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

Market Overview

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 witnessing steady growth, driven by the city-state's strong push toward sustainable transportation, stringent emissions regulations, and supportive government policies aimed at achieving net-zero carbon emissions by 2050.

As part of its Green Plan 2030, Singapore has committed to phasing out internal combustion engine (ICE) vehicles and expanding its electric vehicle (EV) infrastructure, including incentives for commercial fleet electrification. This has encouraged logistics, construction, and waste management companies to adopt electric trucks to meet corporate sustainability goals and lower operating costs. Advancements in battery technology and the development of efficient charging networks are also playing a critical role in reducing range anxiety and making electric trucks more viable for urban and regional operations. Furthermore, Singapore’s compact urban landscape is ideal for electric truck deployment, especially for last-mile and intra-city logistics. The rise of e-commerce and on-demand delivery services is generating increased demand for low-emission, high-efficiency transport solutions, boosting adoption of light and medium-duty electric trucks. Strategic partnerships among OEMs, energy providers, and fleet operators are accelerating pilot programs and vehicle rollouts.

In addition, government support through grants, tax exemptions, and preferential road access is further catalyzing market growth. Although high upfront costs and limited vehicle availability pose initial challenges, the total cost of ownership for electric trucks is becoming more attractive due to lower fuel and maintenance expenses. The market is also benefiting from Singapore's smart city initiatives and integration of digital fleet management systems, enhancing operational efficiency and vehicle utilization. Heavy-duty electric trucks are expected to gain traction gradually as battery capacities improve and public charging infrastructure expands. Overall, the Singapore electric truck market is poised for sustained growth, supported by policy momentum, technological innovation, and the country’s broader commitment to climate action and clean mobility.

Key Market Drivers

Government Policies and Regulatory Push for Decarbonization

One of the most significant drivers of the electric truck market in Singapore is the proactive and forward-looking stance of the government toward decarbonization and clean mobility. Under the Singapore Green Plan 2030 and its broader ambition to achieve net-zero emissions by 2050, authorities have introduced a range of policy measures aimed at accelerating the adoption of electric vehicles, including commercial electric trucks. These initiatives include financial incentives such as the Commercial Vehicle Emissions Scheme (CVES), which provides up to SGD 30,000 in rebates for qualifying electric commercial vehicles, and the Early Turnover Scheme (ETS), encouraging fleet operators to replace older, polluting diesel trucks with cleaner electric alternatives. Additionally, Singapore has set ambitious targets, such as ceasing the registration of new internal combustion engine (ICE) vehicles by 2030, which directly influences fleet owners and logistics companies to start transitioning to electric models. A recent survey by the Sustainable Energy Association of Singapore (Seas) found that 37% of Singapore companies experienced minimal impact from the carbon tax hike. Only 24.5% of companies reconsidered their long-term sustainability strategies due to the increased tax, and approximately 20% have increased efforts to reduce emissions and invest in energy-efficient technologies. The survey also indicated that only 3.8% of companies have purchased carbon credits, suggesting the tax hike may not be sufficient to drive demand for them.The government is also investing heavily in charging infrastructure, with plans to deploy 60,000 EV charging points across the island by 2030, thus easing range concerns and making EVs more accessible. Regulatory support, preferential access, and long-term policy clarity create a stable investment environment and reduce the risk for early adopters, making government action one of the most critical enablers of electric truck deployment in Singapore.

Strategic Role of Electric Trucks in Urban Logistics and Sustainability Goals

Singapore’s compact urban geography and highly developed infrastructure provide an ideal setting for the adoption of electric trucks, particularly for light- and medium-duty applications. With the rapid rise in e-commerce, urban freight movement, and same-day delivery services, there is an increasing need for environmentally friendly last-mile delivery solutions that align with both business efficiency and sustainability goals. Over 60% of residents shop online; over 50% order food online every few months. Electric trucks are well-suited for short to mid-range travel, offering zero tailpipe emissions, quieter operations, and lower total cost of ownership in urban delivery use-cases. Major logistics companies and retailers in Singapore are under mounting pressure to meet ESG (Environmental, Social, and Governance) targets, driven by both regulatory expectations and consumer demand for sustainable practices. This shift is prompting businesses to invest in electric truck fleets to enhance their green credentials, reduce fuel dependence, and achieve long-term operational savings through lower maintenance and energy costs. Additionally, Singapore’s commitment to being a global hub for smart and sustainable logistics encourages innovation and fosters public-private partnerships focused on clean transportation. As companies increasingly prioritize carbon neutrality in their supply chains, electric trucks are emerging as a strategic asset for urban logistics, making their adoption a key lever in Singapore’s broader sustainability transformation.

