Electric Vehicle Battery Swapping Market 2028 | Amplify Cleantech, EChargeUp, Esmito, Amara Raja Battery
According to a report from TechSci Research, the global electric vehicle (EV) battery swapping market is expected to grow in the coming years. The International Energy Agency (IEA) reports that sales of vehicle batteries have increased over time, with approximately 100 million batteries being replaced in the US each year, with 99% of these being recycled. Furthermore, sales of EVs, including all-electric and plug-in hybrid vehicles, are increasing globally, contributing to the increased demand for EV batteries. Battery swapping is emerging as an alternative option where depleted EV batteries are replaced with fully charged ones instead of being charged via plugs. Due to the trade war between China and other countries, the demand for locally produced batteries for EVs has increased in some regions, leading to an increase in taxes on import duties and a rise in the price of batteries. As many countries do not have their own battery manufacturing plants, they are dependent on imported batteries. The Asia Pacific region is expected to have the highest market share and is anticipated to grow further in the future. Leading companies operating in the global EV battery swapping market include Amplify Cleantech Solutions, Amara Raja Battery, Esmito Solutions, EChargeUp Solutions, Lithion Power, Panasonic India, Numocity Technologies, PowerSwap Ab, Revolt Motors and Nio Inc. The report notes that many companies are investing in research and development for the new range of highly flexible batteries as the EV battery swapping market continues to grow rapidly.
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