Portland, OR, May 10, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global electric vehicle battery swapping market was pegged at $100.08 million in 2020, and is estimated to reach $852.59 million by 2030, growing at a CAGR of 24.4% from 2021 to 2030.
Rise in demand for electric vehicles, lack of adequate public facilities, and reduced time for electric vehicle charging drive the growth of the global electric vehicle battery swapping market. However, high initial set-up and operating cost of battery swapping stations and differentiation in battery technology and design hinder the market growth. On the contrary, advent of innovative & advanced battery swapping models and services and rapid emergence of shared e-mobility are expected to open lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The Covid-19 pandemic has hampered the global automotive industry due to decrease in demand for new and old vehicles.
- However, the pandemic has accelerated some trends such as electrification in two-wheeler and three-wheeler vehicles. Moreover, the shared mobility sector witnessed growth due to rise in last-mile delivery, ride-hailing, and rentals.
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The global electric vehicle battery swapping market is segmented on the basis of service type, vehicle type, and region. Based on service type, the subscription model segment held the lion’s share in 2020, accounting for more than three-fourths of the market. However, the pay-per-use model segment is estimated to register the highest CAGR of 26.9% from 2021 to 2030.
On the basis of vehicle type, the two-wheeler segment dominated the market in 2020, contributing to nearly one-third of the market. Moreover, the segment is estimated to register the highest CAGR of 25.7% during the forecast period. The report includes an in-depth analysis of the other segments such as three-wheeler passenger vehicle, three-wheeler light commercial vehicle, four wheeler light commercial vehicle, buses, and others.
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The global EV battery swapping market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for more than half of the market. However, the market across LAMEA is estimated to portray the highest CAGR of 27.2% during the forecast period.
The global electric vehicle battery swapping market report includes an in-depth analysis of the major market players such as Amplify Mobility, Amara Raja, EChargeUp solutions pvt Ltd, ChargeMYGaadi, Gogoro, Inc., Esmito Solutions Pvt Ltd, Numocity, Lithion Power Pvt Ltd, NIO, Inc., Oyika Pte Ltd.
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