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.

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Why is Electric Vehicle (EV) Battery Swapping for Two- and Three-Wheeler Market Booming in Asia-Pacific?

The growing pollution levels in many countries are the primary factors fueling the popularity of electric vehicles. Moreover, the rising requirement for electric two- and three-wheelers in ride hailing and sharing services and the growing deployment of electric three-wheelers for goods and passenger transportation are pushing up the sales of electric two- and electric three-wheelers across the world. The lack of proper charging facilities and the frequent charging requirements of these vehicles pose big problems for vehicle owners.

As a result, many organizations are focusing on developing vehicles equipped with battery-swapping features. This eliminates the requirement for the ownership of batteries by the owners of the electric vehicles. Instead, the batteries are owned and supplied by the swapping service providers. The separation of the batteries from the electric vehicles reduces the costs of electric vehicles. This, in turn, makes the prices of electric vehicles either similar to or in some cases, lower than internal engine combustion (ICE) automobiles.

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Because of the aforementioned factors, the global EV battery swapping for two- and three-wheeler market is predicted to surge from 2020 to 2030. The growing popularity of electric scooter sharing service is a key factor fueling the progress of the market. These services have witnessed a sharp rise in popularity in North America in recent years. This is because these services offer better last-mile connectivity and hyper-localized services in comparison to other shared mobility services.

Across the globe, the EV battery swapping for two- and three-wheeler market is currently registering the highest growth in Asia-Pacific (APAC), as per the observations of the market research firm, P&S Intelligence. In this region, the market is presently booming in India and China, mainly because of the high population density and the high usage of two-wheelers in these countries. The market is also rapidly progressing in Taiwan, on account of the growing popularity of battery swapping in the country.

Hence, it can be said without any doubt that the market would demonstrate rapid expansion throughout the world in the forthcoming years, primarily because of the growing deployment of electric two- and three-wheelers and the rising requirement for battery swapping, on account of the lack of proper charging infrastructure and high prices of lithium-ion batteries, around the world.

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 The research offers market size of the Global EV Battery Swapping for Two- and Three-Wheeler for the period 2014–2030.

Market Segmentation by Service Type

• Pay-Per-Use Model
• Subscription Model

Market Segmentation byBattery Type

• Lead Acid
• Li-Ion

Market Segmentation by Vehicle Type

• Two-Wheeler
  • Pay-per-use model
  • Subscription model
• Three-Wheeler
  • Pay-per-use model
  • Subscription model

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