by Service Type (Subscription Model and Pay-Per-Use Model) and Vehicle Type (Two-Wheelers, Three-Wheelers, Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2020–2027 . As per the report, the global electric vehicle battery swapping industry generated $118.44 million in 2019, and is projected to reach $409.99 million by 2027, growing at a CAGR of 22.3% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in demand for electric vehicles, lack of sufficient public charging facilities, and reduced time for electric vehicle charging have boosted the growth of the global electric vehicle battery swapping market. However, the high initial set-up & operating cost of battery swapping stations and differentiation in battery technology and design hinder the market growth. On the contrary, advent of advanced
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