Portland, OR, May 10, 2021 (GLOBE NEWSWIRE) – The global EV battery replacement market was $ 100.08 million in 2020 and will grow to $ 852.59 million by 2030, according to the report released by Allied Market Research. USD estimated at a CAGR of 24.4% from 2021 to 2030.
The increasing demand for electric vehicles, the lack of adequate public facilities and the shorter charging time for electric vehicles are driving the growth of the global market for replacing batteries for electric vehicles. However, high initial set-up and operating costs of battery swap stations as well as a differentiation in battery technology and design are hampering market growth. On the contrary, the emergence of innovative and progressive models and services for changing batteries and the rapid emergence of shared electric mobility should open up lucrative opportunities for market participants in the future.
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Covid-19 scenario:
- The Covid-19 pandemic has hampered the global automotive industry due to declining demand for new and old vehicles.
- However, the pandemic has accelerated some trends such as the electrification of two-wheel and three-wheel vehicles. In addition, the shared mobility sector saw growth due to the increase in last mile delivery, hail and rental.
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The global EV battery replacement market is segmented by service type, vehicle type, and region. Based on service type, the subscription models segment held the lion’s share in 2020, accounting for more than three-quarters of the market. However, the pay-per-use model segment is estimated to have the highest CAGR of 26.9% from 2021 to 2030.
On the basis of vehicle type, the two-wheeler segment dominated the market in 2020, contributing nearly a third of the market. In addition, the segment is estimated to have the highest CAGR of 25.7% over the forecast period. The report provides an in-depth analysis of the other segments such as three-wheeled passenger cars, three-wheeled commercial vehicles, four-wheeled commercial vehicles, buses and others.
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The global electric vehicle battery replacement market is analyzed in multiple regions such as North America, Europe, Asia-Pacific, and LAMEA. The Asia Pacific market had the largest share in 2020, accounting for more than half of the market. However, it is estimated that the market in LAMEA has the highest CAGR of 27.2% over the forecast period.
Worldwide Electric Vehicle Battery Replacement Market report provides an in-depth analysis of key market players such as Amplify Mobility, Amara Raja, EChargeUp Solutions Pvt Ltd., ChargeMYGaadi, Gogoro, Inc., Esmito Solutions Pvt Ltd., Numocity, Lithion Power Pvt Ltd. , NIO, Inc., Oyika Pte Ltd.
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