Key Market Dynamics in Asia-Pacific Low-Speed Electric Vehicle Market

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The growing public awareness about the rapid environmental degradation being caused because of the extensive usage of diesel and petrol-powered vehicles and the increasing urbanization rate is driving the demand for low-speed electric vehicles in the Asia-Pacific (APAC) region. Additionally, the governments of many APAC countries such as China and India are implementing various policies for encouraging the adoption of these vehicles. Moreover, these governments are also providing financial incentives, in the form of subsidies, tax rebates, and grants for augmenting the deployment of these vehicles.


For example, the Indian government is providing subsidies in the range of $370 (INR 25,000)–$910 (INR 61,000) under the FAME (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) scheme. Additionally, as air pollution is majorly caused by the traditional passenger carriers, many environmental regulation bodies and organizations in the APAC region are launching initiatives for raising public awareness about the importance of environmental sustainability, thereby propelling the sales of low-speed electric vehicles in the region.

Furthermore, many public transport organizations in developing countries are adopting low-speed electric vehicles, as these vehicles assist them in mitigating the air pollution levels and also provide various long-term cost and environmental benefits. Besides, the growing focus of many APAC countries on reducing their expenditure on crude oil imports is also fueling the sales of low-speed electric vehicles (LSEVs), thereby driving the growth of the Asia-Pacific low-speed electric vehicle market. Owing to these reasons, the size of the market is predicted to rise to 71.8 million units by 2025, while the market will progress at a CAGR of 6.6% between 2018 and 2025.

Hence, it is safe to say that the sales of low-speed electric vehicles will soar in the APAC region in the forthcoming years, primarily because of their lower operating costs than conventional vehicles, growing requirement for eco-friendly vehicles, owing to the escalating air pollution levels, and the increasing implementation of favorable government policies and the provision of financial incentives by various governments across the region.

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