Battery Swapping Charging Infrastructure Market Latest Advancements
The global Battery Swapping Charging Infrastructure market is expected to surpass an impressive valuation of USD 202.07 million in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 21% from 2023 to 2033.
Market Competition
Key players in the Battery Swapping Charging Infrastructure market are NIO Inc., Gogoro Inc., Leo Motors Inc., Tesla Inc., SUN Mobility Private Ltd., BYD Co. Ltd., BattSwap Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Panasonic Corp.
Blink Charging Co. acquired EB Charging, a UK-based electric vehicle charging, and sustainable energy solutions company, in June 2022. The acquisition was made to allow Blink to expand and broaden its portfolio in the UK market by developing nearly 1,150 EV charging points.
SUN Mobility declared a battery technology partnership with Greaves Electric in May 2022. SUN Mobility and Greaves Electric will utilize the same charging infrastructure to implement swappable batteries for EVs in electric two-wheelers and electric three-wheelers.
Xpeng Motors entered into a partnership with TELD in October 2019, which operates the biggest charging infrastructure and environment. Xpeng and TELD agreed to share charge and payment data throughout the country as part of the deal.
Tesla opened a battery swapping station in California in February 2021, prepared to swap out a vehicle's energy cells for fully charged ones, eliminating the need for EV owners to depend on fast-charging stations.
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Infrastructure for EV charging will be more and more in demand for residential and business uses. The market for electric vehicle charging infrastructure is also anticipated to grow over the future decades as a result of improved automakers' cooperation for charging infrastructure via a monthly subscription.
Reduced battery replacement infrastructure construction costs, decreased EV purchase costs, increased demand for public charging infrastructure, and supportive government subsidies are accelerating market growth.
Green energy is also anticipated to be a major factor in private and public electric vehicle charging. Owners of electric vehicles worry about carbon dioxide pollution. Makers are rapidly changing the charging mechanisms used in their electric vehicle charging infrastructure to address these issues. This is one of the most significant elements that will affect the development of the worldwide market for electric vehicle charging infrastructure.
During the forecast era, North America is anticipated to have the fastest growth rate. In the upcoming years, it is anticipated that the number of DC charging stations placed in the US will soar. In the US, there will likely be more home charging facilities for electric vehicles.
“Consumer demand to maximize vehicle efficiency and reduce fuel costs has resulted in continuous technological advancements in electric vehicles. Additionally, rising gasoline prices, combined with stringent governmental regulations governing carbon dioxide emissions, are driving the adoption of electric vehicles in developed regions.” says an analyst at Future Market Insights.
Key Takeaways from Market Study
The two-wheeler segment dominated the industry in 2021, accounting for more than 30.00% of overall revenue.
In 2021, the pay-per-use segment dominated the market and held more than 61% of total revenue.
In 2021, Asia Pacific dominated the global marketplace, accounting for more than 30% of overall revenue.
Batteries represent roughly 35%-40% of the total EV cost.
According to the International Energy Agency's 'Global EV Outlook 2021,' the worldwide stock of electric two-wheelers is around 290 million.
More Valuable Insights
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The study reveals essential insights on the basis of Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle, Commercial Vehicle), Service Type (Pay-per-use, Subscription) & Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).