Impact of price-related factors on electric vehicle adoption in Singapore
In its ambition to achieve net zero emissions by 2050, the Singapore government has introduced a series of price-related policies, including tax rebates under the Early Adoption Incentive and carbon rebates via the Enhanced Vehicular Emissions Scheme, to promote consumer adoption of electric veh...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Language: | English |
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Nanyang Technological University
2023
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/171556 |
| _version_ | 1811682152003141632 |
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| author | Lim, Andrea Zhi Xuan Lee, Elena Yu Xuan Kwek, Chin Yee |
| author2 | Yeow Hwee Chua |
| author_facet | Yeow Hwee Chua Lim, Andrea Zhi Xuan Lee, Elena Yu Xuan Kwek, Chin Yee |
| author_sort | Lim, Andrea Zhi Xuan |
| collection | NTU |
| description | In its ambition to achieve net zero emissions by 2050, the Singapore government has introduced a series
of price-related policies, including tax rebates under the Early Adoption Incentive and carbon rebates via
the Enhanced Vehicular Emissions Scheme, to promote consumer adoption of electric vehicles (EVs).
However, consumer demand for EVs in Singapore remains low at a 12% penetration rate as of 2022.
This article addresses the need for an empirical investigation of factors affecting private demand for EVs
and the efficacy of government policies introduced to promote EV uptake in Singapore. Difference-in
Difference and Panel Fixed Effects regression models were used to test the relationship between price
related factors (specifically fiscal incentives, gasoline prices and electricity prices) and new EV
registrations in Singapore. Evidence from our analysis revealed an economically and statistically
significant relationship between EV sales and price-related factors. The findings in this paper affirm the
current policy instruments used by the government in promoting the diffusion of EVs in Singapore. |
| first_indexed | 2024-10-01T03:52:17Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/171556 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T03:52:17Z |
| publishDate | 2023 |
| publisher | Nanyang Technological University |
| record_format | dspace |
| spelling | ntu-10356/1715562023-11-05T15:31:56Z Impact of price-related factors on electric vehicle adoption in Singapore Lim, Andrea Zhi Xuan Lee, Elena Yu Xuan Kwek, Chin Yee Yeow Hwee Chua School of Social Sciences yeowhwee.chua@ntu.edu.sg Social sciences::Economic development In its ambition to achieve net zero emissions by 2050, the Singapore government has introduced a series of price-related policies, including tax rebates under the Early Adoption Incentive and carbon rebates via the Enhanced Vehicular Emissions Scheme, to promote consumer adoption of electric vehicles (EVs). However, consumer demand for EVs in Singapore remains low at a 12% penetration rate as of 2022. This article addresses the need for an empirical investigation of factors affecting private demand for EVs and the efficacy of government policies introduced to promote EV uptake in Singapore. Difference-in Difference and Panel Fixed Effects regression models were used to test the relationship between price related factors (specifically fiscal incentives, gasoline prices and electricity prices) and new EV registrations in Singapore. Evidence from our analysis revealed an economically and statistically significant relationship between EV sales and price-related factors. The findings in this paper affirm the current policy instruments used by the government in promoting the diffusion of EVs in Singapore. Bachelor of Social Sciences in Economics 2023-10-31T01:16:26Z 2023-10-31T01:16:26Z 2023 Final Year Project (FYP) Lim, A. Z. X., Lee, E. Y. X. & Kwek, C. Y. (2023). Impact of price-related factors on electric vehicle adoption in Singapore. Final Year Project (FYP), Nanyang Technological University, Singapore. https://hdl.handle.net/10356/171556 https://hdl.handle.net/10356/171556 en HE2AY2223_01 application/pdf Nanyang Technological University |
| spellingShingle | Social sciences::Economic development Lim, Andrea Zhi Xuan Lee, Elena Yu Xuan Kwek, Chin Yee Impact of price-related factors on electric vehicle adoption in Singapore |
| title | Impact of price-related factors on electric vehicle adoption in Singapore |
| title_full | Impact of price-related factors on electric vehicle adoption in Singapore |
| title_fullStr | Impact of price-related factors on electric vehicle adoption in Singapore |
| title_full_unstemmed | Impact of price-related factors on electric vehicle adoption in Singapore |
| title_short | Impact of price-related factors on electric vehicle adoption in Singapore |
| title_sort | impact of price related factors on electric vehicle adoption in singapore |
| topic | Social sciences::Economic development |
| url | https://hdl.handle.net/10356/171556 |
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