Selbyville, Delaware, May 17, 2023 (GLOBE NEWSWIRE) --
Battery Swapping Market size is expected to cross a valuation of USD 15 billion by 2032, according to the latest research report published by Global Market Insights, Inc.
The increasing number of investments in battery swapping infrastructure initiated by several governments and private companies worldwide will drive the industry growth. For instance, in January 2023, Taiwan-based Gogoro Inc. and Belrise Industries, Indian automotive systems manufacturer, invested $2.5 billion for setting up a wide network of battery swapping stations for EVs in India. Battery swapping infrastructure offers convenience of swapping depleted batteries for fully charged ones to EV users along with reduced range anxiety and saving time over traditional charging methods. The increasing investments for the adoption of EVs and the higher support sustainable transportation solutions will also contribute to the market expansion.
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Rising penetration in 4-wheelers
The 4-wheeler battery swapping market reached over USD 100 million in 2022 due to the surging popularity of EVs in the commercial and fleet sectors. Battery swapping offers fast and more convenient charging solutions over traditional methods. The introduction of robust infrastructure of swapping stations driven by the rise in government incentives for EV espousal will also add to the sector growth.
Increasing preference for on demand services
The battery swapping market from the on-demand segment will reach USD 5 billion by 2032 attributed to the increasing consumer requirements for faster and convenient charging solutions for EVs. On-demand services offer the ability to swap batteries quickly without any downtime and are hence widely preferred by various businesses that rely on EVs for their daily operations. The ongoing developments in robust infrastructure for on-demand battery swapping stations will further drive the business expansion.
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Europe to lead the regional landscape
Europe battery swapping market will showcase 30% CAGR from 2023-2032 due to the increasing emphasis on reducing the greenhouse gas emissions. In recent years, the European Union has introduced ambitious goals for reducing carbon emissions and promoting sustainable transportation. Thus, battery swapping technology has grown largely popular as it offers convenient and efficient charging solutions for EVs. The rising support for transportation will further amplify the demand for industry infrastructure in the region.
Key players operating in the industry’s competitive landscape
Leading battery swapping industry participants are Nio, Immotor, Aulton, Gogoro, Sun mobility, numocity, Amara raja, Oyika Pte. Ltd, Charge my gaadi, Lithion Power, Kwang Yang Motor Co., Ltd., Ample, Swobbee, Esmito solutions and Zynch. These firms are working on strategic developments, collaborations, and mergers for enhancing their product portfolios.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Battery Swapping System market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Vehicle trends
2.5 Services trends
2.6 Station type trends
2.7 Battery type trends
Chapter 3 Battery Swapping System Market Insights
3.1 Impact on COVID-19 impact
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Battery swapping system architecture
3.5 Battery swapping station analysis
3.6 Pricing analysis
3.7 Technology & innovation landscape
3.8 Patent analysis
3.9 Key news and initiatives
3.10 Regulatory landscape
3.11 Impact forces
3.11.1 Growth drivers
3.11.1.1 Rise in investment in battery swapping infrastructure
3.11.1.2 Increased adoption of electric vehicles
3.11.1.3 Increasing reliance on micro mobility
3.11.1.4 Government initiatives to promote sustainable transportation and reduce carbon emissions
3.11.1.5 Increasing investment in renewable energy sources
3.11.2 Industry pitfalls & challenges
3.11.2.1 Lack of standardization in the batteries
3.11.2.2 High initial cost and capital investment in Battery Swapping Infrastructure Development
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
