The global EV battery swapping market share is currently at its nascent phase, but is projected to grow at a significant rate during the forecast period (2020-2030). The time required for charging an EV is a constraint as it takes a lot of time. Furthermore, it requires several charging points in order to intercept range anxiety. Suitable space, for accommodating these charging stations required, is challenging.
Moreover, the availability of DC fast chargers and challenges associated with the installation is the major concern for the EV stakeholders, which is further benefitting the electric vehicle (EV) battery swapping market. Here, swapping technology plays a vital role by eliminating such issues. Swapping technology drastically decreases the waiting time through its under 3-minute interchange of batteries versus 1.5-2 hours minimum for charging solution.
In September 2019, electric scooter manufacturer Gogoro Inc. launched its battery-swapping business unit, Gogoro Network, which is involved in building and managing Gogoro's battery-swapping network. Till 2019, the company have nearly 1,590 GoStations (battery swap stations) sites located across supermarkets, stores, and parking lots. Thus, the upcoming plans for the installation of battery swapping station by major players and EV manufacturers is expected to benefit the EV battery swapping market during the forecast year.
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The EV battery swapping market is at its nascent phase, with adoption taking place in specific countries. Several Asian countries continue to install battery-swapping stations. The major market that has been deploying battery swapping stations across the world is observed to be China. The country appears to be boosting the battery swapping technology in an attempt to further promote electric vehicles in the country.
