Battery Swapping for Electric Vehicles Market Size Will Hit US$16 Bn Mark by 2030 | Fairfield Market Research
Battery Swapping for Electric Vehicles Market Size Will Hit US$16 Bn Mark by 2030 | Fairfield Market Research Yahoo Finance
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Two-wheelers Will be the Fastest Growing Segment in EV Battery Swapping Space
London, Aug. 02, 2023 (GLOBE NEWSWIRE) — Rapidly growing reliance on micro-mobility is driving the market for battery swapping for electric vehicles (EVs). The latest published report of Fairfield Market Research has estimated the global market valuation of EV battery swapping technology to reach around US$16.1 Bn by the end of 2030. The study reports a whopping 40.3% CAGR for the market between 2023 and 2030. Mounting EV sales and the relative insufficiency of charging infrastructure together elevate the prospects of market growth.
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REPORT SCOPE
- Report Attributes
- Forecast Year: 2023 – 2030
- Estimated Market Size By 2030: US$16.1 Billion
- Growth Rate: CAGR of 40.3 %
- Key Players: NIO Inc., Oyika Pte. Ltd., Gogoro, Immotor, ECHARGEUP, Swobbee GmbH, Esmito Solutions Pvt Ltd, Lithion Power Private Limited, SUN Mobility, Amara Raja Batteries Ltd., Aulton New Energy Automotive Technology Co., Ltd., KYMCO, Numocity
“The other significant growth indicators for the market will be the growing prevalence of shared e-mobility, and increasing penetration of battery-swapping models among market participants,” says the company analyst.
Insights into Segmentation Analysis
Subscription Service Models Most Preferred
The subscription service model that leads the demand game in the EV battery swapping market is expected to retain dominant through 2030, exhibiting an overwhelming CAGR of 23.7%. The segment will surge ahead of the pay-per-use model with a host of advantages that majorly involve affordability, and low maintenance.
Notable Demand Surge in Two-wheelers Category
By vehicle type, the two-wheeler segment is poised to experience growth at the fastest rate through the end of forecast year. “Apart from e-bikes, e-bicycles, and e-scooters will be the most attractive segments in the market. The battery switching technology has been garnering a lot of interest in the two-wheelers segment,” says the company analyst.
The report also identifies a large untapped opportunity in the three-wheeler segment as the use of auto-rickshaws, and delivery trucks has been widespread, especially among small businesses.
Key Research Insights
- The market is set for a CAGR of more than 40% during 2023 – 2030.
- Subscription service models will continue to be a popular choice among end users.
- The two-wheelers segment of the market accounts for the largest revenue share.
- Asia Pacific remains the top performing regional market while the European market for battery swapping for electric vehicles is set for stronger growth.
Insights into Regional Analysis
Asia Pacific Dominant
Estimated to display a solid CAGR of more than 23% during the years of forecast, the Asia Pacific battery swapping for EVs market maintains a dominant positioning. The region on one hand has been witnessing rapid developments in EV battery swapping networks, and on the other hand is experiencing growing investments in construction and deployment of
SDGs, Targets, and Indicators in the Article
1. SDGs Addressed or Connected to the Issues Highlighted in the Article
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
The article discusses the market growth of battery swapping for electric vehicles (EVs), which is directly related to the use of clean energy and sustainable transportation. It also mentions the need for charging infrastructure, which falls under the category of industry, innovation, and infrastructure. Additionally, the article highlights the growth of shared e-mobility and the increasing penetration of battery-swapping models, which contribute to sustainable cities and communities. Finally, the mention of low-emission mobility and the gap between EV sales and availability of charging stations aligns with the goal of climate action.
2. Specific Targets Under Those SDGs Based on the Article’s Content
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable
- SDG 11.2: Provide access to safe, affordable, accessible, and sustainable transport systems for all
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning
The targets identified are directly related to the issues discussed in the article. The increase in the share of renewable energy aligns with the growth of battery swapping for EVs, which promotes the use of clean energy. Upgrading infrastructure and retrofitting industries support the development of charging infrastructure for EVs. Providing access to sustainable transport systems is connected to the growth of shared e-mobility and battery-swapping models. Integrating climate change measures into policies and planning is necessary to address the gap between EV sales and charging station availability.
3. Indicators Mentioned or Implied in the Article
- Market valuation of EV battery swapping technology (US$16.1 Bn by 2030)
- Compound Annual Growth Rate (CAGR) of 40.3% for the market between 2023 and 2030
- Prevalence of shared e-mobility
- Penetration of battery-swapping models among market participants
- Revenue share of the two-wheelers segment in the market
- Growth rate of more than 40% for the market during 2023-2030
- Regional market performance (Asia Pacific, Europe)
The article mentions several indicators that can be used to measure progress towards the identified targets. The market valuation and CAGR provide insights into the growth of EV battery swapping technology. The prevalence of shared e-mobility and the penetration of battery-swapping models indicate the adoption of sustainable transportation solutions. The revenue share of the two-wheelers segment reflects the demand for electric two-wheelers. The growth rate and regional market performance demonstrate progress in the adoption of clean energy and sustainable transportation practices.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase substantially the share of renewable energy in the global energy mix | Market valuation of EV battery swapping technology (US$16.1 Bn by 2030) |
| SDG 9: Industry, Innovation, and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable | CAGR of 40.3% for the market between 2023 and 2030 |
| SDG 11: Sustainable Cities and Communities | Provide access to safe, affordable, accessible, and sustainable transport systems for all | Prevalence of shared e-mobility Penetration of battery-swapping models among market participants Revenue share of the two-wheelers segment in the market |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning | Growth rate of more than 40% for the market during 2023-2030 Regional market performance (Asia Pacific, Europe) |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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