by Electric vehicle battery swapping systems provide an alternative to charging electric vehicles, which allows drivers to replace discharged batteries with fully charged ones in just a few minutes. Battery swapping helps reduce range anxiety associated with electric vehicles as drivers no longer have to wait for hours to charge their vehicle’s batteries. By enabling fast replacement of depleted batteries, these systems offer advantages such as improved battery life, reduced infrastructure investment for charging stations, and increased operational range of electric vehicles.
The global Electric Vehicle Battery Swapping System Market is estimated to be valued at US$ 1,027 million in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of electric vehicles is a major trend accelerating the growth of the electric vehicle battery swapping system market. According to the International Energy Agency, the global electric car stock reached 10 million in 2020, up from below 5 million in 2018. Countries like China, Germany, Norway have thousands of electric vehicles plying on roads each year. As more electric vehicles hit the roads, the need for a hassle-free solution to extend driving range will drive the demand for battery swapping systems. Battery swapping allows drivers to quickly replace depleted batteries avoiding inconvenience of waiting hours to charge batteries. This makes electric vehicles more convenient to use and handle range anxiety, thus encouraging higher adoption of electric vehicles.
Segment Analysis
The global chelated-iron agricultural micronutrient market is segmented bytype into chelatediron sulfate, chelatediron EDTA/EDDH, and others. The chelatediron EDTA/EDDH segment dominates the market andis expected to continue its dominance over the forecast period. This is because chelatediron EDTA/EDDH has higher solubility, higher bioavailability, and is less toxic to crops as compared to otherchelatediron varieties.
Key Takeaways
Global Electric Vehicle Battery Swapping System Market Demand is expected to witness high growth.
Regional analysis: Asia Pacificdominates the global chelated-iron agricultural micronutrient market withover 35% share. India and China are expected to witness the fastest growth due to large cultivable area andgrowing demand for high-quality crops.
Key players: Key players operating in the chelated-iron agricultural micronutrient market are BASF SE, Yara International, AkzoNobel, Nufarm, Haifa Group, Protex International, Valagro, Van Iperen International, and DeretilAgronutritional. BASF SE holds a leading share of over 15% in the global market, supported by its wide range of products and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
