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The electric vehicle (EV) battery swapping market in the Asia-Pacific is moving from the nascent to the growth phase. Battery costs, range anxiety, and lengthy charging process have been cited as among the main barriers hindering the broader adoption of EVs. Battery swapping offers a quicker solution to address range anxiety, where each swap takes less than 10 minutes and requires a much smaller space to install compared to charging stations. Offering Battery as a Service is another solution gaining traction in the region’s EV industry, given its impact on reducing the high upfront price of EVs by separating battery ownership, and hence, cost. Instead of owning the batteries, customers can subscribe to battery swapping plans to meet their unique needs. Companies featured in this Frost Radar™ provide battery swapping solutions and infrastructure for a variety of vehicle segments ranging from two- to four-wheelers. Key players in the market have unique solutions to differentiate their companies from competitors, ranging from retrofitting motorcycles into smart bikes with portable smart batteries to offering flexible subscription plans that allow customers to pay only for the energy they consume. Companies are also providing innovative solutions that utilize artificial intelligence, the Internet of Things, GPS tracking, and facial recognition to improve battery swapping services and customer experience. In a field of more than 30 global industry participants, Frost & Sullivan independently plotted the top 8 Asia-Pacific EV battery swapping solutions companies in this Frost Radar™ analysis: NIO, Inc., Gogoro, Inc., SUN Mobility Pvt Ltd, Oyika Pte Ltd, EChargeUp Solutions Pvt Ltd, Lithion Power Pvt Ltd, VoltUp, and Esmito Solutions Pvt Ltd, that are truly innovating and best positioned to deliver high value to customers in the future. The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores, as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.
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