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), and By Region

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Summary

Report Description

Global electric vehicle battery swapping market size has shown a growth in the past years, and it is anticipated to increase at a high rate in the forecast year 2023E-2028F. In recent years the adoption of electric vehicles has increased in many countries across the globe, according to the IEA (International Energy Agency) data around 6.9 million electric vehicles sales were recorded in the year 2021, as the main powerhouse of an electric vehicle is battery, increased sales of electric vehicle will drive the sales of electric vehicle as well.

Battery plays an important role in the electric vehicles as most of the function of electric vehicle is demanded on the battery, Due to the heavy use of the battery, it needs to be charged within a certain timeframe, and swapping batteries are an option for the buyers as they can be used at any time in an emergency. By this the global electric vehicle battery swapping market share is anticipated to grow in the forecasted year.

Government Policies and Incentives

Many countries’ governments have implemented various policies and incentives plans to increase the adoption of electric vehicles among vehicle buyers. The governments of US have implemented various policies and incentives such as on the purchase of the all-new electric, plug-in hybrid, and fuel cell electric vehicles many be eligible for a federal income tax credit of up to USD7,500 under some criteria. This initiative will help in the adoption of the electric vehicles and support the growth of the battery swapping market. Apart from incentives the government also offers tax credits, rebates, and grants for electric vehicle purchases, charging infrastructure development, and research and development of battery technologies. By all these the global electric vehicle battery swapping market growth will be seen in the coming years.

Some of the major trends for the electric vehicle battery swapping market are-

Battery Swapping is easy for the Convenience.

Battery swapping provides an easy and quick way to recharge electric vehicles (EVs) without having to wait for a long time for the battery to charge. This makes it more convenient for EV owners, especially those who live in urban areas where charging stations may be hard to find. Also, the owners of the electric vehicles have concerns over the range of there vehicle’s battery, as most the electric vehicle battery offers the limited range due to which the buyers heritage before buying electric vehicle. Battery swapping provides a solution to this problem by allowing EV owners to quickly replace their depleted batteries with fully charged ones, enabling them to travel longer distances. 

Increasing Environmental Concerns

Since automobiles that run on non-renewable sources of energy emits carbon dioxide (CO2), as one of the main greenhouse gases. These greenhouse gas emissions can trap additional heat coming from the sun in the earth’s atmosphere, which causes the ‘greenhouse effect’ and climate change. The greenhouse effect leads to increasing global temperatures causing global warming. Higher temperatures worsen many types of disasters, including storms, wildlife extinction rates, quality of air, heat waves, and lead to higher sea levels, floods, and droughts. Due to the growing environmental concerns, the size of the electric vehicle fleet across the world is expected to increase at a rapid growth rate, driving the global electric vehicle battery swapping market during the forecast period.

Cost-Effectiveness of Battery Swapping

Battery swapping provides a faster and more convenient alternative to traditional charging methods. Swapping batteries takes only a few minutes, compared to several hours for charging electric vehicles using conventional methods. One of the main factors for electric vehicle drivers is the range of the battery, as for the longer distance battery needs to be recharged again after certain period. Battery swapping provides a solution to the range problem, as drivers can swap their depleted battery for a fully charged one, which allows them to continue their journey without having to wait for recharge the battery.

Battery swapping is also a cost-effective solution for the electric vehicle fleet operators and other businesses that rely on electric vehicles. Swapping batteries comes as an alternative option for electric vehicle owners as it reduces the downtime and increases vehicle utilization, resulting in lower operational costs. These factors act as the electric vehicle battery swapping market trends, which will increase the sales of swapping batteries in various countries in the coming years. 

Rising Number of Electric Vehicles

There are numerous advantages to owning an electric vehicle over a diesel or petrol vehicle, such as cost per km is low in electric vehicle compared to diesel or petrol vehicle. Electric vehicles have fewer mechanical components and do not require as much servicing and maintenance as gasoline powered vehicles. By seeing various advantage in electric vehicle buyers are preferring to buy EV, as the sales of EV will increase the requirement for the charging station. Battery swapping can provide a quick and efficient solution to this problem, enabling EV owners to recharge their vehicles in a matter of minutes.

In many countries swapping battery for electric vehicles is new trend, many countries are still having lower number of batteries charging stations and people have to go to charging stations for charging the battery, by seeing this battery manufacturers have started to introduce swapping battery as an alternative solution. Moreover, In China, the average cost to create a switching station is 3 million yuan (USD450,000). The cost of building a battery-swap-ready EV is about 65,000 yuan (USD9,700) higher than the cost of building a standard EV with a non-swappable battery.

