SOUTH KOREA EV BATTERY SWAPPING MARKET

INTRODUCTION

An electric vehicle battery swap allows for the immediate exchange of a depleted battery or battery pack with a fully charged one, negating the need for the driver to wait for the vehicle's battery to recharge.

Battery switching stations need far less installation space than charging stations and offer a quicker solution to range anxiety. It takes just ten minutes to change a battery.

Due to the development of swappable batteries, the driver is now able to replace the empty battery with a charged one at a designated switching site.

As a result, this considerably increases the vehicle's uptime while also cutting operating costs, bringing the EV market closer to profitability.

SOUTH KOREA EV BATTERY SWAPPING MARKET SIZE AND FORECAST

The South Korea EV Battery Swapping Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.

AGREEMENTS AND PARTNERSHIPS

Hyundai Motor Company signed a memorandum of understanding (MOU) to collaborate with the South Korean government as well as logistics, battery, and mobility firms to demonstrate the electric vehicle (EV) battery leasing industry.

Hyundai hopes to promote an EV ecosystem through this cooperation by lowering the initial cost of EV sales and offering cutting-edge services that permit environmentally beneficial battery reuse.

According to the contract, Hyundai Glovis, the battery lessor, will buy the ownership of the batteries in freshly bought EVs from taxi operator KST Mobility. Then, KST Mobility pays a monthly cost for battery use. KST Mobility is able to acquire EVs for less money as a consequence.

The removed batteries are reused when the batteries are changed after heavy use.

MARKET DYNAMICS

To expand its battery business in the biggest market in the world, SK Innovation Co., a South Korean refinery-to-battery firm, made an investment in a Chinese battery swap system supplier.

Without disclosing the financial details, SK Innovation has bought a 13.3% interest in Blue Park Smart Energy Technology Co. (BPSE), a division of Beijing Automotive Group.

Electric taxis in Beijing include battery swap stations run by BPSE that allow drivers to swiftly swap out their batteries rather than plugging them in to recharge, saving them time.

A battery-swapping system might help reduce the upfront costs of purchasing EVs by allowing buyers to lease or buy the batteries in addition to the vehicle.

COMPANY PROFILE

• LG Energy Solution
• SK Innovation Co.
• Gogoro
• Aulton New Energy

THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. What is the average cost per South Korea EV Battery Swapping Market right now and how will it change in the next 5-6 years? 
2. The average cost to set up an EV Battery Swapping Market in South Korea?
3. How many South Korea EV Battery Swapping Market are manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of a South Korea EV Battery Swapping Market  and key vendor selection criteria
6. Where is the South Korea EV Battery Swapping Market manufactured? What is the average margin per equipment?
7. Market share of South Korea EV Battery Swapping Market manufacturers and their upcoming products
8. The most important planned South Korea EV Battery Swapping Market  in the next 2 years
9. Details on a network of major South Korea EV Battery Swapping Market and pricing plans
10. The cost advantage for OEMs who manufacture South Korea EV Battery Swapping Market in-house
11. 5 key predictions for the next 5 years in South Korea EV Battery Swapping Market
12. Average B-2-B South Korea EV Battery Swapping Market price in all segments
13. Latest trends in South Korea EV Battery Swapping Market, by every market segment
14. The market size (both volume and value) of South Korea EV Battery Swapping Market in 2022-2027 and every year in between?
15. Global production breakup of South Korea EV Battery Swapping Market, by suppliers and their OEM relationship