Asia Pacific Low-Speed Electric Vehicle Market Revenue to cross US$ 2,823.95 million by 2030

At 6.8% CAGR, Asia Pacific Low-Speed Electric Vehicle Market is Speculated to be worth US$ 2,823.95 million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific low-speed electric vehicle market was valued at US$ 1,670.98 million in 2022 and is expected to reach US$ 2,823.95 million by 2030, registering a CAGR of 6.8% from 2022 to 2030. Increasing government support for electric vehicles and growing concerns regarding greenhouse gas emission are among the critical factors attributed to the Asia Pacific low-speed electric vehicle market expansion.

The transportation industry is one of the major contributors to air pollution. Governments of different countries focus on mitigating the carbon emission level to safeguard the environment from pollution. Among many initiatives to protect the environment, one key strategy is to boost the usage of electric vehicles that do not discharge harmful gases. To decrease the toxic impact of greenhouse gas emissions from fossil fuel-based vehicles, the Government of India has implemented several measures at the state and national levels. The government is boosting the installation of EV charging stations by offering capital grants through the FAME India Programme Phase II and state-level policies. In addition, the government has initiated several incentives, including PLI SCHEME, FAME-II, Battery Switching Policy, Tax Reduction on EVs, and Special Electric Mobility Zone. China has expanded its tax exemption guidelines for new energy vehicles until 2027 to promote the electric vehicle industry. Thus, the increasing government focus and support for boosting the usage of electric vehicles over fossil fuel-driven vehicles by enhancing the overall electric vehicle infrastructure is one of the major driving factors for the low-speed electric vehicle market.

On the flipside, operational limitations of battery-operated electric vehicles hamper the growth of Asia Pacific low-speed electric vehicle market.

Based on product, the Asia Pacific low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held 58.3% market share in 2022, amassing US$ 974.48 million. It is projected to garner US$ 1,617.59 million by 2030 to expand at 6.5% CAGR during 2022-2030.

In terms of end user, the Asia Pacific low-speed electric vehicle market is categorized into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held 43.2% share of Asia Pacific low-speed electric vehicle market in 2022, amassing US$ 722.16 million. It is projected to garner US$ 1,215.91 million by 2030 to expand at 6.7% CAGR during 2022-2030.

By vehicle type, the Asia Pacific low-speed electric vehicle market is categorized into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held 46.9% share of Asia Pacific low-speed electric vehicle market in 2022, amassing US$ 784.44 million. It is projected to garner US$ 1,256.46 million by 2030 to expand at 6.1% CAGR during 2022-2030.

Based on country, the Asia Pacific low-speed electric vehicle market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 41.4% share of Asia Pacific low-speed electric vehicle market in 2022. It was assessed at US$ 691.83 million in 2022 and is likely to hit US$ 1,253.50 million by 2030, exhibiting a CAGR of 7.7% during 2022-2030.

Key players operating in the Asia Pacific low-speed electric vehicle market are Evfarm India Pvt Ltd, Autopower Drives (India) Ltd, Navya SA, Taizhou EBU Industry & Trade Co Ltd, Yamaha Motor Co Ltd, Anhui Airuite New Energy Special Purpose Vehicle Co Ltd, Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd, Yamaha Golf-Car Co, XunHu, Xiamen Dalle Electric Car Co Ltd, Tomberlin, BOLDLY Inc, Nandan GSE Pvt Ltd, Renault SA, Deere & Co, Suzhou Eagle Electric Vehicle Manufacturing Co Ltd, Saera Electric Auto Ltd, Shenzhen Aoxiang Industrial Development Co Ltd, Cengocar, Guangzhou Langqing Electric Car Co Ltd, HDK Electric Vehicle Corp, Lohr SA, Parmaker Holdings Pty Ltd, Prevalence Green Solutions Pvt Ltd, Roots Industries India Ltd, Kinghike Vehicle Co Ltd, Lawat Motors LLP, Marshell Green Power, Polaris Inc, EasyMile SAS, Vayve Mobility Pvt Ltd, Electric Railway (Thailand) PCL, Kinetic Green Energy & Power Solutions Ltd, Jaymac Engineering Ltd, Tri Electric Pvt Ltd, and Zhejiang Special Vehicle Sales Co Ltd, among others.