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2021
Electric Vehicle Battery Swapping Market

Electric Vehicle Battery Swapping Market by Service Type (Subscription Model and Pay-Per-Use Model) and Vehicle Type (Two-Wheeler, Three-Wheeler Passenger vehicle, Three-Wheeler Light commercial vehicle, Four Wheeler Light commercial vehicle, Buses, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
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A10601
Pages: 226
Apr 2021 | 9146 Views
Author(s) : Omkar Bachal, Pranav Padalkar , Sonia Mutreja
Tables: 55
Charts: 55
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COVID-19

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Electric Vehicle Battery Swapping Market Statistics - 2030

The global electric vehicle battery swapping market was valued at $100.1 million in 2020, and is projected to reach $852.6 million by 2030, registering a CAGR of 24.4%.  

Rapid spread of COVID-19 had a significant impact on the global automotive industry, with a downturn in demand for new and old vehicles. Impact of the current global economic conditions and market sentiment directly affect business of key players. Although, many challenges lie ahead, corona virus could accelerate some beneficial trends. For instance, electrification is expected to increase in select segments, such as two-wheel (2W) and three-wheel (3W) vehicles, and shared mobility could also increase, owing to growth of various use cases such as last-mile delivery, ride hailing, and rentals. As they prepare for the future, a solid understanding of changed landscape can help OEMs and other stakeholders update their strategies for the electric vehicle battery swapping market.

Electric vehicle battery swapping is a place at which an electric vehicle's discharged battery or battery pack can be immediately swapped for a fully charged one, eliminating the delay involved in waiting for vehicle's battery to charge. Battery swapping stations offer a quicker solution to address range anxiety, where each battery swap takes less than 10 minutes and requires much smaller space to install compared to charging stations. In addition, battery-as-a-service (BaaS) is another solution gaining traction in the battery swapping industry, given its impact on reducing high upfront price of electric vehicles by separating battery ownership. Moreover, battery swapping reduces down-time and acquisition cost of a vehicle as customer pays only for the energy. 

Global-Electric-Vehicle-Battery-Swapping-Market

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COVID Impact Analysis: 

Rapid spread of COVID-19 had a significant impact on the global automotive industry, with a downturn in demand for new and old vehicles. Impact of the current global economic conditions and market sentiment directly affect business of key players. Although, many challenges lie ahead, coronavirus could accelerate some beneficial trends. For instance, electrification is expected to increase in select segments, such as two-wheel (2W) and three-wheel (3W) vehicles, and shared mobility could also increase, owing to growth of various use cases such as last-mile delivery, ride hailing, and rentals. As they prepare for the future, a solid understanding of changed landscape can help OEMs and other stakeholders update their strategies for the electric vehicle battery swapping market.  

Rise in demand for electric vehicles, coupled with lack of adequate public charging facilities and reduced time for electric vehicle charging are anticipated to drive the market growth. However, differentiation in battery technology and design and high initial set-up and operating cost of battery swapping station hamper the market growth. Further, rapid emergence of shared e-mobility and introduction of innovative & advanced battery swapping model and services by market players are some of the factors that are expected to offer lucrative opportunities for the electric vehicle battery swapping market growth during forecasted period.

The market is segmented on the basis of service type, vehicle type and region. On the basis of service type, it is bifurcated into subscription model and pay-per-use model. On the basis of vehicle type, it is categorized into Two-Wheeler, Three-Wheeler Passenger vehicle, Three-Wheeler Light commercial vehicle, Four Wheeler Light commercial vehicle, Buses, and Others. By region, the market is segmented across North America, Europe, Asia-Pacific and LAMEA.

The major companies profiled in the electric vehicle battery swapping market include Amara Raja, Amplify Mobility, ChargeMYGaadi, EChargeUp solutions pvt Ltd, Esmito Solutions Pvt Ltd, Gogoro, Inc., Lithion Power Pvt Ltd, NIO, Inc., Numocity, Oyika Pte Ltd

Electric Vehicle Battery Swapping Market
By Service Type

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Pay-Per-Use Model segment is projected as the most lucrative segments

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Increase in demand for electric vehicles, coupled with lack of adequate public charging facilities

Popularity of electric vehicles has increased over years as they are more efficient and eco-friendlier. In addition, growth in consumer demand to maximize vehicle efficiency and minimize fuel costs has led to consistent technological advancements in electric vehicles. Moreover, rise in costs of gasoline, coupled with stringent governmental regulations pertaining to carbon dioxide emissions are pushing adoption of electric vehicles in developed regions such as North America and Europe. However, driving range of electric vehicles per single charge is limited and may need to charge twice a day based on usages, which requires up to 6 to 10 hours to full charge a battery. Thus, battery swapping leads to near zero down time for electric vehicles as compared to 6-10 hours daily down time with traditional charging. Furthermore, lack of adequate public charging facilities for electric vehicle charging and lack of standardization of charging infrastructure also fuels demand for battery swapping stations. Therefore, such factors collectively drive growth of the electric vehicle battery swapping market.

