Low-Speed Electric Vehicle (LSEV) Sector Displays Healthy Growth Potential
Around the world, developing economies, such as China, Brazil, Russia, and India, are experiencing rapid urbanization in times of rising air pollution. Among these, China and India, owing to their huge population, have seen the highest growth. With the population surging in urban areas, the sales of personal vehicles for commuting short distances will increase, which, coupled with the pollution factor, expected to drive the low-speed electric vehicle domain.
In the recent years, there has been an increase in the adoption of electric two-wheelers due to their several benefits, the most significant being affordability. This is mainly ascertained by its motor and battery cost, which continue to decline. Due to the advancements in the battery technology, especially that of Li-ion batteries which are rapidly replacing the sealed lead acid variants, the battery cost is plummeting, thus boosting the electric two-wheelers sector growth across the world.
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