Press release
Electric Vehicle Battery Swapping Industry to Achieve $17.46 Billion Growth by 2029
Electric Vehicle Battery Swapping
How Will the Electric Vehicle Battery Swapping Market Grow by 2025 in Terms of Size and Growth?
The market size for battery replacement in electric vehicles has seen significant expansion of late. The market, which is projected to be $3.36 billion in 2024, is expected to reach $4.69 billion in 2025, boasting a compound annual growth rate (CAGR) of 39.7%. Factors contributing to the growth during the past period include environmental considerations, urbanization escalation, escalating fuel prices, customer preference for comfort and convenience, as well as infrastructure advancement.
What Are the Estimated Growth Rates for the Electric Vehicle Battery Swapping Industry Through 2029?
Over the coming years, the electric vehicle battery swapping market is predicted to experience significant growth, expanding to $17.46 billion by 2029 with a compound annual growth rate (CAGR) of 38.9%. Various factors such as reducing battery prices, emphasis on zero-emission vehicles by regulations, awareness towards sustainability, advancements in charging infrastructure and the development of smart-grid solutions contribute to this projected growth in the forecast period. The expected trends encompass the merging of battery swapping with ride-sharing and mobility services, the emergence of subscription-based battery swapping services and battery swapping serviced as a service (BaaS) models and the implementation of blockchain technology for secure tracking and transactions of batteries.
Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/electric-vehicle-battery-swapping-global-market-report
What Are the Strategic Drivers Boosting Electric Vehicle Battery Swapping Market Performance?
The anticipated growth of the electric vehicle battery-swapping market can be attributed to the shortage of suitable public charging stations. These charging facilities are usually located in accessible areas like parking spaces, shopping malls, rest points, and highways. They enable electric vehicle (EV) owners to charge their vehicles when not at home. However, setting up these public charging infrastructures requires significant financial and resource input, leading to the need for more funds or incentives to build a wide-ranging network of charging stations in many places. Battery swapping for EVs presents a practical solution in areas where sufficient public charging provisions are insufficient, offering EV users a quick and easy way to recharge their vehicle's battery. For example, J.D. Power, an American data analytics software company, revealed that the incidence of charge point unreliability shot up by 50% from 2021 to January 2023, with the rate increasing from 14% to 21%. Additionally, over one in five charging attempts are unsuccessful, with 72% of these failures as a result of faulty or non-operational chargers. As such, the necessity for sufficient public charging facilities propels the expansion of the electric vehicle battery-swapping market.
Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14343&type=smp
What Are the Segments in the Electric Vehicle Battery Swapping Market?
The electric vehicle battery swapping market covered in this report is segmented -
1) By Service Type: Subscription Model, Pay-Per-Use Model
2) By Station Type: Automated, Manual
3) By Vehicle Type: Two-Wheeler, Three-Wheeler Passenger Vehicle, Three-Wheeler Light Commercial Vehicle, Four-Wheeler Light Commercial Vehicle, Buses, Other Vehicle Types
Subsegments:
1) By Subscription Model: Monthly Subscription Plans, Annual Subscription Plans, Customized Subscription Plans
2) By Pay-Per-Use Model: Pay Per Swap, Pay Per Charge, Pay Per Distance
What Are the Key Adoption Trends in the Electric Vehicle Battery Swapping Market?
Major corporations in the electric vehicle battery swapping industry are placing emphasis on the development of modular battery swapping technology. The goal behind this is to optimise efficiency, lessen charging time, improve management of battery lifespan and enhance the overall consumer experience. The system, known as modular battery swapping technology, offers an innovative solution enabling electric vehicle users to quickly switch out drained batteries for fully charged replacements in a standardised, flexible format. For example, in August 2024, Sun Mobility Pvt. Ltd., an Indian company, collaborated with Veera Vahana Udyog Pvt Ltd, another Indian firm, to unveil this technology for heavy electric vehicles. This system drastically reduces battery swapping time to less than three minutes, a stark contrast to traditional charging techniques, increasing the operational effectiveness of vehicles and reducing downtime. It also boosts employment rates in fleet firms and targets a reduction of about 40% in initial investments for electric buses, thereby aligning their costs more closely with those of traditional internal combustion engine buses.
Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=14343&type=smp
Which Companies Lead the Competitive Landscape of the Electric Vehicle Battery Swapping Industry?
Major companies operating in the electric vehicle battery swapping market are 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
Where Are the Key Electric Vehicle Battery Swapping Market Opportunities by Region?
Asia-Pacific was the largest region in the electric vehicle battery swapping market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle battery swapping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
#Reach Out to Us#
Speak With Our Expert:
Saumya Sahay
Americas +1 310-496-7795
Asia +44 7882 955267 & +91 8897263534
Europe +44 7882 955267
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
• LinkedIn: https://in.linkedin.com/company/the-business-research-company
Speak With Our Expert:
Saumya Sahay
Europe - +44 7882 955267,
Asia: +91 88972 63534,
Americas - +1 310-496-7795 or
Email:saumyas@tbrc.info
Follow Us On:
• LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Electric Vehicle Battery Swapping Industry to Achieve $17.46 Billion Growth by 2029 here
News-ID: 4178932 • Views: …
More Releases from The Business Research Company
Vehicle Road Sign Assist Market to Grow at 21.3% CAGR, Reaching $12.53 Billion b …
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Vehicle Road Sign Assist Market Outlook: How is the Market Expected to Grow by 2025?
The market size for vehicle road sign assist systems has undergone significant expansion over the recent past. The market valuation is expected to surge from $4.7 billion in 2024 to a considerable $5.79 billion in…
Global Traction Inverter Market Size, Share, and Forecast Analysis 2025-2029
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
What Are the Traction Inverter Market Size Forecast for 2025?
In the past few years, the market size of the traction inverter has expanded swiftly. Its estimated growth is from $17.32 billion in 2024 to $20.3 billion in 2025, indicating a compound annual growth rate (CAGR) of 17.2%. This noteworthy…
Small Commercial Vehicle Industry to See Robust Expansion, Valued at $653.36 Bil …
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Projected CAGR for the Small Commercial Vehicle Market from 2024 to 2025?
In recent times, the small commercial vehicle market has witnessed considerable growth. The market value, which stands at $521.13 billion in 2024, is expected to increase to $549.98 billion in 2025, representing a compound annual growth rate…
Railway System Market on Path to Hit $42.08 Billion by 2029 at 4.3% CAGR
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Railway System Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size of the railway system has been experiencing consistent growth over the past few years. It is projected to increase from a value of $33.92 billion in 2024 to $35.49 billion in 2025, reflecting a compound…
More Releases for Vehicle
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmented…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the…
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, …
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),…
