The APAC LSEV market is projected to reach 71.8 million units by 2025.
The growth of the market is primarily driven by stringent government norms and regulations on carbon emissions, increasing government support in the form of incentives to encourage the adoption of LSEVs, and rising environmental awareness among the people in the region.
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On the basis of product, the APAC LSEV market has been categorized into two-wheeler, three-wheeler, and four-wheeler. Of these, the two-wheeler category led the market in 2017, with a market share of more than 75% in terms of volume. The category is expected to continue holding the largest share in the market in the coming years, owing to the increasing consumer preference for two-wheelers as a means of personal transport.
China led the APAC LSEV market in 2017, in terms of both value and volume, owing to favorable government policies and rapid increase in the urban population of the country. Also, most of the key players in the APAC market are concentrated in China, making it the largest market for LSEVs in the region.
Government incentives in the form of subsidies and grants, and rising environmental awareness are driving the growth of the APAC LSEV market. Governments, especially of China and India, are aiming at the complete electrification of public transport. In an effort to achieve this, they are providing support in the form of incentives to encourage the adoption of these vehicles.
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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.
