Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Electric Two Wheeler Battery Swapping Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The market is forecasted to reach a value of $432.15 million by 2028 from $133 million in 2023, growing at a CAGR of 26.3%
Contributing factors to this growth include significant technological advancements in lithium-ion batteries, increased R&D investment from key market players, and a global upsurge in electric two wheeler sales spurred by stringent pollution regulations.
Recent Developments Shaping the Market
Exciting developments in the industry have seen the emergence of startups specializing in battery swapping technology, such as a joint venture that aims to invest billions in an expansive battery swapping network across India. Elsewhere, innovations in the 'battery as a service' (BaaS) model are projected to reduce initial electric vehicle costs and accelerate market growth during the forecast period.
Rising Demand for Lithium-Ion Batteries
Lithium-ion batteries, accounting for a significant portion of an electric vehicle's initial cost, are predicted to dominate the market as governments in regions like APAC and Europe facilitate the widespread adoption of Li-ion powered two wheelers through supportive policies and subsidies.
Government Initiatives Bolster Growth
With government incentives and subsidies promoting electric two wheeler usage, alongside initiatives to establish battery swapping infrastructure, regions such as Asia-Pacific are poised to lead in market growth. Various nations are gearing up to support this burgeoning sector, with countries like China focusing on standardizing battery swapping infrastructure.
Despite the market's potential, challenges remain, particularly in rural infrastructure development and standardization of battery technology. The COVID-19 pandemic also presented setbacks by stalling operational activities, although optimism is high as markets rebound in many Asian countries.
Market Segmentation Highlights
The Electric Two Wheeler Battery Swapping Market is segmented based on service type, battery type, end user, and region. Asia-Pacific is anticipated to spearhead the market due to its rapidly growing electric two wheeler segment, followed by Europe, which is expected to see a surge in growth attributed to the utilization of electric two wheelers in logistics and delivery services.
Key Market Players
Leading companies such as Gogoro Inc, NIO Technologies, and Sun Mobility are at the forefront of developing efficient battery swapping networks globally, signifying the industry's competitive landscape.
This in-depth market analysis forecasts strong growth trajectories and identifies critical segments and regional markets poised for significant expansion. It provides a comprehensive view of the forces propelling the Electric Two Wheeler Battery Swapping Market forward, offering valuable insights for stakeholders, investors, and participants looking to navigate this flourishing industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 116 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $133.23 Million |
| Forecasted Market Value (USD) by 2028 | $432.15 Million |
| Compound Annual Growth Rate | 26.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Gogoro Inc.
- NIO Technologies
- Sun Mobility
- Immotor Inc.
- Oyika Pte. Ltd.
- MO Batteries Singapore Pte Ltd.
- Kwang Yang Motor Co, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/sasc3n
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