Contemporary Amperex Energy Service Technology Ltd. announced the launch of the battery swap solution EVOGO, which includes modular battery swapping. EVOGO, which consists of battery blocks, fast battery swap stations, and an app, will be introduced in ten cities first.
Echargeup Solutions Pvt. Ltd. the leading provider of EV batteries and operating the battery swapping network chardeup, has raised an investment of USD 2.5 million to expand their business in India.
Author Credits: Payel Roy, Dhruv Bhatia
Report ID: 4875
Published Date: Apr 30, 2023
Report Format: PDF, PPT
Frequently Asked Questions (FAQ)
Increasing adoption of electric vehicles and high investment in batteries are the major factors driving the market growth.
The market size of battery swapping is anticipated to attain a CAGR of ~47% over the forecast period, i.e., 2023-2035.
Lack of standard regulations, and the high cost of infrastructural development are estimated to be the growth hindering factors for the market expansion.
The market in the Europe region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
The major players in the market are NIO Inc., Gogoro Inc., Leo Auto Sales LLC, Tesla Inc., SUN Mobility Private Ltd., BYD Motors, Inc., Kwang Yang Motor Co. Ltd., Panasonic Corporation, Contemporary Amperex Energy Service Technology Ltd., and Echargeup Solutions Pvt. Ltd.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, service type, vehicle type, and by region.
The commercial vehicle segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.