Advancements in Battery Technology and Charging Ecosystem Development

The ongoing evolution in battery technology and the rapid expansion of Singapore’s EV charging ecosystem are critical drivers fueling the growth of the electric truck market. Improvements in lithium-ion battery energy density, cost, and charging speed are making electric trucks increasingly viable for a broader range of use-cases, including medium- and eventually heavy-duty segments. Battery costs, which historically formed a substantial portion of electric truck prices, are declining due to global economies of scale and local innovation in battery pack manufacturing and thermal management systems. This trend is helping to narrow the cost differential between electric and diesel trucks, especially when factoring in the lower operational costs associated with electric drivetrains. At the same time, Singapore’s urban planning and digital infrastructure enable efficient deployment of smart charging solutions, including fast-charging stations, fleet depots with load balancing, and potential integration with renewable energy sources such as solar panels on warehouse rooftops. The government’s coordinated efforts to support public and private sector investment in EV charging infrastructure are creating a robust ecosystem that reduces range anxiety and increases confidence in electric truck adoption. Emerging technologies such as vehicle-to-grid (V2G) integration, real-time fleet monitoring, and energy management systems are also being explored to enhance vehicle uptime and grid stability. As these technological enablers mature, they will play a pivotal role in accelerating the transition of Singapore’s commercial vehicle sector toward electrification, ensuring operational efficiency and environmental benefits for years to come.

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Key Market Challenges

High Upfront Costs and Limited Model Availability

Despite the long-term benefits of electric trucks in terms of lower operating and maintenance costs, one of the most persistent challenges in the Singapore market is the high upfront cost of acquisition. Electric trucks, particularly those in the medium- and heavy-duty segments, remain significantly more expensive than their internal combustion engine (ICE) counterparts, primarily due to the high cost of lithium-ion battery systems and limited local manufacturing. For fleet operators and logistics companies that operate on tight margins, this cost disparity can be a deterrent—even when government incentives like the Commercial Vehicle Emissions Scheme (CVES) and Early Turnover Scheme (ETS) are factored in. Moreover, the availability of electric truck models suited to Singapore’s climate, road conditions, and operational requirements is still limited. While several global OEMs are making progress in expanding their electric commercial vehicle portfolios, many models are either not yet homologated for Singapore or have long delivery lead times due to limited global supply. This lack of variety restricts options for buyers looking for specific payload capacities, configurations, or duty cycles. As a result, potential adopters may delay fleet electrification until a broader, more competitively priced range of vehicles becomes available, posing a major barrier to market growth in the short term.

Infrastructure Readiness and Charging Constraints for Commercial Fleets

Although Singapore is making strides in expanding its electric vehicle (EV) charging network, the infrastructure for supporting large-scale deployment of electric trucks is still developing and presents unique challenges. Commercial electric trucks, especially medium- and heavy-duty variants, require high-capacity, fast-charging solutions, which are not yet widely available across the island. Unlike passenger vehicles that can utilize public chargers or home setups, electric truck fleets need strategically located depot charging infrastructure with sufficient grid capacity, load balancing systems, and operational flexibility. In high-density urban areas, where many logistics hubs and fleet depots are located, space constraints for installing multiple charging stations and upgrading grid connections present logistical and financial hurdles. Moreover, extended charging times and limited access to ultra-fast charging solutions can reduce vehicle utilization rates and introduce inefficiencies in fleet operations. For businesses running time-sensitive logistics operations, this is a significant concern. Additionally, the high capital expenditure required for depot electrification—encompassing grid upgrades, charger procurement, and energy management systems—acts as a barrier for small and mid-sized fleet operators. While the Singapore government is taking steps to address infrastructure gaps through the EV Common Charger Grant and deployment of 60,000 charging points by 2030, commercial vehicle-specific infrastructure planning and incentives still lag behind passenger EV efforts, slowing the pace of electric truck adoption.

