Global EV Battery Swapping Market is expected to grow at a CAGR of around 22% during the forecast period 2021-2027. The global push for zero-emissions road transportation has picked up dramatically. According to new data from BloombergNEF, electric cars (EVs), comprising battery electric and plug-in hybrids, accounted for 7.2 percent of worldwide car sales in the first half of 2021, up from 2.6 percent in 2019 and 4.3 percent in 2020. Government decarbonization goals, falling battery prices, and a growing range of models provided by automakers are propelling the adoption of electric vehicles quicker than previously believed. According to the company, electric vehicles would account for 20-30% of sales in the United States, the European Union, and China by 2025, based on “proposed and confirmed legislation” in those countries. The rising demand and sales of electric vehicle are also creating new demand for its infrastructure and battery swapping can be one of the important sector to gain momentum along with the EV sales.
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In Chinese cities and along major highways, battery switching infrastructure has grown rapidly after 2020. Cars with fully integrated automatic rapid battery-swapping system options are available in a modular form. Other developing application areas for battery switching include buses, trucks, and heavy-duty vehicles, among others.
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COVID-19’s rapid spread had a substantial influence on the worldwide automotive sector, resulting in a drop in demand for both new and used vehicles. The current global economic conditions and market mood have a direct impact on important companies’ businesses. Despite the many hurdles that lay ahead, coronavirus has the potential to expedite some positive trends. For example, due to the rise of various use cases such as last-mile delivery, ride hailing, and rentals, electrification is likely to increase in certain sectors such as two-wheel (2W) and three-wheel (3W) vehicles, and shared mobility may also expand. OEMs and other stakeholders may update their strategy for the electric car battery swapping industry by having a good awareness of the changing scenario as they prepare for the future
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For a better understanding of the market adoption of EV Battery Swapping, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020 and is expected to grow at a higher rate during the forecasted period. As a result of government backing for the manufacturing industry, the Asia-Pacific region has numerous developing economies with enormous natural and human resources, with China and India projected to be important investment hotspots for battery businesses over the next years
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Global EV Battery Swapping Market Segmentation
Market Insight, by Service Type
· Pay-per-Use
· Subscription
Market Insight, by Vehicle Type
· Two-Wheeler
· Three-Wheeler
· Four-Wheeler
· Others
Market Insight, by Region
· North America EV Battery Swapping Market
o United States
o Canada
o Rest of North America
· Europe EV Battery Swapping Market
o Germany
o France
o United Kingdom
o Italy
o Rest of Europe
· Asia Pacific EV Battery Swapping Market
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
· Rest of World EV Battery Swapping Market
Top Company Profiles
· Echargeup
· Numocity Technologies pvt ltd.
· Amara Raja Batteries Limited
· Lithion Power Pvt Ltd.
· Chargemygaadi
· Esmito Solutions pvt ltd
· Gogoro inc
· BYD Company Limited
· Nio Inc
· Oyika