Summary

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; it is estimated to register a CAGR of 6.8% from 2022 to 2030.

Usage of Low-speed Electric Vehicles in Different Sectors Fuels Asia Pacific Low-Speed Electric Vehicle Market

The changing world scenario towards mitigating environmental pollution has influenced the use of low-speed electric vehicles in different sectors such as defense, construction, and mining. The objective of attaining net zero carbon emissions in different countries is promoting the adoption of sustainable alternatives, fueling the usage of low-speed electric vehicles for carrying goods passengers for shorter distances. Mini excavators, dump trucks and small wheel loaders are some of the examples of utility scale low-speed electric vehicle used in construction and mining sector. The utility-scale application of electric vehicles in a few prime sectors such as mining, defense, and construction, is likely to offer new opportunities for the Asia Pacific low-speed electric vehicle market players in the coming years.

Asia Pacific Low-Speed Electric Vehicle Market Overview

The year 2022 marked a significant turning point for electric car sales in emerging markets, particularly in India, Thailand, and Indonesia. Collectively, these nations experienced an impressive surge, with electric car sales more than tripling compared to the previous year, reaching a substantial figure of 80,000 units. Thailand emerged as a standout performer, with electric cars accounting for slightly over 3% of the total vehicle sales in 2022. India and Indonesia also demonstrated notable progress, with both countries averaging around 1.5% of their total vehicle sales being electric cars during the same period.

Asia Pacific Low-Speed Electric Vehicle Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Low-Speed Electric Vehicle Market Segmentation

The Asia Pacific low-speed electric vehicle market is bifurcated based on product, end user, vehicle type, and country. Based on product, the Asia Pacific low-speed electric vehicle market is bifurcated into passenger vehicle and utility vehicle. The passenger vehicle segment held a larger market share in 2022.

In terms of end user, the Asia Pacific low-speed electric vehicle market is segmented into golf courses, hotels & resorts, airports, residential & commercial, premises, and others. The golf courses segment held the largest market share in 2022.

By vehicle type, the Asia Pacific low-speed electric vehicle market is segmented into golf carts, commercial turf utility vehicles, industrial utility vehicles, and personal mobility vehicles. The golf carts segment held the largest market share in 2022.

Based on country, the Asia Pacific low-speed electric vehicle market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific low-speed electric vehicle market share in 2022.

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 are some of the leading companies operating in the Asia Pacific low-speed electric vehicle market.

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Table of Contents

TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners 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 Insight Partners
13.2 Word Index