A number of factors, such as the slow charging process at charging stations, need for less time consumption in charging and lower upfront cost of electric vehicles (EVs), less availability of proper charging infrastructure, and rise in investments in the manufacturing of lithium-ion batteries, are driving the electric vehicle battery swapping market. The battery swapping technology acts a suitable substitute for supplying power to EVs as it eradicates the requirement of slow-charging stations.
The market is currently witnessing a trend of technological advancements. The advancements in battery swapping technologies are allowing drivers to swap the discharged batteries at a dedicated swapping center with charged ones. This enhances the EV’s uptime, while reducing its operational costs. Additionally, the increasing sales of EVs, falling prices of batteries, and improving technologies are projected to drive the need for battery swapping technologies across the world.