New vehicle registrations in Singapore surged by 37% to 51,706 units in 2024 from 37,806 units in the previous year, driven by the government’s Electric Vehicle (EV) Early Adoption Incentive scheme, according to official data.
Passenger vehicle registrations in the city-state surged by 42% to 43,022 units last year, while commercial vehicle sales rose by 14% to 8,470 units, and sales of off-peak vehicles rose by 44% to 214 units.
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Under the government’s incentive EV programme, buyers of battery electric vehicles (BEVs) last year were entitled to a 45% discount on the Additional Registration Fee (ARF), up to a maximum of SGD15,000 (US$11,500). The government has extended the scheme until the end of 2025, as part of its clean energy transition which aims to switch the country’s entire vehicle fleet to zero emissions by 2040.
Toyota remained the leading vehicle brand last year, albeit with sales rising by just 3% to 9,678 units, while BYD sales surged almost fourfold to 6,399 units – with the brand benefiting most from the BEV incentives. Mercedes-Benz was the third best-selling brand with 5,360 units (+21%); followed by BMW with 5,071 units (+48%); Honda with 4,264 units (45%); and Tesla with 2,384 units (153%).