By 2025, 24,000 swapping stations will be installed across the nation, increasing from the current 1400 swapping stations, according to projections by Chinese automakers NIO and Geely, battery swap developer Aulton, and state-owned oil producer Sinopec. All these factors are acting in a positive way in increasing sales of swapping batteries in the global electric vehicle battery swapping market, across various countries. By this factor the global electric vehicle battery swapping market is anticipated to witness growth in the next five years.


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Market Segmentation

The global electric vehicle battery swapping market is segmented based on service type, vehicle type, region, and competitional landscape. Based on service type, the market is further fragmented into subscription model, and pay-pre-use-model. Based on vehicle type the market is divided into two-wheeler, three-wheeler, passenger cars and commercial vehicles.

Company Profiles

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., are among the major market players in the global electric vehicle battery swapping market.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Billion and CAGR for 2018-2021 and 2023E-2028F

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         By Service Type

·         By Vehicle Type

·         By Region

Regional Scope

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

Country Scope

United States, Canada, Mexico, Germany, Spain, Russia, France, United Kingdom, Slovakia, Italy, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Vietnam, Brazil, Argentina, Colombia, Turkey, South Africa, Egypt  

Key Companies Profiled

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.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail of customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, the Global Electric Vehicle Battery Swapping market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  •   Electric Vehicle Battery Swapping Market, By Service Type

o   Subscription Model

o   Pay-Pre-Use-Model

  •  Electric Vehicle Battery Swapping Market, By Vehicle Type:
    • Two-Wheeler
    • Three-Wheeler
  • Electric Vehicle Battery Swapping Market, By Region:
    • North America
      • The United States
      • Canada
      • Mexico
    • Europe
      • Germany
      • Spain
      • Russia
      • France
      • United Kingdom
      • Slovakia
      • Italy
    • Asia-Pacific
      • China
      • India
      • Japan
      • South Korea
      • Indonesia
      • Thailand
      • Malaysia
      • Vietnam
    • South America
      • Brazil
      • Argentina
      • Colombia
    • Middle East & Africa
      • Turkey
      • South Africa
      • Egypt

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global electric vehicle battery swapping market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Electric Vehicle Battery Swapping Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global Electric Vehicle Battery Swapping Market         

5.    Voice of Customer

5.1.  Brand Recall (Unaided and Aided)

5.2.  Factors Influencing Purchase Decision

5.3.  Brand Satisfaction Level

6.    Global Electric Vehicle Battery Swapping Market Outlook, FY2018-FY2028F

Market Size & Forecast

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Service Type (Subscription Model, Pay-Pre-Use-Model)

6.2.2.     By Vehicle Type (Two-Wheeler, Three-Wheeler)

6.2.3.     By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)

6.2.4.     By Company (2022)

6.3.  Market Map (By Service Type, By Vehicle Type, By Region)

7.    North America Electric Vehicle Battery Swapping Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume and Value

7.2.  Market Share & Forecast

7.2.1.     By Service Type

7.2.2.     By Vehicle Type

7.2.3.     By Country

7.3.  North America: Country Analysis

7.3.1.     USA Electric Vehicle Battery Swapping Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Volume and Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Service Type

7.3.1.2.2.             By Vehicle Type

7.3.2.     Mexico Electric Vehicle Battery Swapping Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Volume and Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Service Type

7.3.2.2.2.             By Vehicle Type

7.3.3.     Canada Electric Vehicle Battery Swapping Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Volume and Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Service Type

7.3.3.2.2.             By Vehicle Type

8.    Europe Electric Vehicle Battery Swapping Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume and Value

8.2.  Market Share & Forecast

8.2.1.     By Service Type

8.2.2.     By Vehicle Type

8.2.3.     By Country

8.3.  Europe: Country Analysis

8.3.1.     Germany Electric Vehicle Battery Swapping Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Volume and Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Service Type

8.3.1.2.2.             By Vehicle Type

8.3.2.     Spain Electric Vehicle Battery Swapping Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Volume and Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Service Type

8.3.2.2.2.             By Vehicle Type

8.3.3.     Russia Electric Vehicle Battery Swapping Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Volume and Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Service Type