Operational Challenges and Range Limitations in Heavy-Duty Applications

Another major challenge for the Singapore electric truck market lies in the operational constraints and technological limitations associated with heavier-duty applications and long-haul transport. While light-duty electric trucks are well-suited to last-mile delivery and intra-city logistics, medium- and heavy-duty electric trucks face challenges due to limited driving range, longer charging times, and payload trade-offs caused by battery weight. In a high-performance logistics environment like Singapore, fleet managers demand reliable, all-weather, all-route performance—which is not yet consistently available in current electric heavy-duty models. For instance, operations involving continuous use of refrigeration units, steep gradient routes, or long-duty cycles may exceed current battery capacities, necessitating either mid-shift charging or larger, costlier battery packs, which in turn impact cargo space and vehicle weight limits. Additionally, the tropical climate can affect battery thermal performance, potentially reducing efficiency and lifespan unless advanced cooling systems are integrated, which adds to vehicle cost and complexity. Furthermore, fleet operators often require seamless integration with route planning, vehicle tracking, and predictive maintenance tools—all of which must be tailored for electric vehicle fleets. The lack of widespread training, standards, and after-sales support for electric truck servicing also presents operational risks. Unless battery performance, vehicle versatility, and service infrastructure improve significantly, adoption in the heavier commercial segment will remain slow, and the electric truck market will be largely confined to urban, short-range use cases in the near term.

Key Market Trends

Integration of Digital Fleet Management and Telematics with Electric Trucks

A significant trend influencing the electric truck landscape in Singapore is the increasing integration of advanced digital fleet management systems and telematics with electric vehicles. As businesses transition to electric mobility, the need for data-driven operations is becoming more pronounced to optimize range, charging cycles, and overall efficiency. Electric trucks are often equipped with embedded IoT sensors and telematics modules that monitor battery health, energy consumption patterns, regenerative braking behavior, and route efficiency in real time. These systems allow fleet managers to make informed decisions on vehicle deployment, charging schedules, and preventive maintenance—minimizing downtime and maximizing return on investment. In Singapore, where space and resources are constrained, the use of intelligent fleet platforms is helping companies fine-tune logistics networks, track energy usage per delivery, and benchmark carbon reduction performance. Additionally, digital tools are being used to predict optimal routes based on vehicle charge status, traffic conditions, and delivery priorities, further enhancing operational precision. Local logistics providers, especially those servicing e-commerce and urban distribution, are leading the charge by adopting cloud-based fleet intelligence software customized for electric vehicle needs. This digitization trend is not just about managing trucks—it’s about transforming entire supply chains into smarter, greener systems, aligned with Singapore’s Smart Nation and Industry 4.0 visions.

Rise of Fleet Electrification as a Service (EaaS) and Leasing Models

With high upfront costs still a barrier to widespread electric truck adoption, a growing trend in Singapore is the emergence of Electrification-as-a-Service (EaaS) and innovative leasing models. Under this approach, logistics companies and SMEs can access electric trucks through long-term leasing, battery subscription, or full-service operational leasing programs, eliminating the need for high capital expenditure. These offerings typically bundle vehicle use, maintenance, insurance, charging infrastructure, and even driver training into one monthly fee, allowing businesses to convert their fleets to electric with minimal financial risk and operational disruption. Local and regional startups, as well as established players in the vehicle leasing and energy services space, are entering the market with tailored EaaS platforms. This shift is particularly relevant in Singapore’s densely populated commercial districts, where small-to-mid-sized enterprises operate short-haul delivery fleets and require scalable, flexible transportation solutions. Furthermore, some companies are exploring Battery-as-a-Service (BaaS) models, where the battery is separated from the vehicle ownership structure and leased or swapped based on usage, thereby reducing cost and addressing battery degradation concerns. These subscription-based services are accelerating fleet electrification among risk-averse or cost-conscious operators and represent a fundamental shift from vehicle ownership to mobility-as-a-service in the commercial transportation space.

Development of Renewable and Smart Charging Infrastructure for Electric Trucks
Singapore is witnessing a parallel trend in the development of smart and renewable-integrated charging infrastructure specifically tailored for commercial electric vehicle fleets. While public charging stations have traditionally focused on passenger EVs, logistics companies and fleet operators are now investing in depot-based and private charging networks that utilize load management, solar integration, and energy storage systems. With support from government agencies like the Land Transport Authority (LTA) and Enterprise Singapore, pilot projects are being launched to demonstrate the feasibility of solar-powered truck depots, bi-directional charging, and dynamic load balancing across multiple vehicles. In land-scarce Singapore, multi-use industrial facilities are being designed with EV-readiness in mind, including rooftop solar panels, fast-charging bays, and smart energy dashboards that enable operators to optimize charging during off-peak electricity hours. The adoption of Vehicle-to-Grid (V2G) and Vehicle-to-Building (V2B) technologies is also gaining traction, where idle electric trucks can return power to the grid or supply buildings during peak load periods—enhancing energy resilience and reducing overall costs. This trend aligns with Singapore’s national strategy to improve energy efficiency and reduce grid strain as EV adoption scales. As such infrastructure matures, it will further de-risk the shift to electric trucking by reducing operational bottlenecks related to energy availability and cost volatility.

