Asia Pacific Low-Speed Electric Vehicle Market Forecast to 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 the Research Team

According to the Research Team’ 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.

In October 2022, BOLDLY partners with Estonia-based Auve Tech to roll out new autonomous shuttle “MiCa” in Japan.

In July 2021, Pinehurst Resort Enters Long-Term Agreement with John Deere.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific low-speed electric vehicle market.
o Highlights key business priorities in order to assist companies to realign their business strategies
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific low-speed electric vehicle market, thereby allowing players across the value chain to develop effective long-term strategies
o Develop modify business expansion plans by using substantial growth offering developed and emerging markets
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific low-speed electric vehicle market, as well as those hindering it
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Low-Speed Electric Vehicles Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers/Component Suppliers:
4.3.2 Low-Speed Electric Vehicles Manufacturers:
4.3.3 End Users:
5. Asia Pacific Low-Speed Electric Vehicles Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Growing Concerns Regarding Greenhouse Gas Emission
5.1.2 Increasing Government Support for Electric Vehicles
5.1.3 Rising Affordability of Electric Vehicles
5.1.4 Phasing Out of Internal Combustion Engines
5.2 Restraints
5.2.1 Operational Limitations of Battery-operated Electric Vehicles
5.2.2 High Initial Expenditure
5.3 Opportunities
5.3.1 Usage of Low-speed Electric Vehicles in Different Sectors
5.3.2 Increasing Job Opportunities in EV Manufacturing Facilities
5.4 Future Trends
5.4.1 Advent of Lithium-ion Phosphate and Sodium-ion Batteries for Electric Vehicles
5.5 Impact of Drivers and Restraints:
6. Low-Speed Electric Vehicles Market – Asia Pacific Market Analysis
6.1 Asia Pacific Low-Speed Electric Vehicles Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Low-Speed Electric Vehicles Market Forecast and Analysis
7. Asia Pacific Low-Speed Electric Vehicles Market Analysis – Product
7.1 Overview
7.1.1 Low-Speed Electric Vehicles Market, by Product (2022 and 2030)
7.2 Passenger Vehicle
7.2.1 Overview
7.2.2 Passenger Vehicle Market, Revenue and Forecast to 2030 (US$ Million)
7.3 Utility Vehicle
7.3.1 Overview
7.3.2 Utility Vehicle Market, Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Low-Speed Electric Vehicles Market Analysis – End User
8.1 Overview
8.1.1 Asia Pacific Low-Speed Electric Vehicles Market, by End User (2022 and 2030)
8.2 Golf Courses
8.2.1 Overview
8.2.2 Golf Courses Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Hotels & Resorts
8.3.1 Overview
8.3.2 Hotels & Resorts Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Airports
8.4.1 Overview
8.4.2 Airports Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Residential & Commercial Premises
8.5.1 Overview
8.5.2 Residential & Commercial Premises Market Revenue, and Forecast to 2030 (US$ Million)
8.6 Others
8.6.1 Overview
8.6.2 Others Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Low-Speed Electric Vehicles Market Analysis – Vehicle Type
9.1 Overview
9.1.1 Asia Pacific Low-Speed Electric Vehicles Market, by Vehicle Type (2022 and 2030)
9.2 Golf Carts
9.2.1 Overview
9.2.2 Golf Carts Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Commercial Turf Utility Vehicles
9.3.1 Overview
9.3.2 Commercial Turf Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.4 Industrial Utility Vehicles
9.4.1 Overview
9.4.2 Industrial Utility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
9.5 Personal Mobility Vehicles
9.5.1 Overview
9.5.2 Personal Mobility Vehicles Market Revenue, and Forecast to 2030 (US$ Million)
10. Asia Pacific Low-Speed Electric Vehicles Market – Country Analysis
10.1 Asia Pacific Low-Speed Electric Vehicles Market
10.1.1 Overview
10.1.2 Asia Pacific Low-Speed Electric Vehicles Market Revenue and Forecasts and Analysis – By Country
10.1.2.1 Asia Pacific Low-Speed Electric Vehicles Market Revenue and Forecasts and Analysis – By Country
10.1.2.2 Australia Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.2.1 Australia Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.2.2 Australia Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.2.3 Australia Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.3 China Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.3.1 China Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.3.2 China Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.3.3 China Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.4 India Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.4.1 India Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.4.2 India Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.4.3 India Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.5 Japan Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.5.1 Japan Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.5.2 Japan Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.5.3 Japan Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.6 South Korea Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.6.1 South Korea Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.6.2 South Korea Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.6.3 United States Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
