A company is planning to upgrade its Amazon Elastic Block Store (Amazon EBS) General Purpose...

Changing the volume type of the existing gp2 volumes to gp3 is the easiest and fastest way to migrate to the new storage type without any downtime or data loss. You can use the AWS Management Console, the AWS CLI, or the Amazon EC2 API to modify the volume type, size, IOPS, and throughput of your gp2 volumes. The modification takes effect immediately, and you can monitor the progress of the modification using CloudWatch. The other options are either more complex or require additional steps, such as creating snapshots, transferring data, or attaching new volumes, which can increase the operational overhead and the risk of errors. References:

Migrating Amazon EBS volumes from gp2 to gp3 and save up to 20% on costs (Section: How to migrate from gp2 to gp3)

Switching from gp2 Volumes to gp3 Volumes to Lower AWS EBS Costs (Section: How to Switch from GP2 Volumes to GP3 Volumes)

Modifying the volume type, IOPS, or size of an EBS volume - Amazon Elastic Compute Cloud (Section: Modifying the volume type)