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.
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.
Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/ev-battery-swapping-market?popup=report-enquiry
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.
Click here to view the Report Description & TOC: https://univdatos.com/reports/ev-battery-swapping-market
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:
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 –
MARKET INTRODUCTION
RESEARCH METHODOLOGY OR ASSUMPTION
MARKET SYNOPSIS
EXECUTIVE SUMMARY
EV BATTERY SWAPPING MARKET COVID-19 IMPACT
EV BATTERY SWAPPING MARKET REVENUE, 2019-2027F
MARKET INSIGHTS BY SERVICE TYPE
MARKET INSIGHTS BY VEHICLE TYPE
MARKET INSIGHTS BY REGION
EV BATTERY SWAPPING MARKET DYNAMICS
EV BATTERY SWAPPING MARKET OPPORTUNITIES
EV BATTERY SWAPPING MARKET TRENDS
EMISSION AND FUEL ECONOMY REGULATIONS
DEMAND AND SUPPLY SIDE ANALYSIS
VALUE CHAIN ANALYSIS
COMPETITIVE SCENARIO
COMPANY PROFILED
DISCLAIMER
About Us:
UnivDatos is a passionate market research firm and a subsidiary of UnivDatos Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.
Contact Us:
UnivDatos
Email: contact@univdatos.com
Contact no: +1 978 7330253
Website: www.univdatos.com
Linked In: https://www.linkedin.com/company/univ-datos/
Comments (0)