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[Market Report] Electric Vehicles: Unveiling Consumer Sentiments

EV1.pngIn recent years, electric vehicles (EVs) have emerged as a powerful force, reshaping the automotive landscape. No longer confined to the realm of eco-conscious enthusiasts, EVs are now capturing the attention of everyday consumers. Let’s delve into the sentiments surrounding these futuristic vehicles, uncovering the motivations, concerns, and aspirations that shape the EV landscape.

*The data collected from Research’s members is based on 230 samples.


Demographic data

A survey was conducted to unveil consumer sentiments towards EVs. Among the survey respondents, 50% were of each gender, male and female. 50% were over 40 years old, followed by 17% of 35-40 year olds and 16% of 30-34 year olds.



Monthly Household Income

Financial considerations play a pivotal role when it comes to the purse strings. 35% of the respondents reported monthly household incomes ranging from 5,000 to 10,000 SGD. This suggests a potential market segment with the financial capacity to invest in EVs.



From the survey data, more than half of the respondents (63%) claimed that they did not own any vehicles. Most probably, it was because of the convenience of public transport in Singapore. However, 30% of the respondents own a car. Referring to the monthly household income above, it could be presumed that the car owners may come from the group whose monthly household income is more than 10,000 SGD.



EV Brand Recognition


Turning our attention to brand awareness, Tesla emerged as a prominent name, resonating strongly with the respondents. However, other players such as BMW, BYD and Mercedes-Benz also garnered notable recognition. Other brands, as shown above, signal a competitive landscape in the EV market.


Advantages and Drawbacks

From the survey responses, the top 3 advantages of driving an EV were

  1. Eco-friendly (63%)
  2. Fuel cost savings (59%)
  3. Less noise pollution (43%)


On the other hand, the top 3 drawbacks of EVs were

  1. Long charging time (71%)
  2. Limited range of movement (43%)
  3. Poor operational capability (33%)



Interest in green and sustainable technologies

Our data echoed a resounding chorus of interest, with consumers expressing a strong inclination towards green and sustainable technologies. This underscores a growing awareness and demand for eco-conscious solutions within the automotive industry.


Buying an EV

Among all of the respondents, only 26% of them plan to buy an EV in the near future. The percentage seems low, but as we knew from the above data, only 30% of the respondents own a car. Hence, if we only focus on those who own cars, about 87% of them plan to buy an EV in the near future. We can see that the automotive trend is shifting from gasoline engines vehicles to EVs.

Most respondents still consider having a good price to affect their decision to buy an EV. Delving deeper into purchase motivations, factors such as convenience, environmental awareness, and government support emerged as pivotal influencers shaping consumer decisions.


In conclusion, our journey through the data paints a vivid picture of evolving consumer sentiments towards electric vehicles. As the automotive landscape continues to electrify, understanding these insights will undoubtedly steer the course towards a sustainable and electrifying future.