Income Insurance has unveiled findings from its “Singapore Electric Dream” survey, which highlights significant barriers preventing Singaporeans from adopting electric vehicles (EVs). Despite 71% of respondents supporting the nation’s goal of achieving 100% cleaner energy vehicles by 2040, concerns such as costly battery replacements, fire risks at charging stations, and range anxiety remain prevalent.
The survey, conducted by YouGov in March 2025, involved 1,009 car owners, including nearly 200 EV owners. It revealed that younger drivers, particularly Millennials and Gen Zs, are worried about fire risks at charging stations (35%), long charging times (34%), and range anxiety (32%). Meanwhile, older generations, such as Gen X and Baby Boomers, are more concerned about costs, including high battery replacement expenses (36%) and limited resale value (31%).
A notable finding is the demand for EV-specific insurance, with 30% of EV owners expressing concern over the lack of tailored insurance products. Features such as coverage for battery replacement and 24/7 emergency mobile charging service are highly sought after, addressing practical concerns about EV ownership.
Cecilia Siah, VP and head of Motor Business at Income Insurance, stated, “We understand that switching to an EV is a big decision for many drivers. Our team have spoken to car owners who are keen to make the switch but are held back by worries around battery replacement costs or roadside emergencies.”
Despite these challenges, the survey indicates a strong desire among Singaporeans to contribute to environmental sustainability and embrace technological advancements. Financial incentives, such as government subsidies and reduced road tax, are seen as effective motivators for non-EV owners considering the switch.
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