EV owners could soon be swapping out drained batteries for charged ones at public stations. The change would be quicker and easier than plugging in a car for a charge, and it could eliminate range anxiety that surveys show plagues would-be EV drivers. Moreover, battery swapping reduces the overall cost of ownership of an electric vehicle as all maintenance and care are handled by the service provider. These benefits are expected to boost the adoption of EVs globally, driving the market growth for battery swapping services.
Market Statistics:
The global Electric Vehicle Battery Swapping Market is estimated to account for US$ 781.2 Mn in terms of value by the end of 2022.
Global Electric Vehicle Battery Swapping Market: Drivers
Growing dependency on micromobility is anticipated to augment growth of the global electric vehicle battery swapping market over the forecast period. The popularity of electric vehicles is increasing in micromobility, as several countries are supporting micromobility companies through allocating specific areas, offering infrastructure in cities for trials. Moreover, government of several companies are working with these companies for establishement of micromobility in the country. Thus, demand for electric trucks is likely to increase in the coming years, which is further expected to drive growth of the global electric vehicle battery swapping market over the forecast period.
Global Electric Vehicle Battery Swapping Market: Opportunities
Rising investments in battery swapping infrastructure is expected to generate growth opportunities in the global electric vehicle battery swapping market over the forecast period. The investments in battery swapping infrastructures is increasing due to rise in importance of this technology in the electric vehicle vertical. The popularity of this technology is growing due to its various benefits. As a result, demand for battery swapping infrastructure is growing further creating growth opportunities in the market.
Global Electric Vehicle Battery Swapping Market: Restraints
Lack of appropriate standards for batteries used in different vehicles is expected to obstruct growth of the global electric vehicle battery swapping market over the forecast period. Due to inability of automakers to commit and agree to create vehicles that are specifically suitable for running on standardized batteries for electric vehicles, the market growth witnesses major challenge. Currently, collaboration among automakers to create such batteries is challenging and this is further expected to hinder growth of the global electric vehicle battery swapping market over the coming future.
Covid-19 Impact Analysis:
The COVID-19 outbreak spread across more than 100 countries around the world, leading to stringent lockdown regulations to control further spread of the virus. During the lockdown period, major industrial operations were shut down temporarily. Manufacturing activities were closed down due to disrupted supply chains. With disruption in transportation and automobile industry, the demand for the market in discussion declined significantly. Thus, the market witnessed a negative impact of the pandemic.
Key Takeaways:
The global electric vehicle battery swapping market was valued at US$ 781.2 Mn in 2022 and is forecast to reach a value of US$ 7,404.7 Mn by 2030 at a CAGR of 32.6% between 2023 and 2030.
Subscription model segment held dominant position in the global electric vehicle battery Swapping market in 2022, accounting for 60.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
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Global Electric Vehicle Battery Swapping Market Trends:
Growing demand for electric two-wheelers is a growing trending in the global electric vehicle battery swapping market. Two-wheelers include electric scooters, electric bikes, and electric bicycles having motor installed. These vehicles also come with a strong battery attached to the engine, which powers the motor. With the growing number of EV charging infrastructure around the world, the demand for electric two-wheelers is increasing. As a result, the market is likely to gain traction over the forecast future.
Europe is also anticipated to show substantial growth in the global electric vehicle battery swapping market during the forecast period. The regions is witnessing rise in initiatives for enhancing the efficiency of transportation system. Moreover, stringent regulations by governments to control the pollution levels, along with rising environmental awareness among people are the factors expected to support growth of the global electric vehicle battery swapping market in the region.
Global Electric Vehicle Battery Swapping Market: Competitive Landscape
Nio Inc., Amara Raja Batteries Limited, Lithion Power Private Limited, Amplify Cleantech Solutions Private Limited, Gogoro Inc., Chargemygaadi, Esmito Solutions Pvt. Ltd., and Echargeup
Global Electric Vehicle Battery Swapping Market: Recent Developments
In September 2022, Oyika Pte Ltd. signed a Memorandum of Understanding (MOU) with NEFIN Group, a leading green independent power investor and producer in Asia for promoting adoption of electric vehicles in countries such as Malaysia, Singapore, Thailand, Cambodia, and Indonesia.
