This study covers the key electric 2- & 3-wheeler (2W/3W) markets in Asia, Europe, and Latin America. The study identifies the key drivers of electric 2W/3W battery swapping technology and captures key components of the ecosystem. The report identifies and analyzes key participants and collaboration between battery swapping companies and OEMs, and contains profiles of those participants operating battery swapping stations in Asia, Europe, and LATAM regions.
Battery swapping technology allows E2W and E3W to be sold without the battery, thereby reducing the cost of the vehicle by nearly 40%. Standardization of batteries will further reduce the cost of E2Ws and E3Ws. Battery swapping technology eliminated the cost of new batter after the average warranty period of 3 years. Strategic partnerships with supermarkets and fuel stations will help set up swapping stations within miles of each other. Battery swapping technology allows users to complete a battery swap in under two minutes. The dynamically changing automotive scenario, increasing adoption of E2Ws, and the lack of charging infrastructure have led to the growth of innovative business models, such as BaaS, thus addressing range anxiety associated with EVs. In some cases, the BaaS plan also covers vehicle maintenance and insurance, which will make E2W ownership even cheaper.
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