NEW YORK, July 19, 2021 / PRNewswire / – Rising levels of air pollution in several countries are fueling demand for electric vehicles (EVs). However, sufficient charging infrastructure is necessary for the large-scale adoption of electric vehicles, as the availability of an adequate number of charging facilities eliminates the problems associated with electric vehicles, such as their limited range of mobility. This stimulates the demand for battery swap technology, as this technology solves the problem of slow charging in charging stations. Due to these factors, the world electric vehicle battery exchange market achieved a turnover of $ 148.2 million in 2020 and is expected to experience a huge expansion during 2021-2030, according to P&S Intelligence.

The COVID-19 pandemic has massively affected the EV battery swap market. Workplaces and businesses have been closed, due to the imposition of lockdowns in several countries. Additionally, the implementation of strict social distancing protocols forced employees to work from home and also disrupted assembly operations. In addition, production delays, market confusion and work stoppages increased massively during the pandemic. However, with the situation becoming normal in many countries, the market started showing signs of resurgence in the last quarter of 2020.

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The electric vehicle battery exchange market is categorized into three-wheelers, two-wheelers, utility vehicles and passenger cars, depending on the type of vehicle. Among these, the commercial vehicle category is expected to register the highest CAGR in the market during the forecast period. In addition, the growing demand for three and two wheel electric vehicles in ridesharing and calling services is fueling the growth of three wheeler and two wheeler categories in the market.

Worldwide, Asia Pacific (APAC) is expected to dominate the EV battery swap market during the forecast period. This is due to the considerable efforts made by several Chinese companies to develop the battery exchange technology. With the growing demand for electric mobility, the major market players are rapidly increasing their operations in the region.

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Players operating in the global electric vehicle battery exchange market are actively focusing on improving the range of electric vehicles as the lack of proper charging facilities creates major problems for electric vehicle owners worldwide.

For example, Ample, a startup, launched a battery swap system for electric vehicles in March 2021. This system was created due to the failures of previous devices. This system uses robots that quickly replace small modular batteries in electric cars, allowing vehicle owners to get back on the road quickly, just as they do after filling up with gas.

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NIO Inc., Leo Motors Inc., Gogoro Inc., BattSwap Inc., Tesla Inc., BYD Co. Ltd., SUN Mobility Private Limited, Lithion Power Private Limited, Panasonic Corporation and Kwang Yang Motor Co. Ltd. (KYMCO) are some of the major players in the EV Battery Swap market.

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Indian EV battery exchange market – The reduction in the initial cost of electric vehicles, the lack of waiting time for recharging, the increase in uptime and the improvement of the remuneration prospects for drivers of shared electric mobility, and the low penetration of Electric vehicle charging stations are the key factors driving the growth of electric vehicle battery exchange technology in India.

EV battery swap for the two and three wheel market – Around the world, the market for the exchange of electric vehicle batteries for two- and three-wheeled vehicles is currently experiencing the strongest growth in Asia Pacific.

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SOURCE P&S Intelligence