Electric Vehicle Battery Swapping Market 2028: Key Companies, Player Strategies & Forecast
Global Electric Vehicle Battery Swapping Market Size & Insights
The Electric Vehicle Battery Swapping Market is projected to grow at around 25.7% CAGR during the forecast period, i.e., 2023-28. The growth of the market would be propelled mainly by the ever-increasing demand for electric vehicles worldwide, the rising cost of EV battery charging, various government initiatives toward promoting EV adoption, and the time & cost-saving capabilities of battery swapping charging infrastructure.
What are the Key DROs in the Global Electric Vehicle Battery Swapping Market??
Rising Need to overcome EV Range Limitations- The fear among EV owners of running out of battery power and being stranded is a significant concern. Battery swapping offers a great solution to this challenge by providing a quick, convenient, & efficient way to extend the EV driving range without waiting for a battery to recharge fully. By enabling users to exchange depleted batteries for fully charged ones, battery swapping helps alleviate range anxiety and provides reassurance to EV owners. This convenience and peace of mind are driving the demand for battery swapping services, particularly in regions with high penetration rates of EVs and the rapidly developing charging infrastructure.
What are the Key Segments in the Global Electric Vehicle Battery Swapping Market?
The Electric Vehicle Battery Swapping Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Service Type
Pay-Per-Use- Market Size & Forecast 2018-2028, USD Million
Subscription- Market Size & Forecast 2018-2028, USD Million
By Vehicle Type
Two-Wheeler - Market Size & Forecast 2018-2028, USD Million
Three-Wheeler - Market Size & Forecast 2018-2028, USD Million
Four-Wheeler- Market Size & Forecast 2018-2028, USD Million
Here, two-wheelers, such as electric scooters & motorcycles, dominate the market with the largest share.
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By Station Type
Automated - Market Size & Forecast 2018-2028, USD Million
Manual - Market Size & Forecast 2018-2028, USD Million
By Application
Passenger - Market Size & Forecast 2018-2028, USD Million
Commercial - Market Size & Forecast 2018-2028, USD Million
By Battery Capacity
Less than 30 KWH- Market Size & Forecast 2018-2028, USD Million
More than 30 KWH - Market Size & Forecast 2018-2028, USD Million
How does geographical analysis highlight in the Global Electric Vehicle Battery Swapping market?
By Region
North America
South America
Europe
The Middle East & Africa
Asia-Pacific
Of all regions, Asia-Pacific, particularly China, is the largest Electric Vehicle Battery Swapping Market globally, mainly due to the substantially growing EV adoption and the rapidly developing battery-swapping infrastructure, backed by massive population & rising urbanization.
Who are the Key Players in Global Electric Vehicle Battery Swapping Market?
Nio Power
Gogoro
Aulton
Sun Mobility
Immotor
Ample
Numocity
Battswap
Estimo
Kymco
BYD Company Limited
Charge My Gaadi
Amplify Cleantech Solutions Pvt Ltd.
Amara Raja Battery Limited
Echargeup
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Global Electric Vehicle Battery Swapping Market News
On 24 April 2023, Globe Group’s 917Ventures, Ayala Corporation, and Gogoro Inc., a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, launched Gogoro Smartscooters® and battery-swapping in the Philippines.
On 17 January 2023, Gogoro Inc. and Belrise Industries (erstwhile known as Badve Engineering Ltd.) came into a strategic partnership with the Indian State of Maharashtra to establish an unprecedented battery-swapping infrastructure.
On 18 April 2022, CATL officially launched its EVOGO battery swap services, which include battery blocks, fast battery swap stations, & an app, in Xiamen, southeast China’s Fujian Province, making it the world’s first EVOGO city.
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Risk Identification: Pinpoint challenges to inform strategic planning.
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