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Electric vehicle battery replacement market at $ 852.59

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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Similar reports from the automotive electrical industry:

Automotive Battery Management Systems Market by Battery Type (Lithium Ion Based, Advanced Lead Acid Based, Nickel Based, and Flow Batteries), Vehicle Type (Electric Vehicle, Golf Carts, and E-Bikes), and Connection Topology (Centralized, Distributed, and Modular): Global Opportunity Analysis and Industry Forecast, 2018-2027.

Electric Vehicle Battery Recycling Market by Application (Electric Cars, Electric Buses, Energy Storage Systems, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2027.

Battery Electric Self-Driving Cars Market by Automation Level (Level 1, Level 2, Level 3, Level 4, and Level 5) and Components (Artificial Intelligence (AI), Light Detection and Distance (LiDAR), Radio Detection and Distance (Radar), Sound Navigation) and Ranging (Sonar), Global Positioning System (GPS): Global Opportunity Analysis and Industry Forecast, 2020–2027.

Battery Electric Vehicle Market by Battery Type (Lead Acid Battery, Nickel Metal Hydride Battery, Lithium Ion Battery, and Ultracapacitor) and Vehicle Type (Passenger Cars, Commercial Vehicles, and Two-Wheelers): Global Opportunity Analysis and Industry Forecast, 2020-2027.

Electric Vehicle Battery Second Life Market by Electric Motor (Brushed Motor and Brushless Motor), Application (Passenger Cars (PC) and Commercial Vehicles (CV)), Electric Vehicles (BEV, PHEV, and HEV): Global Opportunity Analysis and Industry Forecast, 2021-2027.

Electric vehicle battery market by propulsion type (battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle), battery type (lead-acid battery, nickel-metal hydride battery, and lithium-ion battery), and vehicle type (passenger cars, commercial vehicles, and Two-Wheelers) – Global Opportunity Analysis and Industry Forecast, 2017-2027.

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Allied Market Research (AMR) is a full-service market research and management consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unmatched quality of “market research reports” and “business intelligence solutions” to global corporations as well as medium and small businesses. AMR strives to provide business insights and advice to assist its clients with strategic business decisions and sustainable growth in their respective market areas.

Allied Market Research CEO Pawan Kumar leads the organization to deliver high quality data and insights. We have professional corporate relationships with various companies and this helps us unearth market data which will help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All of the data contained in the reports we publish are extracted through primary interviews with top officials from leading companies in the domain in question. Our secondary data acquisition methodology includes extensive online and offline research and discussions with knowledgeable professionals and industry analysts.

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