Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Battery Swapping Charging Infrastructure Market Size, Share & Industry Trends Analysis Report By Service Type, By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle and Commercial Vehicle), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Battery Swapping Charging Infrastructure Market size is expected to reach $542.6 million by 2028, rising at a market growth of 21.6 % CAGR during the forecast period.
Electric vehicles have lower running costs when compared to diesel or petrol cars. Electric vehicles are more efficient, and users have to only pay for the electricity they use for charging. And if renewable energy sources are used to charge the car, then EVs will become eco-friendlier. Acid, nickel, or lead metal hydride batteries are commonly used for electric vehicles.
However, now the trend is shifting towards lithium-ion batteries due to their longer life span and better energy retention. Electric cars have low maintenance costs because they have fewer running parts and are also exceptionally eco-friendly as they use no or minimal fossil fuels.
There are two primary types of electric vehicles (EVs); fully electric and plug-in hybrids. Compared to an internal combustion engine, rechargeable batteries have 99% fewer running parts requiring maintenance. EVs create less noise and have no exhaust, spark plug, or gears. Hybrid electric vehicles operate on a mixture of battery and petrol (or diesel). These vehicles are ideal for long distances due to the benefit of switching to traditional fuels whenever needed.
Market Growth Factors
Rising orders for electric vehicles
Due to their efficiency and eco-friendliness, the popularity of electric vehicles has increased significantly over the years. Moreover, the rise in the demand for minimum fuel consumption and maximum vehicle efficiency has also consistently led to advancements in electric vehicle technology. The need for EVs is also rising in developing countries due to the rise in the cost of fuel, together with strict governmental regulations to control carbon dioxide emissions. An EV can be described as a computer on wheels and, for that, the complete redesigning of the car's internal architecture.
Rising involvement of the government in the Battery swapping charging infrastructure
As a part of the measures to boost the shift towards the wide use of electric vehicles (EVs), the government is creating a comprehensive plan to build the necessary battery charging and swapping infrastructure along the highways. In addition, schemes like "Faster Adoption and Manufacturing of Hybrid & Electric Vehicles" by the government promote the adoption of electric/hybrid vehicles (xEVs) and numerous other schemes which provide incentives to the buyers, which helps in the cost reduction of EVs.
Service Type Outlook
On the basis of Service Type, the Battery Swapping Charging Infrastructure Market is divided into Pay-per-use and Subscription. The Subscription segment recorded a significant revenue share in Battery swapping charging infrastructure market in 2021. It is because the subscription-based model allows the user to opt for the best technology for the best price, it is also time-saving. A better battery-swapping infrastructure will enable users to access finance with the shared responsibility of assets like original equipment manufacturers and battery service providers.
Vehicle Type Outlook
Based on the Vehicle Type, the Battery Swapping Charging Infrastructure Market is segmented into Two-Wheeler, Three-Wheeler, Passenger Vehicle and Commercial Vehicle. The commercial vehicle segment recorded a promising growth rate in Battery swapping charging infrastructure market in 2021. Due to factors like the growing demand for eco-friendlier means of transportation and the government supporting zero emission for commercial electric vehicles, including trucks, buses, vans, and pickups, tax rebates & subsidies are also motivating manufacturers to build more and advanced ECVs.
Region-wise, the Battery Swapping Charging Infrastructure Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired the largest revenue share in the battery-swapping charging infrastructure market in 2021. Due to the various government initiatives, the market is growing in the Asia Pacific region. The battery-swapping technology is viable partly due to the increasing adoption of EVs in the area. China is leading the marketing, with India is making significant advancements in the industry with government-led initiatives.
Key Market Players
List of Companies Profiled in the Report:
SUN Mobility Technology Center
BYD Company Ltd.
Kwang Yang Motor Company Ltd.
Lithion Power Pvt. Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Strategies deployed in Battery Swapping Charging Infrastructure Market
Chapter 4. Global Battery Swapping Charging Infrastructure Market by Service Type
Chapter 5. Global Battery Swapping Charging Infrastructure Market by Vehicle Type
Chapter 6. Global Battery Swapping Charging Infrastructure Market by Region
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/mei5vw
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