Electric Vehicle Battery Swapping Market to Grow in Terms of Value through 2028
Increasing sales of electric vehicles across the world has led
to rise the demand for batteries. By increasing sales of electric vehicle and
new technology advancement in battery technology, the electric vehicle swapping
battery market is anticipated to grow in the upcoming year.
According to the TechSci Research
report, "Electric Vehicle Battery Swapping Market-Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," the
Global electric vehicle battery swapping market is anticipated to grow at a robust
rate in the forecast period. The sales of
batteries for vehicles have increased with time, according to IEA (International Energy Agency) data
around 100 million vehicle’s batteries are replaced alone in the US every year
and 99% of the batteries are recycled. The sales of electric vehicles are
increasing with time in many countries such as in the US, the sales of new
light-duty plug-in electric vehicles, including all-electric vehicles (EVs) and
plug-in hybrid electric vehicles (PHEVs) were doubled from 308,000 in 2020 to
2021 to 608,000 in 2020. In China, the total number of electric vehicle sales was
around 3.2 million in 2021, with a 153% hike from 1.27 million in 2020 thereby
contributing to the increased demand for electric vehicle batteries as well. In
USA the battery manufacturing capacity is set to increase around 400% by 2026,
from 59GWh in 2021 to 343GWh. In many countries automotive manufactures are
more focusing on manufacturing the electric vehicles, by which the demand for
the battery is also increasing. Battery swapping comes as an alternative option
which involves switching out a depleted electric vehicles battery with a fully
charged one rather than plugging it in to charge.
In
some regions the demand for the locally produced battery for electric vehicles was
increased after the tread war between China and other countries, due to this
trade war taxes on the import duties were increased due to which the price of battery
was also increased. As many countries don’t have their own battery manufacturing
plants due to which they mostly dependent on imported batteries.
Additionally,
with innovation in technology and growing demand in the swapping battery
market, many battery manufacturers have invested in the research and
development for the new range of very high flexion battery.
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TOC on "Global Electric Vehicle Battery Swapping Market"
The global
electric vehicle battery swapping market can be segmented based on service type,
vehicle type, by region and by company. Based on service type, subscription model
dominates the market in the year 2022, and it is anticipated that pay-pre-use-model
will grow with decent share in the coming year. The subscription model has
different plans in which customer can subscribe on monthly or annual basis and
can own the battery according to plans and, they can adopt pay-per-use model as
per their need. In the pay-pre-use-model the customer can swipe the battery according
to the need and must pay at that time only and after the use, they can drop the
battery back at the changing station. In many countries across the globe as the
electric vehicles sales are increasing which led to increase the sales of
battery also, battery swapping is something new for users so the adoption rates
in the initial phase is quite low, but in the developed countries in various
regions such as United States of America, Germany, United Kingdom, China, etc.
has higher adoption rate compared to other countries.
In
the vehicle type segment, the three-wheeler and two-wheeler has the highest
market segment followed by the other vehicle type. In many countries most of
the three-wheeler and two-wheeler sales are electric vehicles, and as these
vehicles have lower price among the electric vehicles and the cost of battery
for these vehicles are also low compared to the other. Battery swapping is more
famous among these vehicles owners as it cost them low, and they can change the
battery according to the need and can choose the subscription plans according
to the need. This advancement in electric vehicles sector has resulted in
increase in sales of battery which has risen in adoption of swapping battery in
the many countries across the globe.
In
the regional segment Asia Pacific region has the highest market share and it is
anticipated to grow in the forecast years. In China the sales of electric
vehicles are increasing every year according to the IEA (International Energy Agency) data
sales of the electric vehicles in the passenger car has jumped to around 170%
accounting to the of 2.99 million electric vehicles sales in the year 2021. The
sales of electric vehicles are also increasing in United States of America, in
2021 the sales of light-duty electric vehicle and hybrid vehicles was around
607,567 units. In the current market scenario Asia Pacific has the highest
market share followed by Europe and North America, the primary source of power
in electric vehicles is battery and as the sales of electric vehicles is
increasing the sales of battery are also increasing with time. This has driven
global electric vehicle battery swapping marker and it is anticipated that the
market will grow in the coming years.
Some
of the major players operating in the Global Electric Vehicle Battery Swapping market
include:
- Amplify Cleantech Solutions Private
Limited
- Amara Raja Battery Limited
- Esmito Solutions Pvt Ltd
- EChargeUp Solutions Pvt Ltd Inc
- Lithion Power Pvt Ltd
- Numocity Technologies Pvt Ltd
- Panasonic India Pvt. Ltd
- PowerSwap Ab
- Revolt Motors
- Nio Inc
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“Many companies are
investing in research and development of battery sector, as the swapping
battery is being popular among the customer many new market players are
investing in this sector. To the meet the market demand many companies has
started to increase the production of the battery and increasing the number of
charging stations. This all factors has directly affected the battery swapping
market in a positive ways and it is anticipated to grow the market in the
coming years. "said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based global management consulting firm.
“Electric Vehicle Battery Swapping Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented
By Service Type (Subscription model, and Pay-Pre-Use-Model), By Vehicle Type
(Two-Wheeler, Three-Wheeler, Passenger Cars, and Commercial Vehicle), and By
Region,” has evaluated the future growth potential of Global
Electric Vehicle Battery Swapping market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Electric Vehicle Battery Swapping market.
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