Acumen Research and Consulting recently published report titled “EV Battery Swapping Market and Region Forecast, 2022 - 2030”
BERLIN, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The Global EV Battery Swapping Market Size accounted for USD 134.1 Million in 2021 and is projected to occupy a market size of USD 1,123.9 Million by 2030 growing at a CAGR of 26.8% from 2022 to 2030.
Plug-in chargers have traditionally dominated the infrastructure for electric vehicles. However, a different strategy for keeping EVs mobile involves replacing batteries that are close to failure with new ones. One of the best alternatives for EV charging stations is battery swapping stations, which may even help to address the lack of EV infrastructure in emerging countries. The battery swap stations charge electric vehicles faster. The battery swapping process replaces a drained Lithium-Ion battery with a new one, eliminating the need for a driver to wait an extended period of time to charge their EV battery.
Electric Vehicle Battery Swapping Market Statistics
- Global EV battery swapping market revenue valued at USD 134.1 million in 2021, with a 26.8% CAGR from 2022 to 2030
- The International Energy Agency (IEA) also estimates that the total sales of electric car fleets would reach over 300 million by 2030
- Asia-Pacific EV battery swapping market share occupied around 44% in 2021
- Europe's EV battery swapping market growth is estimated to attain 28% CAGR from 2022 to 2030
- By service type, the subscription model sub-segment grabbed 68% market share in 2021
- Based on vehicle type, the two-wheeler sub-segment gathered US$ 88.5 million in revenue in 2021
- Growing strict regulations towards carbon emission is a key trend in the EV battery-swapping industry
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Electric Vehicle Battery Swapping Market Coverage:
| Market | Electric Vehicle Battery Swapping Market | |
| Electric Vehicle Battery Swapping Market Size 2021 | USD 134.1 Million | |
| Electric Vehicle Battery Swapping Market Forecast 2030 | USD 1,123.9 Million | |
| Electric Vehicle Battery Swapping Market CAGR During 2022 - 2030 | 26.8% | |
| Electric Vehicle Battery Swapping Market Analysis Period | 2018 - 2030 | |
| Electric Vehicle Battery Swapping Market Base Year | 2021 | |
| Electric Vehicle Battery Swapping Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Service Type, By Vehicle Type, And By Geography | |
| Electric Vehicle Battery Swapping Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Amplify Mobility, BattSwap Inc., BYD Co. Ltd., ECHARGEUP, NIO Inc., Gogoro Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Leo Motors Inc., Lithion Power Private Limited, Panasonic Corporation, SUN Mobility Private Limited, and Tesla Inc.. | |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
EV Battery Swapping Market Dynamics
The growing initiative for electric vehicle adoption is a key factor driving the global EV battery-swapping market growth. Rising climate change awareness and rising carbon emissions are important factors that are driving the popularity of electric vehicles and battery manufacturers. In addition, the growing sales of two and three-wheelers in many countries are driving the electric vehicle swapping market. Similarly, the growing use of e-cargo bikes for online deliveries is expected to boost the EV battery swapping industry.
According to the World Economic Forum, demand for last-mile delivery will boost by 78% by 2030, resulting in 36% more delivery vehicles deployed in the world's top 100 countries. Furthermore, The United Nations Environment Programme is assisting many developing countries in Africa and Asia in developing national-level programs and schemes for the introduction of electric two- and three-wheelers. The organization is attempting to assist with electric two- and three-wheeler projects in eight African and Asian countries: Thailand, Vietnam, Ethiopia, Philippines, Morocco, Uganda, Kenya, and Rwanda.
The demand for fast charging has evolved as a result of the hectic lifestyle that the working class leads. The entire battery swapping process takes less than 10 minutes, which is very convenient for customers. However, the high initial investment required to install battery swapping infrastructure could hamper the market from growing. A battery swapping station's annual depreciation cost is approximately USD 77,280 (500,000 yuan). A first-gen, second-gen, and third-gen NIO station stores approximately 6, 13, and 28 batteries, respectively. Yet, the capital required for installing electric charging infrastructure is much more than the EV battery swapping infrastructure. Thus, government and private organizations are focusing more on battery swapping infrastructure.
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EV Battery Swapping Market Segmentation
The global market has been split into service type, vehicle type, and region.
The service type segment is further split into a subscription model and a pay-per-use model. The vehicle type segment is categorized into two-wheeler, three-wheeler, commercial vehicle, and passenger vehicles. Furthermore, the regional classification covers Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa (MEA).
EV Battery Swapping Market Share
According to our analysis of the EV battery swapping market, the subscription service type held the biggest market share in 2021 and will continue to do so in the future. On the other hand, pay-per-use will control the market in terms of growth between 2022 and 2030.
According to our EV battery swapping market forecast, the two-wheeler vehicle type sub-segment will account for a significant market share in 2021, while the three-wheeler sub-segment will account for a noteworthy market growth from 2022 to 2030. According to the International Renewable Energy Association (IRENA), by 2025, 20% of all cars on Southeast Asia's roads will be electric, with the two-wheeler and three-wheeler markets accounting for 59 million and 8.9 million electric four-wheelers, respectively.
EV Battery Swapping Market Regional Outlook
According to our EV battery swapping regional analysis, Asia-Pacific is expected to command the lion's share of the market in 2021. Government policies to encourage EV adoption, as well as a growing interest in research and development (R&D) to improve existing technologies, are driving market growth in APAC. In North America, the increasing tightening of emission regulations in the United States, as well as the deployment of the battery swapping models in key states such as California, will support market growth during the forecast period.
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EV Battery Swapping Market Players
Some prominent EV battery swapping companies covered in the industry are Amplify Mobility, BattSwap Inc., BYD Co. Ltd., ECHARGEUP, NIO Inc., Gogoro Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Leo Motors Inc., Lithion Power Private Limited, Panasonic Corporation, SUN Mobility Private Limited, and Tesla Inc.
Questions Answered By This Report
- What was the market size of EV Battery Swapping Market in 2021?
- What will be the CAGR of EV Battery Swapping Market during the forecast period from 2022 to 2030?
- Who are the major players in Global EV Battery Swapping Market?
- Which region held the largest share EV Battery Swapping Market in 2021?
- What are the key market drivers EV Battery Swapping Market ?
- Who is the largest end user EV Battery Swapping Market?
- What will be the EV Battery Swapping Market value in 2030?
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