Asia-Pacific (APAC) Low Speed Electric Vehicle Market 2020

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APAC Low Speed Electric Vehicle Market Research
Report by PS Intelligence
The Asia-Pacific (APAC) low speed electric
vehicle (LSEV) market is predicted to progress
at a CAGR of 6.6 from 2018 to 2025 and expand to
71.8 million units in 2025, as per the market
research company, PS Intelligence. The main
factors propelling the growth of the market are
the rising measures and initiatives being taken
by the governments of many APAC countries, the
increasing public awareness of environmental
degradation caused because of the usage of oil
and gas-powered vehicles, and the implementation
of strict emission norms in several APAC
countries.
A major factor fueling the advancement of the
market is the increasing focus of the
governments of many APAC nations on reducing
their expenditure on crude oil imports. The
adoption of LSEVs is one of the best methods for
mitigating the costs of crude oil imports.
Furthermore, the LSEVs are eco-friendly and have
lower operational costs than the conventionally
used oil and gas-powered automobiles. Due to
these factors, the public transport organizations
in the APAC countries are rapidly adopting these
vehicles in their transport fleets. The other
key factors boosting the growth of the low speed
electric vehicle in apac market are the
increasing awareness amongst the public of the
environmental degradation caused due to the
large-scale utilization of the conventional
vehicles and the rapid urbanization in various
APAC nations, especially India and China.
Furthermore, the governments of APAC nations are
providing subsidies, tax rebates, and grants on
the purchase of low speed electric vehicles,
which is, in turn, causing a rapid expansion of
the market.
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pac- lsev-market/report-sample Till now, the
APAC LSEV market recorded the highest growth, in
both volume and value, in China. This is
ascribed to the presence of numerous favorable
government regulations and policies for the
adoption of low speed electric vehicles in the
country. Additionally, the soaring urban
population and the existence of prominent market
players in the country contributed significantly
to the surge of the market in the country over
the past few years. Thus, with the growing
implementation of favorable government
regulations for the sale of electric vehicles
and the increasing customer preference for eco-
friendly modes of transportation, the market will
exhibit stable growth in the future years.