10.1.2.7 Rest of Asia Pacific Low-Speed Electric Vehicles Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.2.7.1 Rest of Asia Low-Speed Electric Vehicles Market Breakdown by Product
10.1.2.7.2 Rest of Asia Low-Speed Electric Vehicles Market Breakdown by End User
10.1.2.7.3 Rest of Asia Pacific Low-Speed Electric Vehicles Market Breakdown by Vehicle Type
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Product Development
11.4 Mergers & Acquisitions
12. Company Profiles
12.1 Evfarm India Pvt Ltd
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Autopower Drives (India) Ltd
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Navya SA
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Taizhou EBU Industry & Trade Co Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Yamaha Motor Co Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Anhui Airuite New Energy Special Purpose Vehicle Co Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Guangdong Lvtong New Energy Electric Vehicle Technology Co Ltd
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Yamaha Golf-Car Co
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 XunHu
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Xiamen Dalle Electric Car Co Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Tomberlin
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 BOLDLY Inc
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Nandan GSE Pvt Ltd
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Renault SA
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
12.15 Deere & Co
12.15.1 Key Facts
12.15.2 Business Description
12.15.3 Products and Services
12.15.4 Financial Overview
12.15.5 SWOT Analysis
12.15.6 Key Developments
12.16 Suzhou Eagle Electric Vehicle Manufacturing Co Ltd
12.16.1 Key Facts
12.16.2 Business Description
12.16.3 Products and Services
12.16.4 Financial Overview
12.16.5 SWOT Analysis
12.16.6 Key Developments
12.17 Saera Electric Auto Ltd
12.17.1 Key Facts
12.17.2 Business Description
12.17.3 Products and Services
12.17.4 Financial Overview
12.17.5 SWOT Analysis
12.17.6 Key Developments
12.18 Shenzhen Aoxiang Industrial Development Co Ltd
12.18.1 Key Facts
12.18.2 Business Description
12.18.3 Products and Services
12.18.4 Financial Overview
12.18.5 SWOT Analysis
12.18.6 Key Developments
12.19 Cengocar
12.19.1 Key Facts
12.19.2 Business Description
12.19.3 Products and Services
12.19.4 Financial Overview
12.19.5 SWOT Analysis
12.19.6 Key Developments
12.20 Guangzhou Langqing Electric Car Co Ltd
12.20.1 Key Facts
12.20.2 Business Description
12.20.3 Products and Services
12.20.4 Financial Overview
12.20.5 SWOT Analysis
12.20.6 Key Developments
12.21 HDK Electric Vehicle Corp
12.21.1 Key Facts
12.21.2 Business Description
12.21.3 Products and Services
12.21.4 Financial Overview
12.21.5 SWOT Analysis
12.21.6 Key Developments
12.22 Lohr SA
12.22.1 Key Facts
12.22.2 Business Description
12.22.3 Products and Services
12.22.4 Financial Overview
12.22.5 SWOT Analysis
12.22.6 Key Developments
12.23 Parmaker Holdings Pty Ltd
12.23.1 Key Facts
12.23.2 Business Description
12.23.3 Products and Services
12.23.4 Financial Overview
12.23.5 SWOT Analysis
12.23.6 Key Developments
12.24 Prevalence Green Solutions Pvt Ltd
12.24.1 Key Facts
12.24.2 Business Description
12.24.3 Products and Services
12.24.4 Financial Overview
12.24.5 SWOT Analysis
12.24.6 Key Developments
12.25 Roots Industries India Ltd
12.25.1 Key Facts
12.25.2 Business Description
12.25.3 Products and Services
12.25.4 Financial Overview
12.25.5 SWOT Analysis
12.25.6 Key Developments
12.26 Kinghike Vehicle Co Ltd
12.26.1 Key Facts
12.26.2 Business Description
12.26.3 Products and Services
12.26.4 Financial Overview
12.26.5 SWOT Analysis
12.26.6 Key Developments
12.27 Lawat Motors LLP
12.27.1 Key Facts
12.27.2 Business Description
12.27.3 Products and Services
12.27.4 Financial Overview
12.27.5 SWOT Analysis
12.27.6 Key Developments
12.28 Marshell Green Power
12.28.1 Key Facts
12.28.2 Business Description
12.28.3 Products and Services
12.28.4 Financial Overview
12.28.5 SWOT Analysis
12.28.6 Key Developments
12.29 Polaris Inc
12.29.1 Key Facts
12.29.2 Business Description
12.29.3 Products and Services
12.29.4 Financial Overview
12.29.5 SWOT Analysis
12.29.6 Key Developments
12.30 EasyMile SAS
12.30.1 Key Facts
12.30.2 Business Description
12.30.3 Products and Services
12.30.4 Financial Overview
12.30.5 SWOT Analysis
12.30.6 Key Developments
12.31 Vayve Mobility Pvt Ltd
12.31.1 Key Facts
12.31.2 Business Description
12.31.3 Products and Services
12.31.4 Financial Overview
12.31.5 SWOT Analysis
12.31.6 Key Developments
12.32 Electric Railway (Thailand) PCL
12.32.1 Key Facts
12.32.2 Business Description
12.32.3 Products and Services
12.32.4 Financial Overview
12.32.5 SWOT Analysis
12.32.6 Key Developments
12.33 Kinetic Green Energy & Power Solutions Ltd
12.33.1 Key Facts
12.33.2 Business Description
12.33.3 Products and Services
12.33.4 Financial Overview
12.33.5 SWOT Analysis
12.33.6 Key Developments
12.34 Jaymac Engineering Ltd
12.34.1 Key Facts
12.34.2 Business Description
12.34.3 Products and Services
12.34.4 Financial Overview
12.34.5 SWOT Analysis
12.34.6 Key Developments
12.35 Tri Electric Pvt Ltd
12.35.1 Key Facts
12.35.2 Business Description
12.35.3 Products and Services
12.35.4 Financial Overview
12.35.5 SWOT Analysis
12.35.6 Key Developments
12.36 Zhejiang Special Vehicle Sales Co Ltd
12.36.1 Key Facts
12.36.2 Business Description
12.36.3 Products and Services
12.36.4 Financial Overview
12.36.5 SWOT Analysis
12.36.6 Key Developments
13. Appendix
13.1 About the Research Team
13.2 Word Index