Singapore: The mobility sector in South and Southeast Asia is rapidly growing and could attract up to USD 1.3 trillion in green capital by 2030, according to a report released ahead of Climate Week NYC. The report, jointly published by LeapFrog Investments, Temasek, Mahindra Last Mile Mobility Limited, and Battery Smart, highlights the rising demand for affordable electric vehicles (EVs) in emerging Asian markets, driven by lower costs and increased infrastructure.
Electric scooters and three-wheelers in these regions have reached price points that make them cheaper to own than petrol alternatives, spurring demand, particularly among first-time buyers from low-income backgrounds. In India, for instance, EV three-wheeler drivers earn 20% more than those using traditional vehicles due to lower operating costs.
The report projects that green capital demand for mobility will exceed that of the energy and food sectors combined. With mobility emissions accounting for 10% of Asia’s total greenhouse gas emissions, rapid electrification is crucial.
Women across India, Bangladesh, and Vietnam are increasingly adopting e-scooters, gaining safer, more cost-effective transportation options. Battery swapping stations, such as those run by Battery Smart, have further reduced re-fueling times, enhancing EV accessibility.
The report emphasizes that private markets and impact investors have a USD 1.3 trillion opportunity to reshape transportation in the region through EV adoption.
SOURCE- PTI
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