Electric vehicles have crossed 50 per cent of Singapore's new car registrations for the first time, with January 2026 data showing 2,355 electric units registered out of a total of 4,266 — a 55.2 per cent share for the month. The milestone marks a structural shift in the Singapore car market that the industry has long anticipated but which few expected to arrive so swiftly.

BYD led the charge, registering 1,201 new cars in January 2026 to claim a record 28.2 per cent share of the entire market — not just the EV segment. Toyota came second with 671 units (15.7 per cent), while Tesla placed third with 413 units (9.7 per cent).

A Market Transformed

The numbers underscore how quickly Singapore's car-buying behaviour has shifted. For the full year 2025, EVs made up approximately 45 per cent of new registrations, with 23,684 electric units sold out of 52,678 total. That was already a record. January 2026 has pushed the share above the halfway mark, suggesting the tipping point for mainstream EV adoption has arrived.

For BYD, the January result extends a streak of dominance that began in 2024. The Chinese automaker topped Singapore's new car market for the second consecutive year in 2025, registering 11,184 units — including its Denza luxury line — for a 21.2 per cent full-year market share. January's 28.2 per cent is a record high, nearly double Toyota's 15.7 per cent.

The overall market was also notably strong: January 2026 registrations of 4,266 units were 57.8 per cent higher than a year earlier, reflecting a combination of pent-up demand, a strong lineup of new launches at the Singapore Motorshow in January, and buyers moving ahead of expected COE fluctuations.

Incentives and Structure

Singapore's vehicle incentive framework has materially shaped the market's trajectory. The Vehicular Emissions Scheme (VES) provides a Band A rebate of S$22,500 for fully electric vehicles registered in 2026 — a sharper benefit than in prior years, since hybrid vehicles were removed from eligibility at the start of this year. The EV Early Adoption Incentive (EEAI) adds a further rebate of up to S$7,500 off the Additional Registration Fee (ARF), bringing combined potential savings to S$30,000 for eligible electric car buyers.

The EEAI is in its final year: it will expire on 31 December 2026 and will not be renewed. That deadline adds urgency for buyers still on the fence, and may contribute to elevated registration volumes throughout the year.

BYD's range spans COE Category A models — such as the Dolphin, which qualifies at under 110kW — through to Category B vehicles including the Atto 3, Seal, and Sealion 6 and Sealion 7, allowing it to compete across buyer segments. The brand has a further wave of new models expected throughout 2026, and has shown no sign of ceding its market leadership.

What Comes Next

The January data sets a high bar, but it remains to be seen whether EVs can sustain a majority share across the full year. January is historically a volatile month for registrations, influenced by the motorshow cycle and seasonal demand dynamics.

What is clearer is that the transition is now structural. With new diesel car registrations already banned from 2025 and all new car registrations required to be cleaner-energy models from 2030, Singapore's ICE fleet is in managed decline. January 2026's 55 per cent EV share is less a peak than a preview of the new normal. For EV buyers wondering whether the infrastructure will keep up, Singapore's growing charging network — now at approximately 29,000 points islandwide, targeting 60,000 by 2030 — is expanding alongside the fleet.