The EV Battery Swapping Market was valued at approximately USD 1.8 Billion in 2023 and is expected to grow at a robust CAGR of around 22.0% during the forecast period 2024-2032
The global push for zero-emissions road transportation has picked up dramatically. According to new data from BloombergNEF, electric cars (EVs), comprising battery electric and plug-in hybrids, accounted for 7.2 percent of worldwide car sales in the first half of 2021, up from 2.6 percent in 2019 and 4.3 percent in 2020. Government decarbonization goals, falling battery prices, and a growing range of models provided by automakers are propelling the adoption of electric vehicles quicker than previously believed. According to the company, electric vehicles would account for 20-30% of sales in the United States, the European Union, and China by 2025, based on "proposed and confirmed legislation" in those countries. The rising demand and sales of electric vehicle are also creating new demand for its infrastructure and battery swapping can be one of the important sector to gain momentum along with the EV sales.
Electric vehicle battery switching is a process in which a drained battery or battery pack in an electric vehicle
can be swapped out for a fully charged one, minimizing the time spent waiting
for the battery to charge. When compared to charging stations, battery swapping
stations provide a faster option to combat range anxiety, with each battery
change taking less than 10 minutes and requiring far less room to install.
Furthermore, battery-as-a-service (BaaS) is gaining interest in the battery switching business due
to its impact on lowering the high upfront price of electric vehicles by decoupling
battery ownership. Furthermore, because the client only pays for the energy,
battery swapping saves vehicle downtime and acquisition costs.
According to UnivDatos research report “EV Battery Swapping
Market”, the market is expected to witness a CAGR growth of around 22% during the forecast period
2021-2027F. Global EV Battery Swapping Market is experiencing significant
growth due to the increase in demand for electric vehicles, coupled with lack
of adequate public charging facilities.
Based on Service Type, based on service type, the market is segmented into
Pay-per-Use and Subscription. The pay-per-use segment is expected to grow at a
higher CAGR during the forecasted period. Customers can subscribe to monthly or
annual battery swapping plans or can adopt pay-per-use model as per their
needs. The growth of pay-per-use segment is expected to be higher as it will be
due to drivers' choice to pay according to their usage, due to the absence of a
fixed driving pattern. A short-distance commute, for example, does not demand
frequent battery swaps, which is why most drivers will opt for the pay-per-use
approach.
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Based on Vehicle Type, based on vehicle type, the market is segmented
two-wheeler, three-wheeler, four-wheeler and others. The two-wheeler segment is expected to grow at
a higher CAGR during the forecasted period. Due to less battery power capacity
and more frequent use the two-wheeler segment is expected to capture the maximum share in the segment in future. As a result, they need to
be charged twice or three times per day. Battery swapping technology is the
ideal option to sluggish charging because it allows drivers to maximize
their operational hours.
Asia Pacific to Grab Lion’s Share
During the projection period of 2021-2027, because of government backing for the manufacturing industry, the
Asia-Pacific region has numerous developing economies with enormous natural and human
resources, with China and India projected to be important investment hotspots
for battery businesses over the next years. Essentially, the electric vehicle battery swapping industry will grow
rapidly in the next years as the number of electric two- and three-wheelers
grows, as will the demand for battery swapping as a result of a lack of suitable charging infrastructure and expensive
lithium-ion battery prices. Government efforts to encourage the adoption of
electric vehicles (EVs), as well as a growing interest in R&D to improve
existing technologies, are propelling market expansion in APAC.
According to UnivDatos, the key players with a considerable market share in the
Global EV Battery Swapping Market are includes Echargeup, Numocity Technologies Pvt. ltd., Amara Raja Batteries Limited, Lithion Power Pvt Ltd., Chargemygaadi, Esmito Solutions pvt ltd, Gogoro inc, BYD Company Limited, Nio Inc and Oyika etc.
In June 2021, Amara Raja Batteries ltd. unveiled plans to transform itself into an energy and
mobility solutions provider from just a maker of batteries for automotive and
other sectors. The company finalized plans to diversify into areas such as lithium-ion cell
manufacturing and development of electric vehicle charging and battery swapping
devices
In October 2021, Gogoro officially announced the opening of 45 battery
swapping stations in Hangzhou, China
“Global EV
Battery Swapping Market provides comprehensive qualitative and quantitative
insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities
available for the market players. Moreover, the report also encompasses the key
strategic imperatives for success for competitors along with strategic
factorial indexing measuring competitor's capabilities on different parameters.
This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
By Service Type (Pay-per-Use and Subscription)
By Vehicle Type (Two-Wheeler, Three-Wheeler, Four-Wheeler, and Others)
By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, UK,
Italy, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of
APAC), and Rest of World)
By Company (Echargeup, Numocity Technologies Pvt.
ltd., Amara Raja Batteries Limited, Lithion Power Pvt Ltd., Chargemygaadi, Esmito Solutions pvt ltd, Gogoro inc, BYD Company
Limited, Nio Inc and Oyika)
Key questions answered in the study:
What are the current and future trends of the Global EV Battery Swapping industry?
How the industry has been evolving in terms of end-user demand and product category?
How the competition has been shaping
across the countries followed by their comparative factorial indexing?
What are the key growth drivers and challenges for the Global EV Battery
Swapping industry?
What is the customer orientation, purchase behavior, and expectations
from the Global EV Battery Swapping suppliers across various countries?
Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR
ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 EV BATTERY SWAPPING MARKET
COVID-19 IMPACT
6 EV BATTERY SWAPPING MARKET
REVENUE, 2019-2027F
7 MARKET INSIGHTS BY SERVICE TYPE
8 MARKET INSIGHTS BY VEHICLE TYPE
9 MARKET INSIGHTS BY REGION
10 EV BATTERY SWAPPING MARKET
DYNAMICS
11 EV BATTERY SWAPPING MARKET
OPPORTUNITIES
12 EV BATTERY SWAPPING MARKET
TRENDS
13 EMISSION AND FUEL ECONOMY
REGULATIONS
14 DEMAND AND SUPPLY SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER
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