Asia Pacific Low Speed Electric Vehicle Market Development, Growth, and Demand Forecast, 2017–2025

Stringent government regulations on emissions coupled with the rising demand for cleaner air is driving the growth of the Asia low-speed electric vehicle market. An electric vehicle is the one that utilizes an electric motor for propulsion instead of an internal combustion engine, hence producing no carbon emission. The ‘low-speed’ aspect here concerns the vehicle speed, which ranges between 25 kmph and 50 kmph. On the basis of product, the market can be categorized as two-wheeler, three-wheeler, and four-wheeler. As per a P&S Intelligence study, by 2025, the market for these vehicles will reach 71.8 million units in terms of sales.

In 2017, two-wheelers registered the highest sales in terms of volume (over 75.0%), primarily owing to urbanization in the region and cost-effectiveness of the models. As urbanization increased, more people required modes for short-distance commute, and since electric two-wheelers were easily affordable, these were bought heavily. The reason for their low cost was the rise in use of lithium ion (Li-ion) battery, which is smaller and cheaper than the sealed lead acid (SLA) battery. Preference for li-ion batteries also increased on account of the harmful effects associated with the improper disposal of SLA variants.

Of all two-wheelers, scooters led the low-speed electric vehicle market in Asia-Pacific (APAC) during the historical period in terms of sales and revenue. Their popularity can be attributed to their cost-effectiveness compared to electric bikes, in addition to features such as top speed up to 50 kmph and high comfort level during long-distance journeys. Taking note of these two developments, market players are coming up with improved Li-ion battery-powered electric scooters.

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For instance, in 2018, Hero Electric Vehicles Pvt. Ltd. unveiled its Speed NYX e5 electric scooter, which has a top speed of 40 kmph and can run up to 60 km after a full charge. Two-wheelers are predicted to be the most popular product type in the Asia-Pacific (APAC) low-speed electrical vehicle (LSEV) market during the forecast period 2018–2025 as well, three-wheelers will follow. This is substantiated by the fact that the sales of three-wheelers in APAC have increased steadily during the historical period. Favorable government policies toward electrification of public transport systems greatly helped in this regard.

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A citable example would be India, where the government, under its FAME-India electric mobility scheme, is encouraging the adoption of electric vehicles by offering subsidies. Since three-wheelers are an essential mode of daily commute in countries, including India and China, these policies and resulting sales of such products are expected to advance the Asia-Pacific (APAC) low-speed electric vehicle market. Manufacturers are increasing their production capacities to meet the growing demand within these countries.

Talking of the overall future sales CAGR, that of four-wheelers is expected to be the highest during the forecast period. Due to rising congestion on city streets, a need is being felt for cars that are compact, freeing up more road space, as well as easily maneuverable. This is where micro cars come in, which, coupled with government focus on reducing emissions, are leading to the development of battery-operated four-wheelers. Though the low-speed EV market in Asia-Pacific (APAC) for micro cars is still small, development of advanced batteries, which can be charged quickly, is expected to aid in its progress.

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Therefore, it becomes clear that growing pollution levels will result in increased LSEV sales in APAC.

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This release was published on openPR.