The Global Electric Vehicle Battery Swapping Market Report is a compilation of comprehensive research studies of various aspects of the Electric Vehicle Battery Swapping Market. With accurate data and highly authentic information, a brilliant attempt is made to paint a true, transparent picture of the current and future situations of the global Electric Vehicle Battery Swapping market. Market participants can use this powerful tool when creating effective business plans or making major changes to their strategies. The report discusses the growth of the global as well as regional markets. It also throws light on high-growth segments of the global Electric Vehicle Battery Swapping market and how they will evolve in the years to come.
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In terms of revenue, global electric vehicle battery swapping market was valued at US$ 190.29 Mn in 2022 growing at a CAGR of 25.6% over the forecast period (2022 – 2030). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries. . Key Players: The key companies profiled in the global electric vehicle battery swapping market analysis are Ample, Esmito Solutions Pvt Ltd., EVI Technologies Pvt Ltd., Gogoro, Honda Motor Co. Ltd, Lithion Power Private Limited, NIO, Oyika, SUN Mobility, Upgrid Solutions Private Limited Other Market Participants.
Global electric vehicle battery swapping market is projected to be driven by growing electric vehicle sales along with increasing need for charging infrastructure. The concept of battery swapping is based on holding inventory of fully charged batteries which can be swapped with depleted battery by end-user. Proliferation in energy demand along with increasing carbon emissions from conventional vehicles has escalated environmental concerns globally. Such a trend has majorly fuelled the demand for electric vehicles in the recent past. Global electric vehicle paradigm also increased the need for effective energy distribution and charging technologies. Currently, most popular charging technologies include plug-in charging, inductive/capacitive charging, autonomous charging, and battery swapping. Battery swapping system is gaining popularity in conjunction with improving grid reliability and cost-effective measure for charging electric vehicles. Minimising charging time, increased affordability of electric vehicles, flexible payment models and improving energy efficiency of battery life are some of the major factors which are positively influencing consumer dynamics and driving the growth of electric vehicle battery swapping market.
According to International Energy Agency (IEA), governments around the globe spent around USD 14 billion on tax deductions and direct purchase incentives for electric vehicles in 2020. Apart from government expenditure, in 2020, consumer spending increased by 50% from 2019 on electric vehicle purchases. Increasing expenditure on electric vehicles have fostered original equipment manufacturers (OEMs) to embrace electric mobility and electrification target completion by 2030 and beyond. Moreover, some of the industry participants have planned to reconfigure their product lines by only producing electric vehicles. Such plans were announced in first quarter of 2021 by manufacturers namely Ford Motor Company, Volvo, General Motors Company, Volkswagen AG, and Stellantis N.V. Hence, these robust electric vehicle pipeline projects are further likely to spur growth of electric vehicle battery swapping market over the forecast period.
The industry faced short term impact during COVID-19 pandemic, as economic repercussions of pandemic hindered the automotive sales. Electric vehicles market, being resilient compared to general automotive vehicles, purchase incentives, supportive regulatory framework and stimulus measures drove electric car sales post crisis. Despite of unprecedented economic downturn, the growth prospects for electric vehicle battery swapping have been bolstered with new Chinese project developments and funding announcements. For instance, in October 2021, Chinese Ministry of Industry and Information Technology (MIIT) launched battery replacement pilot programme for electric vehicles in China. Moreover, the project targets to build around 1000 battery swapping stations and launch more than 100,000 battery swap compatible electric vehicles. Growing investments along with development of new projects in line with economic rebound is further likely to drive electric vehicle battery swapping market growth in the extended run.
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Global Electric Vehicle Battery Swapping Market:
By Vehicle Type:
- 2-Wheelers
- Passenger Vehicles
- Commercial Vehicles
- Buses
- 3-Wheelers
- Others
By Pricing Model:
- Pay per Use Model
- Subscription Model
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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