Singapore’s electric vehicle (EV) leasing market is on the verge of a massive transformation. With the government’s Green Plan 2030 accelerating the shift away from petrol and diesel cars, the next decade will be pivotal. From tighter regulations to rapid infrastructure expansion, EV leasing in Singapore is set to become the go-to choice for businesses and individuals alike. Let’s dive into what’s coming next and how Singapore is shaping up to be a leader in sustainable transport.
What is Driving the Growth of EV Leasing in Singapore?
Regulatory Push: The 2030 Ban on Petrol and Diesel Vehicles
Singapore is serious about its net-zero goals. By 2030, only electric vehicles will be allowed for new registrations. That means traditional internal combustion engine (ICE) cars will slowly phase out, making EV leasing an essential alternative for businesses and consumers who want to stay ahead of the curve.
Cost Considerations: Why Leasing is the Smarter Choice
EVs come with a hefty price tag, but leasing offers a flexible, lower-risk alternative. Instead of making a huge upfront investment, businesses can lease EVs at a fraction of the cost. This trend is especially noticeable in logistics and last-mile delivery, where companies prefer to keep capital expenditures low while benefiting from EVs' lower maintenance and fuel costs.
Expanding Charging Infrastructure
By 2030, Singapore plans to have 60,000 EV charging points across the island. This widespread network will make leasing more convenient, eliminating range anxiety and ensuring that businesses and individuals have easy access to charging facilities.
The Benefits of EV Leasing Over Ownership
1. Lower Financial Commitment
Leasing eliminates the high upfront costs of buying an EV. This makes it more accessible for startups, SMEs, and large enterprises looking to electrify their fleets.
2. Reduced Maintenance and Operating Costs
EVs have fewer moving parts than traditional ICE vehicles. That means fewer breakdowns, lower maintenance costs, and reduced downtime. Leasing an EV ensures that businesses don’t have to worry about hefty repair bills.
3. Access to the Latest Models and Technology
Technology is advancing rapidly, and EVs are no exception. Leasing allows businesses to upgrade their fleets as newer, more efficient models hit the market, ensuring they stay competitive without the burden of vehicle depreciation.
4. Tax Incentives and Rebates
Singapore’s government provides various incentives for businesses adopting EVs. Leasing an electric fleet can help companies take advantage of green rebates and tax benefits while contributing to sustainability goals.
How Will EV Leasing in Singapore Evolve by 2030?
1. Widespread Business Adoption
Logistics, e-commerce, and ride-hailing companies will be the biggest beneficiaries of EV leasing in Singapore. Companies like GetGo are already transitioning their fleets to all-electric models, setting the stage for a fully electrified transport sector by 2030.
2. EV Rentals for Tourists and Short-Term Use
Sustainable tourism is gaining momentum, and electric rental vehicles will become a major attraction. Visitors will soon have more EV options for exploring Singapore in an eco-friendly way.
3. More Custom Leasing Packages
Leasing options will diversify, offering short-term rentals, long-term leases, and pay-per-use models tailored to different business needs. Expect to see highly flexible plans that cater to everything from gig economy drivers to large-scale logistics providers.
EVFY: Leading the Future of EV Leasing
At EVFY, we’re committed to driving the future of sustainable mobility with our top-tier electric vehicle leasing services. We offer a range of fully electric vans and trucks designed to support businesses in making the switch to eco-friendly transport. Check out our lineup:
1. BYD T3 - The Compact Powerhouse
Max Payload: 780 kg
Cargo Volume: 3800 L
Range: Up to 300 km
Battery Capacity: 50.3 kWh
Charge Time: AC 7.6 h / DC 1.3 h
Best For: Small parcel deliveries, urban logistics
2. DFSK EC35 - The Space-Saving Performer
Max Payload: 1100 kg
Cargo Volume: 4800 L
Range: Up to 331 km
Battery Capacity: 38.7 kWh
Charge Time: AC 5.9 h / DC 1.0 h
Best For: Larger delivery loads, e-commerce logistics
3. Golden Dragon XML5036 - The Heavy-Duty Champion
Max Payload: 1730 kg
Cargo Volume: 6500 L
Range: Up to 250 km
Battery Capacity: 50.2 kWh
Charge Time: AC 7.6 h / DC 1.3 h
Best For: Bulk cargo transportation, large-scale logistics
4. DFSK EC31 - The Compact Urban Truck
Max Payload: 1280 kg
Cargo Volume: 3500 L
Range: Up to 280 km
Battery Capacity: 38.7 kWh
Charge Time: AC 5.9 h / DC 1.0 h
Best For: SMEs, last-mile deliveries
5. SRM T3 - The Long-Distance Workhorse
Max Payload: 1625 kg
Cargo Volume: 3500 L
Range: Up to 300 km
Battery Capacity: 53.6 kWh
Charge Time: AC 8.1 h / DC 1.3 h
Best For: Heavy-duty deliveries, large fleets
The Future is Electric. Are You Ready?
By 2030, EV leasing will be the smartest, most cost-effective choice for businesses and individuals in Singapore. With government incentives, expanding infrastructure, and the rising costs of petrol vehicles, now is the best time to make the switch.
At EVFY, we make the transition seamless. Whether you need an efficient urban van or a heavy-duty electric truck, we have the perfect EV leasing solution tailored to your business needs.
Ready to future-proof your fleet? Contact us today and take the first step towards a greener, more efficient Singapore!