Tighter regulations in Singapore are shifting the EV charging market, with industry leader Charge+ capitalizing on the situation by acquiring small, cost-burdened operators. (Photo: Charge+)
The electric vehicle charging station market in Singapore is undergoing significant changes. Some operators are opting to divest, with one company acquiring three competitors and over 140 charging points in one go. Due to government regulations that raise operational costs, smaller companies offering charging services as a side business are being forced to exit the market.
Singapore asks charging station operators to have license
To enhance the safety of EV charging stations, the Singapore government introduced the Electric Vehicles Charging Act, tightening regulations for charging station operators. These include requirements such as applying for a license with the Ministry of Transport, providing a third-party liability insurance of at least USD 2 million, and offering real-time data.
The Act came into effect in December 2023, following a one-year grace period. After this, any operator found providing charging services without a license could face fines of up to USD 30,000 or six months of imprisonment, or both. Industry insiders noted that, with the application deadline approaching, some smaller operators with limited networks in condominiums are seeking to sell their businesses.
QuickCharge, a subsidiary of Singapore’s longstanding automotive dealer Hong Seh Group, has decided not to apply for the license. Lindy Lee, the company's director, explained that after evaluating the resources and scale required to operate the charging business, the company chose to exit. However, it will continue to sell and install chargers as part of its broader automotive sales strategy.
Many of the companies exiting the EV charging market, like QuickCharge, have been offering charging services as an extension of their core business. Under the new law, smaller operators, such as electronic components distributor PaC Component and eChargz, which entered the market only three years ago, are finding it increasingly difficult to sustain operations due to the higher complexity and costs.
Charge+ expands its market dominance
In contrast, Charge+, the leader in Singapore’s EV charging station sector, is consolidating its market position by acquiring the aforementioned three companies, adding over 140 charging points to its network. This acquisition brings Charge+’s total number of operational stations to 2,500, creating a denser service network.
Founded in 2018, Charge+ initially used Singapore as a springboard and has since expanded into Malaysia, Thailand, Vietnam, Indonesia, and Cambodia. Currently, the company operates approximately 3,000 EV charging stations across Southeast Asia, with a target of establishing 30,000 stations globally by the end of 2030.
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Charge+’s charging station in Ipoh, Malaysia. (Photo: Charge+)
According to the Land Transport Authority (LTA), as of December 2, 37 license applications for EV charging stations have been submitted. Prior to this, there were no public statistics available. As of October 2024, there are 13,625 registered charging stations in Singapore, and the government aims to increase this number to 60,000 by the end of 2030.
Source: The Straits Times, Charge+, MOT
