According to Statista, the Electric Vehicle (EV) market in Singapore is projected to reach a revenue of US$230.3m(SGD$314m) in 2024, and is expected to grow at a compound annual growth rate (CAGR) of 7.93% from 2024 and 2028.
Among the key drivers behind this growth include strong government support, financial incentives as well as rising eco-consciousness. Commercial property owners with EV charging stations are uniquely positioned to leverage the growing EV trend. In this article, we’ll explore why EV charging stations future-proof your commercial space.
Tapping into a Growing Market
In February 2021, the government launched the Singapore Green Plan 2030 (SGP 2030) to advance the nation’s agenda on sustainable development. Among other green targets, such as promoting sustainable living and fostering a green economy, SGP 2030 sets out a comprehensive EV adoption roadmap that aims to make EVs in Singapore more accessible.
For example, by 2025, new registrations of diesel cars and taxis will be discontinued. In addition, by 2040, all vehicles will be required to run on clean energy. In light of the new initiatives, commercial property owners that install EV charging stations at an early stage are poised to establish their properties in the minds of consumers as forward-thinking locations equipped with EV facilities.
Building a Green Reputation
A survey commissioned by the National Climate Change Secretariat (NCCS) found that more than 90 percent of Singaporeans were aware of climate change and its dangers, and a majority (80 percent) were prepared to do their part to fight it.
Commercial property owners that prioritise sustainable initiatives such as installing solar panels or installing EV charging stations stand to be perceived as responsible, ethical and caring. In a growing environment of eco-conscious consumers, these measures build a green reputation that attracts new customers and boosts the loyalty of existing ones.
Unlocking New Revenue Streams
Beyond the environmental advantages of installing EV chargers is the potential to unlock new direct and indirect revenue streams. Directly, revenue streams take the shape of charging fees for the use of installed EV chargers.
Indirectly, commercial spaces with EV spaces can tap into the growing market of EV users to increase dwell time. In doing so, they increase the likelihood of customers engaging with their business. Beyond increasing dwell time, the availability of EV charging spaces can also be used as an amenity to increase revenue or boost tenant retention.
Government Support for a Greener Future
The Singapore government has a long history of supporting sustainability, a tradition that goes all the way back to 1967, when then Prime Minister Lee Kuan Yew launched the “garden city” vision to transform Singapore into a city that is clean and lush with greenery.
More recently, the government has launched a variety of initiatives geared towards promoting electric vehicle adoption. Examples include early adoption incentives, resources and training for EV specialists, and more. These initiatives collectively signal a transformative shift in Singapore's mobility industry, offering significant advantages to commercial spaces that have embraced the electric wave.
Final Thoughts
The future of transportation is electric, and by embracing the EV revolution with charging stations, you can transform your commercial space into a future-proof destination that thrives alongside Singapore's sustainable development. So, take a proactive stance, embrace the green wave, and power up your profits for a successful future.
If you need help integrating EV charging stations with your commercial space, then you’ve come to the right place. Union Energy is governed by a mission to empower communities with good choices; choices that are affordable, make sense and care about the planet. Reach out to us here to learn how we can help your business integrate EV charging solutions.