Electric Vehicle Battery Swapping Market (By Vehicle Type: Two-Wheeler, Three-Wheeler Passenger vehicle, Three-Wheeler Light commercial vehicle, Four Wheeler Light commercial vehicle, Buses, Others; By Service Type: Subscription, Pay Per Use) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global electric vehicle battery swapping market size was exhibited at USD 157.18 million in 2022 and is projected to hit around USD 1,335.68 million by 2032, growing at a CAGR of 23.86% during the forecast period 2023 to 2032.

electric vehicle battery swapping market size

Key Pointers:

  • Asia Pacific electric vehicle battery swapping market was valued at USD 72 million in 2022
  • By vehicle type, the two-wheeler segment garnered largest revenue share of 69% in 2022
  • In 2022, Asia pacific region accounted largest market share of around 44%
  • Europe will show good growth rate in near future
  • By service type, the subscription segment accounted 68% revenue share in 2022

Electric Vehicle Battery Swapping Market Report Scope

Report Coverage

Details

Market Size in 2023

USD 194.68 million

Market Size by 2032

USD 1,335.68 million

Growth Rate From 2023 to 2032

CAGR of 23.86%

Base Year

2022

Forecast Period

2023 to 2032

Segments Covered

Vehicle Type, Service Type

Market Analysis (Terms Used)

Value (US$ Million/Billion) or (Volume/Units)

Regional Scope

North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa

Key Companies Profiled

Numocity, BAIC, ChargeMyGaadi, NIO, KYMCO, Amplify Mobility, Gogoro, Sun Mobility, Lithion Power, Ample, ECHARGEUP, Amara Raja, Aulton New Energy Automotive Technology, Others

 

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. 

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.

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.

Some of the prominent players in the Electric Vehicle Battery Swapping Market include:

  • Numocity
  • BAIC
  • ChargeMyGaadi
  • NIO
  • KYMCO
  • Amplify Mobility
  • Gogoro
  • Sun Mobility
  • Lithion Power
  • Ample
  • ECHARGEUP
  • Amara Raja
  • Aulton New Energy Automotive Technology
  • Others

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric Vehicle Battery Swapping market.

By Vehicle Type

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

By Service Type

  • Subscription
  • Pay Per Use

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Frequently Asked Questions

The global electric vehicle battery swapping market size was exhibited at USD 157.18 million in 2022 and is projected to hit around USD 1,335.68 million by 2032

The global electric vehicle battery swapping market is poised to grow at a CAGR of 23.86% from 2022 to 2030.

The major players operating in the electric vehicle battery swapping market are Numocity, BAIC, ChargeMyGaadi, NIO, KYMCO, Amplify Mobility, Gogoro, Sun Mobility, Lithion Power, Ample, ECHARGEUP, Amara Raja, Aulton New Energy Automotive Technology, Others

Asia Pacific region will lead the global electric vehicle battery swapping market during the forecast period 2022 to 2030.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Electric Vehicle Battery Swapping Market 

5.1. COVID-19 Landscape: Electric Vehicle Battery Swapping Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Electric Vehicle Battery Swapping Market, By Vehicle Type

8.1. Electric Vehicle Battery Swapping Market, by Vehicle Type, 2023-2032

8.1.1. Two-Wheeler

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Three-Wheeler Passenger vehicle

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Four-Wheeler Light commercial vehicle

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Buses

8.1.4.1. Market Revenue and Forecast (2020-2032)

8.1.5. Others

8.1.5.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global Electric Vehicle Battery Swapping Market, By Service Type

9.1. Electric Vehicle Battery Swapping Market, by Service Type, 2023-2032

9.1.1. Subscription

9.1.1.1. Market Revenue and Forecast (2020-2032)

9.1.2. Pay Per Use

9.1.2.1. Market Revenue and Forecast (2020-2032)

Chapter 10. Global Electric Vehicle Battery Swapping Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.1.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.1.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.1.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.2.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.2.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.2.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.2.5.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.2.6.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.3.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.3.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.3.5.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.3.6.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.4.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.4.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.4.5.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.4.6.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.5.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.5.3.2. Market Revenue and Forecast, by Service Type (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Forecast, by Vehicle Type (2020-2032)

10.5.4.2. Market Revenue and Forecast, by Service Type (2020-2032)

Chapter 11. Company Profiles

11.1. Numocity

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. BAIC

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. ChargeMyGaadi

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. NIO

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. KYMCO

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Amplify Mobility   

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Gogoro

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Sun Mobility

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Lithion Power

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Ample

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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