Report Description

Singapore Electric Truck Market is expected to witness substantial growth over the forecast period.  Electric engines have grown from a small niche to almost a powertrain for tomorrow's passenger vehicles in less than ten years. Medium- and heavy-duty vehicles will shortly set out on a similar voyage, continuing the trend toward eco-friendly transportation. Zero-emission powertrains are anticipated to gain traction over the next two to three years given the very supportive environment. They will overtake other powertrains in new vehicle sales in Singapore within the next ten years. By 2050, they will account for 85% of the market.

Trucks, though, are made to last. Even such a quick increase in sales will take ten years to show up in the fleet of vehicles. Time is, therefore, of the essence, especially given the importance of road goods and vehicles. The total cost of ownership estimation for medium-duty electric vehicle components will increasingly take recycling and repurposing into account.

Currently, there is insufficient experience with the second market aspects of these vehicles to estimate the value of used batteries, motors, controllers, and other components with precision. 

Fleets are worried about technician and driver safety in high-voltage battery electric vehicles. Battery electric vehicles pose an equivalent or lower danger to service technicians than diesel vehicles. According to OEMs, building vehicles and fleets are already using electric vehicles, and effective training is essential to guaranteeing a secure working environment.

Electric grid readiness

Transmission capacity typically lags demand because capital investment needs downstream revenue flow to generate profits. Building the national grid quickly to accommodate millions of anticipated future electric trucks would result in a lot of extra capacity, while OEMs are geared up for production. The electrical grid will make investments where demand exceeds supply, following the rise in electric vehicle volumes. Vehicle charging system installation lead time can range from six months to more than a year. Diesel is a fuel, whereas electricity is more like an energy carrier that can be generated using a variety of techniques. Therefore, there is a significant difference between battery electric vehicles and those that run on diesel.

Charging Infrastructure for Electric Trucks

One of the main concerns and causes behind the uncertainty regarding fleets considering the future uptake of battery electric vehicles (BEVs) is the availability of charging infrastructure. While no charging solution works for everyone, fleets that consider the use of electric vehicles can follow a roadmap to ensure that they have an efficient and affordable strategy for charging in place.

Fleets must account for three distinct but connected components when planning their charging infrastructure: Hardware, software/networking, and maintenance. Electric vehicle supply equipment (EVSE), commonly referred to as charging stations, is the type of hardware used to refuel electric automobiles. An EVSE that uses a plug-in charging station is the most common one. Currently, there are a variety of competing connector types, and charging station connectors are not standardized.

Electric Truck as an Alternative Solution

Trucks are witnessing a rise in demand for near-zero or zero-emission solutions due to the rising level of goods transit and mounting demand for cleaner transportation. As a result, there are more alternative fuels and related powertrains available. These technologies are getting closer to being used in vehicles that are good enough for mass manufacturing. Natural gas powertrains have traditionally been the industry leader, but the majority of current investment is going toward more recent technologies, such as fuel cells and battery electric vehicles.

Increasing Adoption of Electric Trucks

The Ministry of Transport in Singapore has developed a multifaceted strategy to encourage the use of electric trucks in the nation. The strategy involves tax breaks, rules and guidelines, the placement of EV chargers, and industrial collaborations. This section examines the components of the strategy and how they are put into practice. In the country, the interest in e-mobility, or electrification of transportation, is growing.

Electrification is a game changer in the context of the transportation industry's transition and the shift toward decarbonization. The government, corporations (including commercial fleet owners), and individuals, who are increasingly leaning toward electric trucks as part of their carbon travel, are the main forces running the initiative.