8.3.3.2.2.             By Vehicle Type

8.3.4.     France Electric Vehicle Battery Swapping Market Outlook

8.3.4.1.         Market Size & Forecast

8.3.4.1.1.             By Volume and Value

8.3.4.2.         Market Share & Forecast

8.3.4.2.1.             By Service Type

8.3.4.2.2.             By Vehicle Type

8.3.5.     United Kingdom Electric Vehicle Battery Swapping Market Outlook

8.3.5.1.         Market Size & Forecast

8.3.5.1.1.             By Volume and Value

8.3.5.2.         Market Share & Forecast

8.3.5.2.1.             By Service Type

8.3.5.2.2.             By Vehicle Type

8.3.6.     Slovakia Electric Vehicle Battery Swapping Market Outlook

8.3.6.1.         Market Size & Forecast

8.3.6.1.1.             By Volume and Value

8.3.6.2.         Market Share & Forecast

8.3.6.2.1.             By Service Type

8.3.6.2.2.             By Vehicle Type

8.3.7.     Italy Electric Vehicle Battery Swapping Market Outlook

8.3.7.1.         Market Size & Forecast

8.3.7.1.1.             By Volume and Value

8.3.7.2.         Market Share & Forecast

8.3.7.2.1.             By Service Type

8.3.7.2.2.             By Vehicle Type

9.    Asia-Pacific Electric Vehicle Battery Swapping Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume and Value

9.2.  Market Share & Forecast

9.2.1.     By Service Type

9.2.2.     By Vehicle Type

9.2.3.     By Country

9.3.  Asia-Pacific: Country Analysis

9.3.1.     China Electric Vehicle Battery Swapping Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Volume and Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Service Type

9.3.1.2.2.             By Vehicle Type

9.3.2.     India Electric Vehicle Battery Swapping Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Volume and Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Service Type

9.3.2.2.2.             By Vehicle Type

9.3.3.     Japan Electric Vehicle Battery Swapping Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Volume and Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Service Type

9.3.3.2.2.             By Vehicle Type

9.3.4.     South Korea Electric Vehicle Battery Swapping Market Outlook

9.3.4.1.         Market Size & Forecast

9.3.4.1.1.             By Volume and Value

9.3.4.2.         Market Share & Forecast

9.3.4.2.1.             By Service Type

9.3.4.2.2.             By Vehicle Type

9.3.5.     Indonesia Electric Vehicle Battery Swapping Market Outlook

9.3.5.1.         Market Size & Forecast

9.3.5.1.1.             By Volume and Value

9.3.5.2.         Market Share & Forecast

9.3.5.2.1.             By Service Type

9.3.5.2.2.             By Vehicle Type

9.3.6.     Thailand Electric Vehicle Battery Swapping Market Outlook

9.3.6.1.         Market Size & Forecast

9.3.6.1.1.             By Volume and Value

9.3.6.2.         Market Share & Forecast

9.3.6.2.1.             By Service Type

9.3.6.2.2.             By Vehicle Type

9.3.7.     Malaysia Electric Vehicle Battery Swapping Market Outlook

9.3.7.1.         Market Size & Forecast

9.3.7.1.1.             By Volume and Value

9.3.7.2.         Market Share & Forecast

9.3.7.2.1.             By Service Type

9.3.7.2.2.             By Vehicle Type

9.3.8.     Vietnam Electric Vehicle Battery Swapping Market Outlook

9.3.8.1.         Market Size & Forecast

9.3.8.1.1.             By Volume and Value

9.3.8.2.         Market Share & Forecast

9.3.8.2.1.             By Service Type

9.3.8.2.2.             By Vehicle Type

10.  South America Electric Vehicle Battery Swapping Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Volume and Value

10.2.              Market Share & Forecast

10.2.1.  By Service Type

10.2.2.  By Vehicle Type

10.2.3.  By Country

10.3.              South America: Country Analysis

10.3.1.  Brazil Electric Vehicle Battery Swapping Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Volume and Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Service Type

10.3.1.2.2.           By Vehicle Type

10.3.2.  Argentina Electric Vehicle Battery Swapping Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Volume and Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Service Type

10.3.2.2.2.           By Vehicle Type

10.3.3.  Colombia Electric Vehicle Battery Swapping Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Volume and Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Service Type

10.3.3.2.2.           By Vehicle Type

10.3.3.2.3.            

11.  Middle East & Africa Electric Vehicle Battery Swapping Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Volume and Value

