Market was valued at USD 64.52 Million in 2024 and is expected to reach USD 80.79 Million by 2030 with a CAGR of 3.8% during the forecast period. The Singapore electric truck market is experiencing a pivotal transformation driven by the city-state’s forward-looking transportation policies and sustainability goals. As the government intensifies efforts to reduce vehicular emissions and decarbonize the logistics sector, electric trucks have emerged as a critical enabler of clean mobility. Beyond just technological shifts, the market's growth is increasingly rooted in Singapore’s strategic investments in digital logistics hubs, regulatory reforms favoring green freight, and a national emphasis on smart urban mobility. The integration of EVs into supply chains is also being normalized by large-scale fleet operators, who view electric trucks as a solution to rising fuel costs and urban operating constraints. However, the transition is not without hurdles. The limited variety of models tailored for heavy-duty and long-haul applications presents a significant adoption barrier, especially for businesses dependent on high payloads and continuous operations.

Moreover, fleet operators must contend with high upfront capital expenditure, requiring strategic financial planning or external support mechanisms to offset costs. Another constraint is the limited maturity of workforce skills related to electric truck servicing, battery management, and high-voltage safety protocols—an issue that may delay widespread deployment despite demand. Yet, amid these challenges, Singapore’s compact geography, robust ICT backbone, and proactive mobility ecosystem provide a strong foundation for electric truck scalability. With digital fleet management tools becoming more accessible and Total Cost of Ownership (TCO) gradually tipping in favor of electrification, the momentum continues to build. As the market evolves, success will depend not just on vehicle innovation but also on cross-sector collaboration, policy coherence, and the nurturing of a specialized EV logistics workforce. The current phase of market development marks a crucial inflection point—where strategic action and sustained support could define Singapore as a regional leader in electric freight mobility.

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The Singapore Electric Truck market is segmented into vehicle type, fuel type, range and region.

Based on vehicle type, Medium-duty trucks are the fastest-growing segment, benefitting from improving range, growing demand from commercial industries, and a shift toward more versatile, mid-range electric logistics solutions. Medium-duty electric trucks are gaining traction, especially among logistics providers that need greater payload capacities while still operating within urban or suburban areas. These trucks are often used for moving goods between distribution centers or transporting heavier cargo over moderate distances. Fleet operators are recognizing that medium-duty trucks strike a balance between cost, performance, and flexibility. As battery technologies improve, medium-duty electric trucks now offer ranges sufficient for intra-day routes without sacrificing cargo space. Although their initial adoption rate was moderate, strong demand from industries like construction, wholesale, and manufacturing is fueling interest. Additionally, the increased availability of leasing models and electric fleet financing options is removing financial barriers to adoption.

Based on region, the North Region, which includes areas such as Woodlands, Yishun, and Sembawang, is emerging as a logistics and industrial development zone, especially with the development of the North Coast Innovation Corridor and Woodlands Regional Centre. This region is becoming a key distribution node, linking Singapore to Malaysia via the Causeway. As such, medium-duty electric trucks are gaining traction here, particularly among businesses engaged in cross-border transportation and regional warehousing. The government has prioritized infrastructure upgrades in the North, including EV charging networks and logistics parks designed with sustainability in mind. Due to its strategic location and rising demand from warehousing and industrial sectors, this region is quickly embracing cleaner and cost-effective freight solutions, making it a hotspot for electric truck deployments.

Major companies operating in Singapore Electric Truck market are:

• 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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“In recent years, another emerging trend in the Singapore electric truck market is the increasing regional cooperation and cross-border alignment with neighboring Southeast Asian countries to develop a cohesive electric mobility ecosystem. Singapore, with its strategic location and advanced logistics infrastructure, plays a central role in regional trade and transport—making the standardization of electric truck operations across borders a logical progression. This includes harmonizing EV regulations, charging standards, and telematics interoperability between Singapore, Malaysia, Indonesia, and Thailand to support smoother transnational freight movement. Companies that operate regional distribution networks are pushing for unified frameworks that enable their electric fleets to travel across ASEAN borders without compatibility or regulatory issues. In parallel, Singaporean firms and government-linked entities are investing in regional EV startups, battery manufacturers, and charging solution providers to build a Southeast Asia-wide electrification corridor. Memorandums of understanding (MoUs) have been signed between industry clusters and transport authorities to explore electric truck corridors with shared charging depots and data platforms. These efforts aim to support the long-term vision of creating a “Green Freight Network” across Asia. The cross-border electrification trend not only strengthens Singapore’s leadership in clean transportation but also presents new growth opportunities for local companies engaged in EV logistics, fleet tech, and green energy services, as they scale beyond domestic borders into a regional sustainability value chain.” Said Mr. Karan Chechi, Research Director of 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 Region, Competition, Forecast & Opportunities,2020-2030F”, 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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