The electric vehicle battery swapping market mainly deals with exchange of the fully discharged batteries of the electric vehicles with fully charged new batteries. In the old and new vehicles undergo a service in this process. As a result of the occurrence of the pandemic the demand and supply of the new and old vehicles has seen a drastic decline.
The quick services which are provided by the back battery swapping techniques helps to save a lot of time and energy of the consumers. The lack of facility is which is created from the rapid demand of electric vehicles by the people will also be managed with the help of these services.
Factors such as the ability to erase concerns such as longer charging times, range anxiety, and high battery replacement costs are expected to boost the market growth during the forecast period. Additionally, factors such as increasing number of regulatory policies supporting adoption will increase the footprint of the market.
According to Precedence Research, the global electric vehicle battery swapping market size was accounted at USD 125.09 million in 2021 and is forecasted to reach around USD 857.6 million by 2030 with a compound annual growth rate (CAGR) of 23.85% during the forecast period 2022 to 2030.
- Asia Pacific electric vehicle battery swapping market was valued at USD 71 million in 2021
- By vehicle type, the two-wheeler segment garnered largest revenue share of 68% in 2021
- In 2021, Asia pacific region accounted largest market share of around 43%
- Europe will show good growth rate in near future
- By service type, the subscription segment accounted 67% revenue share in 2021
Rising System Benefits to Bolster Market Growth
Factors, such as rising demand for larger battery capacity and growing requirements for fast chargers, are expected to drive the electric vehicle battery swapping market growth during the forecast period. Also, load following, frequency regulation, and voluntary reserve provisions will further fuel the market growth. Additionally, simple management style for energy producers and transmission system operators (TSO) will increase the footprint of the market.
However, higher cost of initial investment for electric vehicle battery swapping production will hinder the growth of the market during the forecast period.
Rising Investment toward R&D Activities to Bolster Market
Dominant players in the market are often implementing strategies such as mergers & acquisitions along with collaborations in order to gain a competitive advantage. Other players are often aiming for launching novel products in order to increase their offerings for capturing a larger consumer base. For example, in June 2021, Ample and Sally announced a partnership for electric mobility solution for rideshare, ride hailing, taxi, and last-mile delivery drivers. This partnership is aimed at deploying EV solutions to major cities in the U.S. such as US, including San Francisco, Los Angeles, and Chicago.
The Asia Pacific region has seen a tremendous growth in the electric vehicles battery swapping market as a result of the huge demand of two wheelers and three wheelers which operate on electric power. The rapid increase in e-mobility in this region has also help to boost the market for the electric vehicle battery swapping market. The developing status of the countries belonging to this region has boosted the revenue return for the battery swapping market. European nations are the next market that have provided a boost to the economy as a result of the rapid growth in city vehicles which are being operated by the private owners in this region.
Europe will witness considerable growth owing to rising development of battery swapping for compact city-oriented vehicles in emerging economies such as Germany and Sweden to name a few.
The North American market has made strict rules and guidelines regarding the carbon emissions which has helped to boost the market for the electric vehicles. This intern is providing great opportunity for the electric vehicle battery swapping market. The increasing awareness regarding climate change and environmental destruction has helped to boost the market size of the electric vehicle battery swapping market.
Highlights of the Report
The electric vehicle battery swapping market report explores the market by evaluating a detailed analysis of the sector in terms of key aspects, such as leading companies, product types, and leading applications of the product. Additionally, ongoing market trends and industry developments are noted in the study. In addition to the mentioned factors, the report also offers an in-depth market analysis of several factors that have contributed to the growth of the market during the forecast period.
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