11.2.              Market Share & Forecast

11.2.1.  By Service Type

11.2.2.  By Vehicle Type

11.2.3.  By Country

11.3.              Middle East & Africa: Country Analysis

11.3.1.  Turkey Electric Vehicle Battery Swapping Market Outlook

11.3.1.1.      Market Size & Forecast

11.3.1.1.1.           By Volume and Value

11.3.1.2.      Market Share & Forecast

11.3.1.2.1.           By Service Type

11.3.1.2.2.           By Vehicle Type

11.3.2.  South Africa Electric Vehicle Battery Swapping Market Outlook

11.3.2.1.      Market Size & Forecast

11.3.2.1.1.           By Volume and Value

11.3.2.2.      Market Share & Forecast

11.3.2.2.1.           By Service Type

11.3.2.2.2.           By Vehicle Type

11.3.3.  Egypt Electric Vehicle Battery Swapping Market Outlook

11.3.3.1.      Market Size & Forecast

11.3.3.1.1.           By Volume and Value

11.3.3.2.      Market Share & Forecast

11.3.3.2.1.           By Service Type

11.3.3.2.2.           By Vehicle Type

12.  Market Dynamics

12.1.              Drivers

12.1.1.1.      Increase in demand for electric vehicle.

12.1.1.2.      Stringent Government Policies

12.2.              Challenges

12.2.1.1.      Increasing Raw Material Prices

12.2.1.2.      Differentiation in battery technology and design

13.  Market Trends & Developments

13.1.              Rapid emergence of shared e-mobility

13.2.              Introduction of innovative & advanced battery swapping models and services

13.3.                     Advancement In Technology

Porter’s Five Forces Model

13.4.              Competition Landscape

13.5.              Buyer Power

13.6.              Supplier Power

13.7.              Threat of New Entrants

13.8.              Threat of Substitutes

14.  Competitive Landscape

14.1.              Competition Outlook

14.2.              Company Profiles

14.2.1.  Amplify Cleantech Solutions Private Limited

14.2.1.1.      Company Details

14.2.1.2.      Products & Services

14.2.1.3.      Key Market Focus & Geographical Presence

14.2.1.4.      Recent Development

14.2.1.5.      Key Management Personnel

14.2.2.  Amara Raja Battery Limited

14.2.2.1.      Company Details

14.2.2.2.      Products & Services

14.2.2.3.      Key Market Focus & Geographical Presence

14.2.2.4.      Recent Development

14.2.2.5.      Key Management Personnel

14.2.3.  Esmito Solutions Pvt Ltd

14.2.3.1.      Company Details

14.2.3.2.      Products & Services

14.2.3.3.      Key Market Focus & Geographical Presence

14.2.3.4.      Recent Development

14.2.3.5.      Key Management Personnel

14.2.4.  EChargeUp Solutions Pvt Ltd Inc

14.2.4.1.      Company Details

14.2.4.2.      Products & Services

14.2.4.3.      Key Market Focus & Geographical Presence

14.2.4.4.      Recent Development

14.2.4.5.      Key Management Personnel

14.2.5.  Lithion Power Pvt Ltd

14.2.5.1.      Company Details

14.2.5.2.      Products & Services

14.2.5.3.      Key Market Focus & Geographical Presence

14.2.5.4.      Recent Development

14.2.5.5.      Key Management Personnel

14.2.6.  Numocity Technologies Pvt Ltd

14.2.6.1.      Company Details

14.2.6.2.      Products & Services

14.2.6.3.      Key Market Focus & Geographical Presence

14.2.6.4.      Recent Development

14.2.6.5.      Key Management Personnel

14.2.7.  Panasonic India Pvt. Ltd

14.2.7.1.      Company Details

14.2.7.2.      Products & Services

14.2.7.3.      Key Market Focus & Geographical Presence

14.2.7.4.      Recent Development

14.2.7.5.      Key Management Personnel

14.2.8.  PowerSwap Ab

14.2.8.1.      Company Details

14.2.8.2.      Products & Services

14.2.8.3.      Key Market Focus & Geographical Presence

14.2.8.4.      Recent Development

14.2.8.5.      Key Management Personnel

14.2.9.  Revolt Motors

14.2.9.1.      Company Details

14.2.9.2.      Products & Services

14.2.9.3.      Key Market Focus & Geographical Presence

14.2.9.4.      Recent Development

14.2.9.5.      Key Management Personnel

14.2.10.                Nio Inc

14.2.10.1.    Company Details

14.2.10.2.    Products & Services

14.2.10.3.    Key Market Focus & Geographical Presence

14.2.10.4.    Recent Development

14.2.10.5.    Key Management Personnel

15.  Strategic Recommendations/Action Plan

15.1.              Key Focus Areas

15.2.              Target Regions & Countries

15.3.              Target Type

15.4.              Target Category

 (Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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The major trends in the global electric vehicle battery swapping market is that it has lower running cost, advancement in technology by different companies, also battery swapping is new in the market as it can be easily changed at any place, it gives better driving experience to the driver, and consumer can purchase a battery-less electric vehicle from OEMs.

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Major challenges for the electric vehicle battery swapping market are rising raw material prices, capacity demand, technical issues with the system such as fast charging ranging range generating more heat, etc. These challenges have hampered the growth of electric vehicle battery swapping market.

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The benefits of electric vehicle battery swapping are lower running costs, renewable electricity tariffs, better driving experience, etc.

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Some of the major companies in Global Electric Vehicle Battery Swapping market are Amplify Cleantech Solutions Private Limited, Amara Raja Battery Limited, Esmito Solutions Pvt Ltd, EChargeUp Solutions Pvt Ltd Inc, Lithion Power Pvt Ltd. etc.

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