Electric Vehicle Battery Swapping Market
By Vehicle Type

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Two-Wheeler segment is projected as the most lucrative segments

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Reduced time for electric vehicle charging

Charging time is an important factor for functioning of electric vehicles, especially in long-hauling applications. Currently, most electric vehicles employ a slow charging system to recharge battery. This charging system usually takes up to eight hours to full charge a battery. In addition, generally electric two-wheelers, three-wheelers, and four-wheelers have on-board chargers that charge the vehicle at the rate of 2.5–3 kW per hour. These chargers charge a two-wheeler (for a battery with an energy density up to 3 kWh) in no less than an hour. In addition, these chargers charge a four-wheeler or larger vehicle with batteries of 12 kWh or more in no less than five to six hours. Hence, battery swapping technology plays a vital role by eliminating such issues. It significantly decreases waiting time by interchanging of batteries within three minutes. For this, user just needs to go to a swapping station and get the depleted battery replaced with fully charged one. Therefore, implementation of battery swapping reduces the time for electric vehicle charging, which, in turn, drives growth of the electric vehicle battery swapping market.

Electric Vehicle Battery Swapping Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

LAMEA by region segment is projected as the most lucrative segments

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Key Benefits For Stakeholders

  • This study presents analytical depiction of the electric vehicle battery swapping market analysis along with current trends and future estimations to depict imminent investment pockets.
  • The overall market potential is determined to understand profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current electric vehicle battery swapping market size is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the electric vehicle battery swapping industry.

Key Market Segments & Key Market Players

Segments Sub-segments
By Service Type
  • Subscription Model
  • Pay-Per-Use Model

By Vehicle Type
  • Two-Wheeler
  • Three-Wheeler Passenger vehicle
  • Three-Wheeler Light commercial vehicle
  • Four-Wheeler Light commercial vehicle
  • Buses
  • Others

By Region
  • NORTH AMERICA
    • US
    • CANADA
    • MEXICO
  • EUROPE
    • UK
    • GERMANY
    • FRANCE
    • NETHERLANDS
    • REST OF EUROPE
  • ASIA-PACIFIC
    • CHINA
    • JAPAN
    • INDIA
    • SOUTH KOREA
    • Indonesia
    • Thailand
    • Sri Lanka
    • Bangladesh
    • Rest of Asia-Pacific
  • LAMEA
    • LATIN AMERICA
    • MIDDLE EAST
    • AFRICA

Key Market Players
  • AMARA RAJA BATTERIES LIMITED
  • AMPLIFY CLEANTECH SOLUTIONS PRIVATE LIMITED
  • CHARGEMYGAADI
  • ECHARGEUP
  • ESMITO SOLUTIONS PVT LTD
  • GOGORO INC
  • LITHION POWER PRIVATE LIMITED
  • NIO INC
  • NUMOCITY TECHNOLOGIES PVT LTD.
  • OYIKA
 

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The electric vehicle battery swapping market is projected to witness moderate growth rate, owing to increase in demand for electric vehicles, coupled with lack of adequate public charging facilities. Companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative feature offerings.

For instance, according to Ola Electric Co-Founder Ankit Jain, the battery swapping market has a significant potential to grow in the future as a mode for charging small vehicles, creating favorable economics for consumers and for the power sector. In addition, according to P R Kumar, CEO of BSES Yamuna Power Limited (BYPL), setting-up of battery swapping stations will eliminate the wait-time for charging, thus removing a major impediment preventing adoption of electric vehicles. In addition, he said, such measures would provide much-needed trigger to increase adoption of electric vehicles and help in reducing pollution.

Moreover, the electric vehicle battery swapping market is driven by reduced time for electric vehicle charging, resulting in rise in demand for electric vehicle battery swapping. In addition, introduction of innovative & advanced battery swapping models and services by market players also foster growth of market. However, differentiation in battery technology & design and high initial set-up & operating cost of battery swapping stations hinder the market growth.

Among the analyzed regions, Asia-Pacific accounted for the highest revenue in the global market in 2020. However, LAMEA is expected to grow at a higher rate, predicting lucrative opportunities for key players operating in the electric vehicle battery swapping market.

 

 

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FREQUENTLY ASKED QUESTIONS?

A. The global electric vehicle battery swapping market was valued at $100,087.7 thousand in 2020, and is projected to reach $852,597.49 thousand by 2030, registering a CAGR of 24.4% from 2021 to 2030.

A. There are certain upcoming trands in such as rapid emergence of shared e-mobility and introduction of innovative & advanced battery swapping model and services by market players

A. The report sample for global electric vehicle battery swapping market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. The impact of the current global economic conditions and market sentiment directly affects the business of key players. Although, many challenges lie ahead, the coronavirus could accelerate some beneficial trends. For instance, electrification will increase in select segments, such as two-wheel (2W) and three-wheel (3W) vehicles, and shared mobility could also increase because of the growth of various use cases, such as last-mile delivery, ride hailing, and rentals.

A. The key growth strategies adopted by the EV battery swapping industry players includes collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the EV battery swapping market as well as the players.

A. The company profiles of the top ten players of the electric vehicle battery swapping market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Asia-Pacific region is leading the market presently in terms of revenue. However, LAMEA and Europe region is expected to provide more business opportunities for the key players operating in the global electric vehicle battery swapping market.

A. By vehicle type, two-wheeler segment is expacted to gain traction over the forecast period as well as domainate the market share in the global electric vehicle battery swapping market

A. Netherlands, U.S. and Germany has wirnessed as a key matured markets growing in the global electric vehicle battery swapping market

A. Differentiation in battery technology and design and high initial set-up and operating cost of battery swapping station have strong impact on the market

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