Asia-Pacific Low-Speed Electric Vehicle Market Size 2021-2025 Key Trends And Opportunity Areas by Leading Players

The rapid urbanization, growing consciousness about environmental degradation and associated government regulations, and financial support from governments in the form of grants, subsidies, and tax rebates will fuel the Asia-Pacific (APAC) low-speed electric vehicle (LSEV) market at 6.6% CAGR during 2018–2025. The Government of India has undertaken measures like Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-India) to promote electric vehicles (EVs) in the country. Moreover, China has emerged as the second-largest manufacturer of electric two-wheelers and largest producer of passenger cars and commercial vehicles in the world.

Owing to the government support, LSEVs manufacturers are making huge investments in the research and development (R&D) of improved and affordable LSEVs. These companies are also investing to increase the production capacity by expanding their facilities to address the soaring demand for LSEVs in the region. At present, the cost of conventional vehicles is greater than the LSEVs, even after subsidization. The manufacturers are, therefore, making technological advancements to bring down the cost of these vehicles to boost their sales.

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Additionally, India and China are focusing on reducing their crude oil import expenditure by adopting LSEVs. A major chunk of crude oil is used in these countries for public transport vehicles. The lower operation cost of LSEVs in comparison to conventional vehicles has led to the widescale adoption of these vehicles. Moreover, the escalating focus of public transport authorities of these countries on cost benefits and long-term environmental advantages will propel the demand for LSEVs in the foreseeable future.

The manufacturers of LSEVs in the APAC region are shifting toward lithium-ion (Li-ion) batteries from sealed lead-acid (SLA) batteries because the Li-ion batteries are lighter and smaller and offer longer life and higher energy efficiency, in comparison to SLA batteries. Additionally, greater energy density and lower prices of the Li-ion batteries make them more viable for the LSEVs than the SLA ones. Besides, the augmenting production of Li-ion batteries and technological advancements in their technology have led to their high penetration in the automobile sector.

The EV manufacturers offer two-wheeler, three-wheeler, and four-wheeler LSEVs in APAC. Customers in the region are mostly opting for two-wheelers, on account of increasing preference for these vehicles as a means of personal transport. Currently, the producers of two-wheeler and three-wheeler LSEVs are adopting 48 V batteries in large number; whereas, the demand for 72 V batteries is expected to surge from the manufacturers of high-speed scooters and micro-cars in coming years. This can be ascribed to the fact that vehicle speed is directly proportional to voltage of the battery.

The demand for LSEVs mostly comes from China, on account of increasing production, large urban population base, and the concentration of market players in the country. Some of the leading manufacturers in China include Yadea Group Holdings Ltd., LEVDEO, Jinpeng, Shifneg Group, and Fulu Vehicle. Moreover, the concentration of companies like ZHIDOU Electric Vehicle Co. Ltd., Jiangsu Kingbon Vehicle Co., Hero Electric Vehicles Pvt. Ltd., and Terra Motors Corporation in the APAC LSEV market will fuel the demand for LSEVs in the region.

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Thus, the concentration of LSEV producers and favorable government policies will propel the demand for LSEVs in the APAC region, in the foreseeable future.

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This release was published on openPR.