Battery Swapping System Market size will be worth more than USD 15 billion by 2032, as per a recent research report by Global Market Insights, Inc.
The increasing number of investments in battery swapping infrastructure initiated by several governments and private companies worldwide will drive the adoption of battery swapping systems. For instance, in January 2023, Taiwan-based Gogoro Inc. and Belrise Industries, Indian automotive systems manufacturer, invested $2.5 billion for setting up a wide network of battery swapping stations for EVs in India. Battery swapping infrastructure offers convenience of swapping depleted batteries for fully charged ones to EV users along with reduced range anxiety and saving time over traditional charging methods. The increasing investments for the adoption of EVs and the higher support sustainable transportation solutions will also contribute to the market expansion.
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Rising penetration in 4-wheelers
In terms of vehicle, the demand for 4-wheeler battery swapping systems reached over USD 100 million in 2022 due to the surging popularity of EVs in the commercial and fleet sectors. Battery swapping offers fast and more convenient charging solutions over traditional methods. The introduction of robust infrastructure of swapping stations driven by the rise in government incentives for EV adoption will also add to the segment growth.
Increasing preference for on demand services
With respect to services, the battery swapping system industry share from the on-demand segment will cross USD 5 billion by 2032. The growth can be attributed to the increasing consumer requirements for faster and convenient charging solutions for EVs. On-demand services offer the ability to swap batteries quickly without any downtime and are hence widely preferred by various businesses that rely on EVs for their daily operations. The ongoing developments in robust infrastructure for on-demand battery swapping stations will further drive the market expansion.
Europe to lead the regional landscape
Europe battery swapping system industry size will showcase 30% CAGR from 2023-2032 due to the increasing emphasis on reducing the greenhouse gas emissions. In recent years, the European Union has introduced ambitious goals for reducing carbon emissions and promoting sustainable transportation. Thus, battery swapping technology has grown largely popular as it offers convenient and efficient charging solutions for EVs. The rising support for transportation will further amplify the demand for battery swapping infrastructure in the region.
Battery Swapping System Market Leaders
Leading battery swapping industry participants include Nio, Immotor, Aulton, Gogoro, Sun mobility, numocity, Amara raja, Oyika Pte. Ltd, Charge my gaadi, Lithion Power, Kwang Yang Motor Co., Ltd., Ample, Swobbee, Esmito solutions and Zynch. These firms are working on strategic developments, collaborations, and mergers for enhancing their product portfolios. For instance, Matter Energy, in May 2022, introduced lithium-ion-based battery packs for mobility and stationary applications during the India Energy Storage Week.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Battery Swapping System market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Vehicle trends
2.5 Services trends
2.6 Station type trends
2.7 Battery type trends
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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