Electric Vehicle Battery Swapping Market Outlook, Demand and Forecast till 2028
IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Battery Swapping Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric vehicle battery swapping market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the electric vehicle battery swapping market?
The global electric vehicle battery swapping market size reached US$ 153.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 593.6 Million by 2028, exhibiting a growth rate (CAGR) of 24.8% during 2023-2028.
What is battery swapping technology?
Electric vehicle battery swapping is a mechanism that involves replacing discharged or depleted batteries with completely charged ones at a swapping station. Additionally, these stations act as battery aggregators with adequate infrastructure to store a large number of batteries that can be traded using subscription or pay-per-use models. As compared to charging, electric vehicle battery swapping improves battery efficiency for smaller vehicles and eliminates the concerns of long charging time and high battery replacement costs. It also aids in minimizing the financial burden and enhances cost-effectiveness while keeping the vehicle operational and reducing downtime.
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What are the growth prospects and trends in the EV battery swapping industry?
The significant growth in the electric vehicle (EV) sector and the inadequate charging facilities across the globe are among the primary factors fueling the electric vehicle battery swapping market. Besides this, the emerging trend of battery-as-a-service (BaaS), owing to its impact on reducing EV prices by decoupling battery ownership, is further driving the global market.
Apart from this, EV battery swapping stations are extensively adopting digital technologies, including the Internet of Things (IoT), to enhance battery management systems (BMS), changing services, remote monitoring, and customer experience, which, in turn, is also catalyzing the market growth. Furthermore, the launch of data-driven global positioning system (GPS) tracking and artificial intelligence (AI) to assist customers in locating swapping stations, thereby reducing downtime and range anxiety, is acting as another significant growth-inducing factor.
Moreover, the increasing number of battery swapping stations (BSSs) and extensive research and development (R&D) activities toward developing cost-effective batteries are expected to positively influence the electric vehicle battery swapping market over the forecasted period.
Who are the key players operating in the industry?
The report covers the major market players including:
- Ample Inc.
- ChargeMyGaadi (CMG)
- Echargeup Solutions Pvt. Ltd.
- Esmito Solutions Pvt Ltd
- Gogoro Inc. (NASDAQ: GGR)
- Kwang Yang Motor Co. Ltd.
- Lithion Power Private Limited (OTCMKTS: LTHHF)
- NIO Inc. (NYSE: NIO)
- Numocity
- Oyika Pte. Ltd
- SUN Mobility.
Key Market Segmentation:
The report has segmented the global electric vehicle battery swapping market on the basis of service type, vehicle type and region.
Breakup by Service Type:
- Subscription Model
- Pay-Per-Use Model
Breakup by Vehicle Type:
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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