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Electric Vehicle Battery Swapping Market Size, Trends And Overview 2024-2033
Electric Vehicle Battery Swapping Market Size
According to The Business Research Company's, The electric vehicle battery swapping market size has grown exponentially in recent years. It will grow from $2.37 billion in 2023 to $3.36 billion in 2024 at a compound annual growth rate (CAGR) of 41.5%. The growth in the historic period can be attributed to environmental concerns, increasing urbanization, rising fuel prices, consumer demand for convenience, infrastructure development.
The electric vehicle battery swapping market size is expected to see exponential growth in the next few years. It will grow to $12.85 billion in 2028 at a compound annual growth rate (CAGR) of 39.8%. The growth in the forecast period can be attributed to decreasing battery costs, regulatory push for zero-emission vehicles, growing awareness of sustainability, improvements in charging infrastructure, emergence of smart grid solutions. Major trends in the forecast period include integration of battery swapping with ride-sharing and mobility platforms, rise of subscription-based battery swapping services, emergence of battery swapping as a service (BaaS) models, adoption of blockchain technology for secure battery tracking and transactions.
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Market Drivers and Trends:
The lack of adequate public charging facilities is expected to propel the growth of the electric vehicle battery-swapping market going forward. Public charging facilities are typically situated in public areas such as parking lots, shopping centers, rest areas, and highways where electric vehicle (EV) owners can recharge their vehicles outside their homes. The significant capital and resource investment required for building and installing public charging infrastructure often results in many regions needing more funding or incentives to develop a comprehensive charging station network. EV battery swapping is a viable solution in areas lacking adequate public charging facilities, offering EV owners a convenient alternative for quickly replenishing their vehicle's battery charge. For instance, in February 2023, according to data shared by J.D. Power, a US-based data analytics software company, the rate of charge point unreliability surged by 50% from 2021 to January 2023. Specifically, the rate has risen from 14% to 21%. Moreover, more than one in five charging attempts fails, with 72% of these failures attributed to malfunctioning or out-of-service chargers. Therefore, the need for adequate public charging facilities is driving the growth of the electric vehicle battery-swapping market.
Major companies operating in the electric vehicle battery swapping market are increasing their focus on developing innovative and advanced solutions, such as on-demand battery delivery and swapping services, to gain a competitive edge in the market. It is a convenient solution, allowing users to receive and replace electric vehicle batteries as needed, enhancing flexibility, and addressing charging-related concerns. For instance, in August 2021, Kwang Yang Motor Co. Ltd. (KYMCO), a Taiwan-based motorcycle manufacturer company, launched the Ionex Recharge. This platform offers a personalized energy replenishing service with on-demand battery delivery and swapping, ensuring convenience and eco-friendliness in electric scooter and motorcycle usage. It introduces advancements such as automated swapping and a cloud-based operating system, significantly enhancing the user experience, promoting the transition to zero-emission vehicles, and establishing market leadership in the electric vehicle battery swapping market.
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Major Key Players of the Market:
Panasonic Corporation, BYD Company Limited, Beijing Automotive Industry Holding Co. Ltd. (BAIC Group), LG Energy Solution Ltd., NIO Inc., Amara Raja Batteries Limited, Gogoro Inc., Bird Global Inc., Rapido (Roppen Transportation Services Private Limited), EChargeUp Solutions Pvt Ltd., ONN Bikes (Motor Bike Company Pvt Ltd), Yulu Bikes Private Limited, BatteryPool Technologies Pvt. Ltd., Lithion Power Private Limited, Bounce Mobility Pvt. Ltd., Battery Smart Pvt. Ltd., Leo Motors Inc., Mooving Technologies Pvt. Ltd., Esmito Solutions Pvt. Ltd., Immotor Inc., SUN Mobility Private Limited, BattSwap Inc., Oyika Pte Ltd., Tier Mobility GmbH, Kwang Yang Motor Co. Ltd. (KYMCO), Ample Inc., HOP Electric Mobility Pvt. Ltd., RACEnergy (RACEnergy Charging Solutions Pvt. Ltd.), Honda Power Pack Energy India
Electric Vehicle Battery Swapping Market 2024 Key Insights:
• The electric vehicle battery swapping market is expected to grow to $12.85 billion in 2028 at a compound annual growth rate (CAGR) of 39.8%.
• Electric Vehicle Battery Swapping Market Grows Amidst Challenges In Public Charging Infrastructure
• Innovative Solutions Driving Growth In Electric Vehicle Battery Swapping Market
• Asia-Pacific was the largest region in the electric vehicle battery swapping market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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