(MENAFN- America News Hour) Kenneth Research recently released a report titled Electric Vehicle Battery Swapping market, which is studied over the forecast period 2022-2031. The report provides descriptive insights into the current scenario, growth driving factors, opportunities and challenges associated with the market. The Electric Vehicle Battery Swapping market is projected to grow with a CAGR of 22% during the forecast period.
The growth of the market can be attributed largely to the rapidly increasing population, and escalating level of urbanization around the world, which in turn is expected to drive vehicle ownership, travel demand, and freight transport demand. According to the World Bank, 56.156% of the global population lived in urban areas in 2020, up from 55.72% in 2019 and 55.277% in 2018 respectively. Furthermore, the market is also anticipated to witness robust growth on the back of rising travel demand, and growing reliance on private motorized modes worldwide. The contribution of travel and tourism industry to the global gross domestic product (GDP) was estimated at a soaring high value of USD 9 billion in the year 2019.
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However, a huge decline was observed in 2020, where the GDP stood at about USD 4.5 billion as a result of the COVID-19 pandemic.
The industry is predicted to recover significantly in the near future ascribing to the easing of domestic restrictions and reopening of international borders. Moreover, automotive and transportation companies across the globe are emphasizing on the development of autonomous vehicles that can operate swiftly in traffic congestions without any human assistance. In 2019, there were more than 30 million automobiles with some level of automation in operation, whose number is expected to cross 5o million by the end of 2024.
On the basis of geography, the Electric Vehicle Battery Swapping market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further sub-divided into the following North America (U.S. & Canada), Latin America (Argentina, Mexico, Brazil, Rest of Latin America), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), and the Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Key Benefits For Stakeholders:
This investigation presents insightful portrayal of the electric vehicle battery trading market examination alongside latest things and future assessments to portray fast approaching venture pockets.
The general market not really set in stone to comprehend beneficial patterns to acquire a more grounded traction.
The report presents data identified with key drivers, restrictions, and chances of the market with a point by point sway investigation.
The flow electric vehicle battery trading market size is quantitatively investigated from 2022 to 2030 to benchmark the monetary capability.
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Watchman's five powers examination delineates the intensity of the purchasers and providers in the electric vehicle battery trading industry.
Key Market Segments:
By Service Type
Membership Model
Pay-Per-Use Model
By Vehicle Type
Bike
Three-Wheeler Passenger vehicle
Three-Wheeler Light business vehicle
Four-Wheeler Light business vehicle
Transports
Others
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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