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

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

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.


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Technological Advancements

Many modern trucks now come equipped with advanced driver assistance systems (ADAS), which use different sensors with advanced technology to provide several features, such as adaptive cruise control, collision avoidance, park assistance, lane departure warning system, rear cross-traffic assistance, and automatic speed limit. Advanced driver assistance technologies are now in use, opening new windows and paving the path for more advanced autonomous capabilities. These options, which come in different levels, not only give electric truck drivers more comfort and convenience while driving but also make the truck safer by enabling it to maintain an eye on the road while it is being driven. 

Recently, several innovative battery technologies for electric trucks have been developed. The most common approach is automated battery heating. Scientists developed a battery that could "self-heat" to reduce power loss caused by subfreezing temperatures during severe weather. Lithium-ion batteries may degrade very quickly when charged at temperatures below 10 degrees Celsius. This may result in "lithium plating," which lowers cell performance and may also bring on dangerous battery states, such as power surges.

Self-heating batteries can quickly heat up and cool themselves to give the best charging conditions, in contrast to traditional batteries, which are harmed when heated at a high temperature for an extended period.

Market Segmentation

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 truck, medium-duty truck, and heavy-duty truck). 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 segmented into logistics, mining, and construction. Regionally, the market is classified into East region, West region, North region, and North-East region.

Market Players

The key market players in the 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., 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. LTD, Goldbell Engineering Pte. Ltd. (Mitsubishi FUSO). Many other electric truck manufacturing companies have launched new electric trucks, which meet buyers’ expectations.   

Recent Developments:

  • Many companies in Singapore have launched new electric trucks with advanced technologies. Various new models of electric trucks, such as Nikola 2023 TRE FCEV electric trucks, Iveco daily electric, E Fuso vision ONE, Lion 8T, Tesla Semi Long Range, Volvo E Force One, and BYD Class 8 Refuse, have been launched in the country market in the recent past.
  • Nikola’s TRE FCEV One truck can travel about 240 km and the battery capacity is 753 kWh. It is powered by an electric motor engine with a continuous power output of 480 KW/ 645 HP. It can go up to 75 mph. 120 minutes are needed for charging (10-80% SOC at 240kW).

Electric trucks outperform diesel ones in terms of performance. They consume less energy, emit fewer greenhouse gases, and are more affordable.

Attribute

Details

Base Year

2022

Historic Data

2018– 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion, and CAGR for 2018-2022 and 2024-2028

Report Coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

By Vehicle Type

By Fuel Type

By Range Type

By Application

Company

Regional scope

Central Region, East Region, West Region, North Region, North-East Region

Key companies profiled

Sokon Group, Maxus Inc., BYD Co. Ltd, AB Volvo, Euler Moters, Daimler Truck AG, Dongfeng Motor Corporation, Isuzu Motors Ltd, Scania AB, MAN Truck & Bus AG

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


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, By Fuel Type:

o   BEV

o   HEV

o   PHEV

o   FCEV

  • Singapore Electric Truck, By Range:

o   Up to 150 Miles

o   151-250 Miles

o   251-500 Miles

o   Above 500 Miles   

  • Singapore Electric Truck, By Application:

o   Logistics

o   Mining

o   Construction

  • Singapore Electric Truck, By Region:

o   Central

o   East

o   West

o   North

o   North-East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Singapore Electric Truck Market.

Available Customizations:

 Tech Sci 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).

Singapore Electric Truck Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Singapore Electric Truck Market

4.1.  Key Segments Impacted

4.2.  Key Regions Impacted

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decision

5.3.  Brand Satisfaction Level

6.    Singapore Electric Truck Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Volume & Value

6.2.  Market Share & Forecast

6.2.1.    By Vehicle Type Market Share Analysis (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck)

6.2.2.    By Fuel Type Market Share Analysis (BEV, HEV, PHEV & FCEV)

6.2.3.    By Range Market Share Analysis (Up to 150 Miles, 151-250 Miles, 251-500 Miles & Above 500 Miles)

6.2.4.    By Application Market Share Analysis (Wholesale & Retail, Mining & Construction)

6.2.5.    By Regional Market Share Analysis

6.2.5.1.        Central Region Market Share Analysis

6.2.5.2.        East Region Market Share Analysis

6.2.5.3.        West Region Market Share Analysis

6.2.5.4.        North Region Market Share Analysis

6.2.5.5.        North-East Market Share Analysis

6.2.6.    By Company Market Share Analysis (By Value, 2022)

6.3.  Singapore Electric Truck Market Mapping & Opportunity Assessment

6.3.1.    By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.    By Fuel Type Market Mapping & Opportunity Assessment

