What are Major Factors Responsible for Growth of Global Electric Vehicle (EV) Battery Swapping Market?

Battery swapping significantly reduces the battery charging wait time of the electric vehicles (EVs) and are thus, being increasingly preferred by the users across the world. The wapping of batteries of an electric vehicle lowers the wait time of charging from at least 1.5 to 2 hours (time required for charging in the battery charging stations) to under three minutes (the time taken for battery swapping). In addition to this, the improving battery life of electric vehicles is further boosting the popularity of battery swapping all over the world.

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There are also other major factors which fuel the surge in the requirement of battery swapping such as the ability of the swapped batteries to enhance the performance of the EV and provide higher remunerative opportunities to the shared e-mobility service providers throughout the world. Moreover, the increasing adoption of EVs in several countries is massively pushing the demand for battery swapping. As a result, the global EV battery swapping market is predicted to record huge expansion during the forecast period (2020—2030).

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Across the globe, the electric vehicle (EV) battery swapping market is predicted to register the highest growth in the Asia-Pacific (APAC) region during the forecast period, owing to the increasing number of initiatives being taken by many Chinese electric vehicle producing companies for the evolution of EV battery swapping technologies. For example, NIO Inc., which is a China-based automobile manufacturing company, is developing stations for EV battery swapping in multiple cities across the country, with almost 80 battery swapping stations already installed in the major cities of the country by 2018.

Hence, it can be said with full confidence that the popularity of electric vehicle battery swapping will surge all over the world in the coming years, due to the increasing adoption of EVs around the world and its various advantages such as reduced down-time and the ability to enhance the life spans and performance of electric vehicles.