Battery Swapping Industry - Regional Synopsis
Europe Market Forecast
The share of battery swapping market in Europe, amongst the market in all the other regions, is projected to be the largest with a share of about 32% by the end of 2037. The growth of the market can be attributed majorly to the lack of electric vehicle charging station infrastructure followed by slow services of the stations in the region. Six EU countries lack a single charging point for every 100 kilometers of road. 17 countries have fewer than five charging stations per 100 kilometers of road, with only five having more than ten. Moreover, charging speed is also a serious issue across the continent, as fast chargers with capacities greater than 22kW account for only a small portion of the overall stations. In reality, only one in every seven charging outlets in the EU is fast. All of the others have a capacity of 22kW or less and do not charge automobiles at an appropriate rate.
APAC Market Statistics
The Asia Pacific battery swapping market is estimated to be the second largest, registering a share of about 28% by the end of 2037. The growth of the market can be attributed majorly to the increased adoption of electric passenger and commercial vehicles. Electric vehicles accounted for 5% of total automobile sales in India in the fiscal year 2023 ending March 31, with EV sales exceeding 1 million, up 148% year on year, driven by two- and three-wheelers. Moreover, in March 2023, EV retail sales reached a new monthly high of 140,509 units. Furthermore, China is the world leader in electric vehicle deployment. At the end of June 2019, China accounted for nearly half of all electric vehicles and 99% of all electric buses in the globe. Moreover, China also controls the global markets for low-speed electric automobiles and electric two-wheelers.
North American Market Forecast
Further, the battery swapping market in North America, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the growing demand for fast, convenient, and reliable charging options for electric vehicle. Many companies are putting efforts to bring innovative technologies in battery swapping technology for commercial fleets. This would help in minimizing the downtime for the vehicles, and they would not have to wait for long charging times. On the other hand, the lack of charging infrastructure in the region is also expected to drive market growth.