6.3.3.    By Range Market Mapping & Opportunity Assessment

6.3.4.    By Application Market Mapping & Opportunity Assessment

6.3.5.    By Regional Market Mapping & Opportunity Assessment

7.    Singapore Light-Duty Electric Truck Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Volume & Value

7.2.  Market Share & Forecast

7.2.1.    By Vehicle Type Market Share Analysis

7.2.2.    By Fuel Type Market Share Analysis

7.2.3.    By Range Market Share Analysis

7.2.4.    By Application Market Share Analysis

8.    Singapore Medium-Duty Electric Truck Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Volume & Value

8.2.  Market Share & Forecast

8.2.1.    By Vehicle Type Market Share Analysis

8.2.2.    By Fuel Type Market Share Analysis

8.2.3.    By Range Market Share Analysis

8.2.4.    By Application Market Share Analysis

9.    Singapore Heavy-Duty Electric Truck Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Volume & Value

9.2.  Market Share & Forecast

9.2.1.    By Vehicle Type Market Share Analysis

9.2.2.    By Fuel Type Market Share Analysis

9.2.3.    By Range Market Share Analysis

9.2.4.    By Application Market Share Analysis

10. SWOT Analysis

10.1.   Strength

10.2.   Weakness

10.3.   Opportunities

10.4.   Threats

11. Porter’s Five Forces Model

11.1.   Competitive Rivalry

11.2.   Bargaining Power of Suppliers

11.3.   Bargaining Power of Buyers

11.4.   Threat of New Entrants

11.5.   Threat of Substitutes

12. Market Dynamics

12.1.   Market Drivers

12.2.   Market Challenges

13. Market Trends and Developments

14. Policy & Regulatory Landscape

15. Singapore Economic Profile

16. Competitive Landscape

16.1.   Company Profiles (Up to 10 leading companies)

16.1.1. VINCAR PTE LTD (Sokon Group)

16.1.1.1.     Company Details

16.1.1.2.     Product & Services

16.1.1.3.     Recent Developments

16.1.1.4.     Key Management Personnel

16.1.2. JARDINE CYCLE & CARRIAGE LIMITED (Maxus Inc.)

16.1.2.1.     Company Details

16.1.2.2.     Product & Services

16.1.2.3.     Recent Developments

16.1.2.4.     Key Management Personnel

16.1.3. BYD Singapore (BYD Co. Ltd)

16.1.3.1.     Company Details

16.1.3.2.     Product & Services

16.1.3.3.     Recent Developments

16.1.3.4.     Key Management Personnel

16.1.4. VOLVO GROUP SINGAPORE (PTE.) LTD

16.1.4.1.     Company Details

16.1.4.2.     Product & Services

16.1.4.3.     Recent Developments

16.1.4.4.     Key Management Personnel

16.1.5. Goldbell Engineering Pte. Ltd. (Mitsubishi FUSO).

16.1.5.1.     Company Details

16.1.5.2.     Product & Services

16.1.5.3.     Recent Developments

16.1.5.4.     Key Management Personnel

16.1.6. Daimler South East Asia Pte Ltd (Daimler Truck AG)

16.1.6.1.     Company Details

16.1.6.2.     Product & Services

16.1.6.3.     Recent Developments

16.1.6.4.     Key Management Personnel

16.1.7. DONGFENG COMMERCIAL VEHICLE PTE. LTD

16.1.7.1.     Company Details

16.1.7.2.     Product & Services

16.1.7.3.     Recent Developments

16.1.7.4.     Key Management Personnel

16.1.8. ISUZU MOTORS ASIA LIMITED  

16.1.8.1.     Company Details

16.1.8.2.     Product & Services

16.1.8.3.     Recent Developments

16.1.8.4.     Key Management Personnel

16.1.9. SCANIA SINGAPORE PTE. LTD.

16.1.9.1.     Company Details

16.1.9.2.     Product & Services

16.1.9.3.     Recent Developments

16.1.9.4.     Key Management Personnel

16.1.10.              MAN TRUCK & BUS SINGAPORE PTE

16.1.10.1.  Company Details

16.1.10.2.  Product & Services

16.1.10.3.  Recent Developments

16.1.10.4.  Key Management Personnel

17. Strategic Recommendations

17.1.   Key Focus Areas

17.2.   Target Regions & Countries

17.3.   Target Vehicle Type

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The use of composite materials, such as AEHRA, is the latest technological advancement that is included in electric trucks in Singapore. Composite materials can be used at the time of manufacturing to reduce the vehicle's weight and make it more sustainable.

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The challenges faced by the electric truck market in Singapore are the lack of charging infrastructure, and the high price of the electric truck compared to the ICE trucks available in the market.

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Electric trucks in Singapore have smarter packaging storage, as they do not have an engine like ICE trucks. With this, electric trucks have the advantage of extra storage space.

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Sokon Group, Maxus Inc., BYD Co. Ltd, AB Volvo, Euler Motors, Daimler Truck AG, Dongfeng Motor Corporation, Isuzu Motors Ltd, Scania AB, and MAN Truck & Bus AG are the leading players in the Singapore electric truck market.

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Srishti Verma

Business Consultant
Press Release

Singapore Electric Truck Market to be Led by Battery Electric Vehicles Through 2028

Aug, 2023

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.

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