Published: August 2018 | Report Code: AT11540 | Available Format: PDF | Pages: 195
The Asia-Pacific (APAC) low-speed electric vehicle (LSEV) market size is expected to reach 71.8 million units by 2025, exhibiting a CAGR of 6.6% during 2018–2025. The market is growing owing to the rising urbanization rate, declining battery prices, and favorable government policies.
In 2017, the two-wheeler category held the largest share in the LSEV market in APAC, of over 75.0%, in terms of volume. This product category is expected to retain its dominance in the foreseeable future owing to the surging adoption of two-wheelers for personal transport.
The 48 V category, under the voltage segment, accounted for the largest volume share in 2017 due to the high preference for 48-V batteries among the original equipment manufacturers (OEMs) of electric three-wheelers and two-wheelers. Moreover, this category is expected to dominate the APAC LSEV industry in the coming years.
The surging preference of key players for lithium-ion batteries over sealed lead–acid (SLA) batteries is a key market trend. The shift from SLA batteries to Li-ion batteries can be owed to the lower weight and smaller size of the latter. Because of this reason, in the coming years, the APAC LSEV market will observe a higher demand for Li-ion batteries than SLA batteries. Moreover, the increasing Li-ion battery production and their declining prices in recent years, owing to the advancements in the battery technology, will accelerate their adoption in LSEVs.
The soaring awareness regarding environmental degradation, implementation of remedial government regulations, surging urbanization rate in APAC countries, primarily India and China, and rising government support, in the form of grants, tax rebates, and subsidies, will drive the market growth between 2018 and 2025.
Public transport authorities in emerging economies are increasingly focusing on long-term environmental and cost benefits. Moreover, the increasing focus of countries on reducing their crude oil import expenditure will boost the demand for LSEVs in the region. Most of the crude oil in the region is consumed by public transport vehicles. Even though the initial cost of LSEVs is quite high, their operational cost is lower than that of their conventional counterparts.
The lack of proper charging infrastructure is one of the most-prominent factors restraining the market growth. Potential sales of LSEVs are directly impacted by the inadequate number of charging stations. Customers in the APAC LSEV market are primarily concerned with the shorter driving range of LSEVs. This concern can be addressed through the establishment of an efficient network of charging stations; however, this requires adequate funding, both private and public, and a significant amount of time.
Some of the key players in the APAC LSEV market are Terra Motors Corporation, Changzhou Yufeng Vehicle Co. Ltd., Jiangsu Kingbon Vehicle Co. Ltd., Hero Electric Vehicles Pvt. Ltd., Jiangsu East Yonsland Vehicle Manufacturing Co. Ltd., and ZHIDOU Electric Vehicle Co. Ltd.
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