Asia-Pacific Electric Vehicle Battery Swapping Market to be Led by China
Low maintenance cost of electric
vehicles and elimination of the charging time by using battery swapping is
driving the Asia-Pacific Electric Vehicle Battery Swapping Market.
According to
TechSci Research report, “Asia-Pacific Electric
Vehicle Battery Swapping Market- Industry By Region,
Competition Forecast & Opportunities, 2018-2030,” the Asia-Pacific
electric battery swapping market is expected to grow because the governments of
different Asian nations intend to stop manufacturing and selling gasoline and
diesel vehicles in the upcoming years. This action is anticipated to boost the
market for electric vehicles in the area, which will help the market for
electric vehicle battery swapping grow over the course of the forecast period. For
example, the Government of India and the National Institution for Transforming
India (NITI Aayog) said that EVs would account for 70% of all commercial
vehicle sales, 30% of private vehicle sales, 40% of bus sales, and 80% of two-
and three-wheeler sales by 2030.
The main driver of the electric vehicle battery swapping market in China
is the significant initiatives taken by numerous Chinese firms for the
development of battery swapping infrastructure. Similarly, the government in
other countries are providing incentives for the development of battery
swapping stations, and this is also contributing to the growth. Due to the
underdeveloped EV charging infrastructure in the region, the technique of
switching out the batteries in electric two-wheelers is gaining tremendous
traction. Many companies are also developing swappable battery systems for the
three-wheeler segment, and this will drive market growth and will generate new
opportunities for the battery swapping market in the region.
The main force behind the development of the
pay-per-use model in the battery swapping industry is the rise in drivers'
preferences for paying according to their vehicle usage because their vehicles
don't have regular usage patterns. For instance, users of electric two-wheelers
typically do not favor traveling greater distances because doing so requires
few battery changes. Therefore, it is anticipated that most riders will choose
the pay-per-use model. Similarly, the subscription model is preferred by
commercial fleets of electric vehicles.
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TOC on " Asia-Pacific Electric Vehicle Battery Swapping Market "
Asia-pacific electric vehicle battery swapping market can
be segmented based on Service Type, Vehicle Type, End User, Country and by Company.
Based on Service type, the market is further segmented into Subscription Model
and Pay-Per-Use Model. Based on Vehicle type, the market is segmented into Two-Wheeler,
Three-Wheeler, and Others. Based on End User the market is segmented into Private
and Commercial.
Some of the major
companies operating in the Asia-pacific electric
vehicle battery swapping market include:
- Gogoro
Inc.
- Nio
Inc.
- Aulton New Energy Group
- KYMCO (Ionex Recharge)
- Sun Mobility.
- Okaya Power Group,
- Oyika Pte. Ltd
- MO Batteries Singapore Pte Ltd,
- Lithium Power Pvt. Ltd.
- PT SWAP Energi
These
are the key players developing advanced technologies and launching new battery
swapping stations across the region to stay competitive in the market. Other
competitive strategies include mergers with research and development firms, new product developments,
and marketing activities to increase customer outreach. These companies are
also focusing on meeting the regulations of different regional governments and
are also partnering with different research bodies to stay competitive in the
market.
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“China is doing
major developments in the battery swapping market in the region followed by
India and Japan. Both the countries are implementing swapping standards,
similarly other countries in the region are also developing battery swapping
infrastructure, hence contributing to the growth of the Asia Pacific Electric
Vehicle Battery Swapping Market.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Asia-Pacific Electric Vehicle Battery Swapping Market
– By Service Type (Subscription Model and Pay-Per-Use Model), By Vehicle Type
(Two-Wheeler, Three-Wheeler, and Others), By End User (Private and Commercial),
and By Country Competition Forecast & Opportunities, 2018-2030” has evaluated
the future growth potential of Asia-pacific electric vehicle battery swapping
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Asia-Pacific electric
vehicle battery swapping market.
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