Low Speed Electric Vehicle Market | The demand for the Market will drastically increase in the Future

As the environmental concerns across the globe are rising, the adoption of electric vehicles is increasing as well. Since vehicles are among the major factors responsible for the deckling air quality, it is highly imperative that alternative solutions instead of conventional fuel-based vehicles are utilized more.

Due to all these factors, the demand and adoption of low speed electric vehicles (LSEV) are growing at a rapid pace. The global LSEV market is projected to attain a value of $68.0 billion in 2025, increasing from $35.2 billion in 2017, and is expected to advance at an 8.7% CAGR during the forecast period (2018–2025), as per a report by P&S Intelligence.

Some of the major players operating in the global LSEV market are-
1. Terra Motors Corporation
2. Zero Motorcycles Inc.
3. Changzhou Yufeng Vehicle Co. Ltd.
4. Jiangsu Kingbon Vehicle Co. Ltd.
5. Hero Electric Vehicles Pvt. Ltd.
6. Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd.,
7. ZHIDOU Electric Vehicle Co. Ltd.

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Low-speed electric two-wheelers are further of different types: motorcycle, kick scooter, scooter, bikes, and mono wheel.

Government incentives and environmental concerns are the primary factors driving the demand for electric three-wheelers in the LSEV market. Governments, primarily of the APAC countries, are aiming toward utilizing electric vehicles in the public transport system.

They are increasingly focusing on encouraging the adoption of electric vehicles by providing support in the form of incentives. For example, the government of India is providing subsidies ranging from $370 (INR 25,000) to $910 (INR 61,000) under its FAME-India electric mobility scheme.

Now, one of the major growth drivers for the LSEV market across the world is rising government support in the form of incentives, subsidies, and grants, owing to increasing environmental concerns. Governments, especially of APAC countries, are mainly focusing on making their public transport system electricity-driven.

For instance, the Government of India is offering subsidies between $370 (₹25,000) and $910 (₹61,000) under its FAME scheme.

Conventional passenger carriers heavily affect the environment by causing an increase in air pollution. Many environmental authorities in APAC are spreading awareness on sustainable practices and encouraging people to adopt emission-free electric vehicles.

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Since, in Asian countries, such as China and India, three-wheelers are heavily used as public transport, replacing conventional ones with electrical variants can really help in curbing air pollution, thus boosting the growth of the low-speed electric vehicle market in the future.

Therefore, it is clear that governments and environmental authorities are playing a significant part in the growth of the market by offering subsidies and spreading awareness on the benefits of such vehicles, respectively.

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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.