As the price of gas rises higher and pressure to implement environmentally-friendly government and industrial policies increases, the emerging market of electric vehicles looks increasingly more viable as a profitable business model.
The pilot program, managed by the EV Taskforce and led by members from Singapore’s Energy Market Authority (EMA) and Land Transport Authority (LTA), is working to create a complete ecosystem of EV stakeholders.
Bosch Software Innovations, for example, is the charging service provider of the EV test bed project.
A report by IDC Energy Insights found that a number of critical elements are required to create this EV “ecosystem” including a network of supporting businesses, new technologies, and forward-looking government policies.
Key elements of a successful EV ecosystem include:
• Choice of electric vehicle models available
• Choice of charging infrastructure
• Grid integration and pricing model structure
• Backend infrastructure and EV business models
• Incentive models for commercial and personal use
• Choice of EV ecosystem partners
“Singapore is well-placed to test emerging technologies,” said Cort Isernhagen, vice president for IDC Industry Insights.
“Singapore’s technology-savvy consumers, forward-looking government, diverse cross section of industries and world-class infrastructure provide an excellent test bed for innovative electric vehicle business scenarios and models at a significantly reduced risk.”
Although the Singapore e-Mobility project (the EV Test Bed) is not the first in Asia to pilot EV adoption, it is still unique in some aspects.
• It defines the feasibility of EV adoption in a small country with high population density.
• It defines pricing and business models for public charging.
• It outlines the incentive programs required of EV manufacturers and government to speed up the adoption process.
• It looks at the benefits and challenges of EV adoption in a population that is very tech-saavy with high internet usage.