Press release
Electric Vehicle Battery Swapping Industry to Achieve $17.46 Billion Growth by 2029
Electric Vehicle Battery Swapping
How Will the Electric Vehicle Battery Swapping Market Grow by 2025 in Terms of Size and Growth?
The market size for battery replacement in electric vehicles has seen significant expansion of late. The market, which is projected to be $3.36 billion in 2024, is expected to reach $4.69 billion in 2025, boasting a compound annual growth rate (CAGR) of 39.7%. Factors contributing to the growth during the past period include environmental considerations, urbanization escalation, escalating fuel prices, customer preference for comfort and convenience, as well as infrastructure advancement.
What Are the Estimated Growth Rates for the Electric Vehicle Battery Swapping Industry Through 2029?
Over the coming years, the electric vehicle battery swapping market is predicted to experience significant growth, expanding to $17.46 billion by 2029 with a compound annual growth rate (CAGR) of 38.9%. Various factors such as reducing battery prices, emphasis on zero-emission vehicles by regulations, awareness towards sustainability, advancements in charging infrastructure and the development of smart-grid solutions contribute to this projected growth in the forecast period. The expected trends encompass the merging of battery swapping with ride-sharing and mobility services, the emergence of subscription-based battery swapping services and battery swapping serviced as a service (BaaS) models and the implementation of blockchain technology for secure tracking and transactions of batteries.
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What Are the Strategic Drivers Boosting Electric Vehicle Battery Swapping Market Performance?
The anticipated growth of the electric vehicle battery-swapping market can be attributed to the shortage of suitable public charging stations. These charging facilities are usually located in accessible areas like parking spaces, shopping malls, rest points, and highways. They enable electric vehicle (EV) owners to charge their vehicles when not at home. However, setting up these public charging infrastructures requires significant financial and resource input, leading to the need for more funds or incentives to build a wide-ranging network of charging stations in many places. Battery swapping for EVs presents a practical solution in areas where sufficient public charging provisions are insufficient, offering EV users a quick and easy way to recharge their vehicle's battery. For example, J.D. Power, an American data analytics software company, revealed that the incidence of charge point unreliability shot up by 50% from 2021 to January 2023, with the rate increasing from 14% to 21%. Additionally, over one in five charging attempts are unsuccessful, with 72% of these failures as a result of faulty or non-operational chargers. As such, the necessity for sufficient public charging facilities propels the expansion of the electric vehicle battery-swapping market.
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What Are the Segments in the Electric Vehicle Battery Swapping Market?
The electric vehicle battery swapping market covered in this report is segmented -
1) By Service Type: Subscription Model, Pay-Per-Use Model
2) By Station Type: Automated, Manual
3) By Vehicle Type: Two-Wheeler, Three-Wheeler Passenger Vehicle, Three-Wheeler Light Commercial Vehicle, Four-Wheeler Light Commercial Vehicle, Buses, Other Vehicle Types
Subsegments:
1) By Subscription Model: Monthly Subscription Plans, Annual Subscription Plans, Customized Subscription Plans
2) By Pay-Per-Use Model: Pay Per Swap, Pay Per Charge, Pay Per Distance
What Are the Key Adoption Trends in the Electric Vehicle Battery Swapping Market?
Major corporations in the electric vehicle battery swapping industry are placing emphasis on the development of modular battery swapping technology. The goal behind this is to optimise efficiency, lessen charging time, improve management of battery lifespan and enhance the overall consumer experience. The system, known as modular battery swapping technology, offers an innovative solution enabling electric vehicle users to quickly switch out drained batteries for fully charged replacements in a standardised, flexible format. For example, in August 2024, Sun Mobility Pvt. Ltd., an Indian company, collaborated with Veera Vahana Udyog Pvt Ltd, another Indian firm, to unveil this technology for heavy electric vehicles. This system drastically reduces battery swapping time to less than three minutes, a stark contrast to traditional charging techniques, increasing the operational effectiveness of vehicles and reducing downtime. It also boosts employment rates in fleet firms and targets a reduction of about 40% in initial investments for electric buses, thereby aligning their costs more closely with those of traditional internal combustion engine buses.
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Which Companies Lead the Competitive Landscape of the Electric Vehicle Battery Swapping Industry?
Major companies operating in the electric vehicle battery swapping market are Panasonic Corporation, BYD Company Limited, Beijing Automotive Industry Holding Co. Ltd. (BAIC Group), LG Energy Solution Ltd., NIO Inc., Amara Raja Batteries Limited, Gogoro Inc., Bird Global Inc., Rapido (Roppen Transportation Services Private Limited), EChargeUp Solutions Pvt Ltd., ONN Bikes (Motor Bike Company Pvt Ltd), Yulu Bikes Private Limited, BatteryPool Technologies Pvt. Ltd., Lithion Power Private Limited, Bounce Mobility Pvt. Ltd., Battery Smart Pvt. Ltd., Leo Motors Inc., Mooving Technologies Pvt. Ltd., Esmito Solutions Pvt. Ltd., Immotor Inc., SUN Mobility Private Limited, BattSwap Inc., Oyika Pte Ltd., Tier Mobility GmbH, Kwang Yang Motor Co. Ltd. (KYMCO), Ample Inc., HOP Electric Mobility Pvt. Ltd., RACEnergy (RACEnergy Charging Solutions Pvt. Ltd.), Honda Power Pack Energy India
Where Are the Key Electric Vehicle Battery Swapping Market Opportunities by Region?
Asia-Pacific was the largest region in the electric vehicle battery swapping market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle battery swapping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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