EV agenda draws various sectors vying for slice of the pie

Singapore

SINGAPORE'S push for electric vehicles (EVs) has lured companies from a myriad of sectors, from renewable energy to electronics and payments, eager to get a foot into the ecosystem.

While EVs are widely seen as an environmental asset, their economic imperative must also be examined.

In its most conservative scenario, the International Energy Agency estimates that the global EV stock, excluding two- and three-wheelers, will expand from about eight million in 2019 to close to 145 million by 2030, corresponding to an annual average growth rate of close to 30 per cent.

A June 2021 report by Fitch Solutions forecasts EV sales in Singapore growing at an a…