The global Battery Swapping Charging Infrastructure market share 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.
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.
There will be an increasing demand for EV charging infrastructure in residential and commercial applications. Furthermore, enhanced collaboration among automakers for charging infrastructure via a monthly subscription is expected to spur the expansion of the electric vehicle charging infrastructure market over the upcoming decades.
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Lowered charging time, lesser expenses of purchasing an EV, increased demand for public charging infrastructure, and favorable government subsidies are cruising the installation of battery swapping charging infrastructure and, as a result, market development.
Furthermore, green energy is expected to play a significant role in both domestic and public electric vehicle charging. Electric vehicle owners are concerned about carbon dioxide emissions. To address these challenges, makers are quickly modifying the charging mechanisms used in their electric vehicle charging infrastructure. This is one of the most crucial factors that will influence the global electric vehicle charging infrastructure market's growth.
North America is anticipated to be the fastest-growing region during the forecast period. The number of DC charging stations installed in the United States is predicted to skyrocket in the coming years. The number of household electric vehicle charging stations in the United States is expected to grow.
“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.
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.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Embolization Coils market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
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).