Segmental Insights

Vehicle Type Insights

In Singapore, Light-duty electric trucks hold a substantial share in Singapore’s electric truck market, driven by the rise in last-mile delivery demand, e-commerce expansion, and urban logistics. These trucks are ideal for navigating narrow roads, high-density urban areas, and regulated commercial vehicle zones in the city. Their relatively lower upfront cost and shorter charging requirements make them an appealing option for small-to-medium-sized enterprises. Companies such as SingPost, Grab, and DHL have begun integrating electric light-duty trucks into their fleets for parcel and food delivery. Moreover, light-duty trucks qualify for multiple government incentives like the Commercial Vehicle Emissions Scheme (CVES), encouraging faster fleet renewal. Their compatibility with depot-based overnight charging infrastructure further reduces operational complexity, making them well-suited for Singapore’s highly urbanized logistics environment.

Fuel Type Insights

In Singapore, BEVs dominated the electric truck market in Singapore, forming the backbone of the country’s emissions reduction strategy in the transportation sector. BEVs use onboard batteries charged via the grid and are known for zero tailpipe emissions, lower operational costs, and simplified maintenance. Most electric trucks available in Singapore today, especially light- and medium-duty ones, are BEVs. Favorable policies such as road tax rebates, carbon emissions-based incentives, and the rollout of a nationwide charging network further reinforce their dominance. Companies like BYD, Volvo, and local distributors are actively promoting BEV trucks to logistics operators and SMEs. Given Singapore’s compact geography and well-developed electricity infrastructure, BEVs are well-suited for a wide range of applications, from delivery to construction material transport.

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Regional Insights

In Singapore, The Central Region of Singapore, which includes the Central Business District (CBD), Orchard, and Bukit Merah, is a vital hub for business, government operations, and high-density commercial activity. The Land Transport Authority (LTA) announced that from 2026, new incentives—such as a S$40,000 rebate per electric heavy vehicle and funding for fast-charger installations—will support electric commercial vehicles over 3,500 kg. Industry players expect a dip in 2025 sales as buyers await the rollout of these grants. This area sees a constant movement of goods and services, making it a natural adopter of electric light-duty trucks for last-mile logistics. With congestion and emission reduction being high on the priority list for city planners, electric trucks are increasingly used by courier and e-commerce companies operating in the region. The availability of advanced charging infrastructure, access to subsidies, and environmental zoning incentives have accelerated electric vehicle (EV) adoption. Furthermore, leading logistics and delivery companies often pilot new electric truck technologies in this area due to its visibility and strategic value. The Central Region serves as the benchmark for vehicle electrification and sustainable logistics practices in Singapore.

Recent Developments

• In 2024, Scan Global Logistics (SGL), in partnership with Malaysia’s HTH Corporation, launched Asia’s first fully electric cross-border truck service between Malaysia and Singapore. Operating along the Singapore–Johor (and eventually Penang) corridor, this initiative is expected to eliminate nearly one tonne of CO₂ emissions per trip, marking a major sustainability milestone for regional freight transport.
• In 2025, DSV Air & Sea Singapore received two new Volvo electric trucks—a Volvo FL Electric for urban deliveries and a Volvo FM Electric for intra-island logistics—in a ceremony attended by Denmark’s Ambassador to Singapore.
• In 2025, Mercedes-Benz Trucks delivered its first eActros heavy-duty electric truck to Meteorite Logistics Services via DB Schenker, making Singapore the debut market in Southeast Asia for this vehicle. The eActros, capable of up to 300 km range on three battery packs, supports Daimler’s regional electrification drive and aligns with Singapore’s Green Plan 2030.
• In 2025, Inchcape+, BYD’s authorized distributor in Singapore, placed an order for 100 BYD T9R heavy-duty electric trucks equipped with Blade battery packs offering up to 320 km of range. Deliveries are scheduled for Q2 2025, representing the largest electric truck fleet commitment in Singapore to date.

Key Market Players

• 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.

Report Scope:

In this report, the Singapore Electric Truck market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Singapore Electric Truck Market, By Vehicle Type:

o   Light Duty Truck

o   Medium Duty Truck

o   Heavy Duty Truck

• Singapore Electric Truck Market, By Fuel Type:

o   BEV

o   HEV

o   PHEV

o   FCEV

• Singapore Electric Truck Market, By Range:

o   Up to 150 Miles

o   151-250 Miles

o   251-500 Miles

o   Above 500 Miles  

• Singapore Electric Truck Market, By Region:

o   Central

o   East

o   West

o   North

o   North-East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Singapore Electric Truck market.

Available Customizations:

Singapore Electric Truck market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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