Asia-Pacific Low-Speed Electric Vehicle Market With Key Companies Profile & Cost Structure Analysis By 2025

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The adoption of electric vehicles in Asia-Pacific (APAC), particularly in countries including India and China, has increased considerably over the past few years. This can be primarily be attributed to the increasing awareness among people regarding the swift deterioration of the environment. In addition to this, governments of different countries are also trying to encourage the adoption of electric vehicles for keeping the air quality in check and reducing the surging air pollution levels. Governments are providing incentives such as subsidies, tax rebates, and grants on the purchase of electric vehicles in the APAC region.


It is because of all these reason that the adoption of low-speed electric vehicles has risen substantially in APAC. According to a report by P&S Intelligence, the APAC low speed electric vehicle market is predicted to attain 71.8 million units by 2025, advancing at a 6.6% during the forecast period (2018–2025). LSEVs are of three types, namely four-wheeler, two-wheeler, and three-wheeler, among which, the demand for two-wheelers was the highest in the past and the situation is predicted to be the same in the coming years as well. Two-wheeler LSEVs are increasingly being adopted as a means of personal transport all across the region.

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Different types of two-wheeler LSEVs are mono wheel, scooter, motorcycle, kick scooter, and bike. A major for the growing adoption of these vehicles is the decline in prices of batteries. Because of technological advancements, manufacturers have been able to reduce the price of batteries, which are the main power source for LSEVs. Other than this, the demand for lithium-ion (Li-Ion) batteries over sealed lead-acid (SLA) batteries has been growing as well. Li-Ion batteries are smaller in size and lighter in weight as compared to SLA batteries, owing to which, their demand is projected to increase significantly in the coming years, despite their higher cost.

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Hence, the demand for LSEVs in APAC is increasing because of the degradation of the environment and supportive government policies.

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