New York, United States , May 26, 2024 (GLOBE NEWSWIRE) -- The Global Battery Swapping Market Size Expected to Grow from USD 1.89 Billion in 2023 to USD 28.07 Billion by 2033, at a CAGR of 30.97% during the forecast period 2023-2033.
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Battery swapping is site where a drained battery in an electric vehicle is swapped with charged one, so anyone can avoid the wait for the battery charge. Battery swapping offer solution because it takes 10 minutes and require far less room to install then charging stations. For Instance, October 2023, For instance, October 2023. Battery Smart, SUN Mobility, RACEnergy, Echargeup, Esmito, Battery pool, Mooving, and others are well-known startups in the industry. Indeed, investor interest in this industry has increased in recent years, with Tracxn data indicating that over $135 million has been raised across 17 funding rounds since 2021.Although battery-swapping technology is still in its early stages in India and has had limited success outside of Taiwan, its chances of adoption in the Indian market, particularly for two- and three-wheelers, are promising. The usage of electric vehicles in micromobility is becoming increasingly popular, with many countries assisting micromobility companies by providing infrastructure, allocating specific places in cities for service trials, and cooperating with these companies to develop micromobility in their country. The durability and safety of shared e-scooters have improved in recent years. However, one aspect stands out: recharge. While the electric vehicle industry faces issues such as range, recharge periods, and infrastructure, micromobility might make things lot easier. However, the viability of such a market is dependent on the participation of a significant number of automakers, at least throughout the system's development and launch, who will define the technical standards and standardise the parameters.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Battery Swapping Market Size, Share, and COVID-19 Impact Analysis, By Battery (Lithium-ion, Lead-acid), By Services (Subscription, On-Demand), By Vehicle (2-Wheeler, 3-Wheeler, 4-Wheeler), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The lithium-ion segment is expected to hold the largest share of the global battery swapping market during the anticipation timeframe.
Based on the battery, the global battery swapping market is categorized into lithium-ion, and lead-acid. Among these, the lithium-ion segment is expected to hold the largest share of the global battery swapping market during the anticipation timeframe. Lithium-based solid-state batteries are expected to hold far more energy in the same volume while charging much faster than standard Li-ion batteries. Unlike ordinary batteries, which employ liquid electrolytes, these kinds of batteries use solid-state electrolytes, such as ceramics or solid polymers.
The subscription segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the services, the global battery swapping market is categorized into subscription, and on-demand. Among these, the subscription segment is expected to grow at the fastest CAGR during the anticipation timeframe. Subscription services for battery replacement are a more environmentally friendly method to use batteries. This enables consumers to replace batteries at substantially lower costs than the pay-per-use model. Most battery swapping firms offer this type of battery shifting service as well as fantastic discounts to long-term customers. The number of swaps offered each month as part of the battery-swapping subscription service is a significant aspect.
The 2-wheeler segment is expected to hold a significant share of the global battery swapping market during the anticipation timeframe.
Based on the vehicle, the global battery swapping market is categorized into 2-wheeler, 3-wheeler, 4-wheeler. Among these, the 2-wheeler segment is expected to hold a significant share of the global battery swapping market during the anticipation timeframe. Battery swapping technology offers faster and more convenient charging options than traditional methods, which take several hours to fully charge the car. The continuous construction of comprehensive switching station infrastructure, as well as government incentives to encourage EV use, will help to grow the industry.
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Asia Pacific is projected to hold the largest share of the global battery swapping market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global battery swapping market over the anticipation timeframe. The Asia Pacific region's demand for electric vehicles is rapidly increasing. China and India, with the world's largest populations, are key contributors to rising global temperatures and must advocate for long-term solutions to mitigate the negative consequences. With the majority of countries pledging to reach net zero emissions by 2050, governments must look for alternative fuels to reduce their carbon footprint. Government subsidies and production incentive schemes will boost the electric bike sector. Furthermore, oil prices are approaching new highs.
Europe is expected to grow at the fastest CAGR growth of the global battery swapping market during the anticipation timeframe. The European Union has actively fostered the creation of a sustainable battery industry through initiatives such as the European Battery Alliance. The conflict could emphasise the importance of self-sufficiency in battery supply chains, resulting in more investment in European battery manufacturing. Europe was one of the most rapidly increasing regions in the battery switching industry. NIO Power, a famous Chinese electric car manufacturer, has announced plans to expand operations and introduce its electric vehicle line to Europe, including the United Kingdom.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global battery swapping market are Pushme Inc., BattSwap Inc., GreenPack GmbH, Gogoro Inc, NIO Technologies, Immotor Inc., Oyika Pte. Ltd, Kwang Yang Motor Co., Ltd., and others.
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Recent Developments
- On May 2024, NIO and Guangzhou Automobile Group (GAC) have inked a strategic collaboration agreement to work together on EV charging and swapping issues including battery standards, vehicle R&D and customisation, battery asset management, swapping network development, and operations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global battery swapping market based on the below-mentioned segments:
Global Battery Swapping Market, By Battery
- Lithium-ion
- Lead-acid
Global Battery Swapping Market, By Services
- Subscription
- On-Demand
Global Battery Swapping Market, By Vehicle
- 2-wheeler
- 3-wheeler
- 4-wheeler
Global Battery Swapping Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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