Pune, India, Feb. 09, 2022 (GLOBE NEWSWIRE) -- The electric vehicle battery swapping market size was USD 100.2 million in 2020. The market is projected to grow from USD 119.4 million 2021 to USD 641.0 million in 2028 at a CAGR of 27.1% during the 2022-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Electric Vehicle Battery Swapping Market, 2022-2028.” Factors such as the ability to erase concerns such as longer charging times, range anxiety, and high battery replacement costs are expected to boost the market growth during the forecast period. Additionally, factors such as increasing number of regulatory policies supporting adoption will increase the footprint of the market.
Industry Development
- June 2021: Foxconn and Gogoro announced a partnership regarding technology and manufacturing by introducing new manufacturing capabilities and scale for Gogoro battery swapping technologies and Smart scooters.
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COVID-19 Impact
Pandemic to Push Market toward Higher Revenue Owing to Rising Production and Sales
The majority of the organizations and firms involved in the electric vehicle battery swapping sector are startups and they faced immense challenges and difficulties implementing day-to-day activities during the peak of the pandemic. However, sales for electric vehicles increased at a higher rate in 2020. Additionally, decreasing costs in battery production and procurement will further increase the market size and volume during the forecast period. Also, strong incentivization support for public transportation companies will increase the footprint of the market.
Service Type, Vehicle Type, and Region are studied for the Market
Based on service type, the market is segmented into subscription and pay-per-use models.
By vehicle type, the market is divided into two-wheeler, three-wheeler, and others.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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Report Coverage
The electric vehicle battery swapping market report explores the market by evaluating a detailed analysis of the sector in terms of key aspects, such as leading companies, product types, and leading applications of the product. Additionally, ongoing market trends and industry developments are noted in the study. In addition to the mentioned factors, the report also offers an in-depth market analysis of several factors that have contributed to the growth of the market during the forecast period.
Rising System Benefits to Bolster Market Growth
Factors, such as rising demand for larger battery capacity and growing requirements for fast chargers, are expected to drive the electric vehicle battery swapping market growth during the forecast period. Also, load following, frequency regulation, and voluntary reserve provisions will further fuel the market growth. Additionally, simple management style for energy producers and transmission system operators (TSO) will increase the footprint of the market.
However, higher cost of initial investment for electric vehicle battery swapping production will hinder the growth of the market during the forecast period.
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Asia Pacific to Lead Market due to Rising Adoption of the Battery Swapping Model to Augment Growth
Asia Pacific will witness the largest electric vehicle battery swapping market share, owing to rising focus of large manufacturers adopting the battery swapping model to name a few. Also, rising collaborations of domestic battery manufacturers towards developing commercialize batteries in an integrated modular design will increase the footprint of the market. Additionally, increasing amount of redesigning vehicles for implementing swapping solution will fuel the growth of the market.
Europe will witness considerable growth owing to rising development of battery swapping for compact city-oriented vehicles in emerging economies such as Germany and Sweden to name a few.
North America will hold a large market share due to rising stringency of emission regulations and increased implementation of battery swapping models.
Rising Investment toward R&D Activities to Bolster Market
Dominant players in the market are often implementing strategies such as mergers & acquisitions along with collaborations in order to gain a competitive advantage. Other players are often aiming for launching novel products in order to increase their offerings for capturing a larger consumer base. For example, in June 2021, Ample and Sally announced a partnership for electric mobility solution for rideshare, ride hailing, taxi, and last-mile delivery drivers. This partnership is aimed at deploying EV solutions to major cities in the U.S. such as US, including San Francisco, Los Angeles, and Chicago.
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List of Key Players Present in the Market
- ChargeMYGaadi (New Delhi, India)
- NIO, Inc. (Shanghai, China)
- Numocity (Karnataka, India)
- BAIC (Beijing, China)
- KYMCO (Kaohsiung City, Taiwan)
- Gogoro, Inc. (Taoyuan, Taiwan)
- Amplify Mobility (Telangana, India)
- Lithion Power Private Limited (New Delhi, India)
- Sun Mobility (Karnataka, India)
- Ample (California, US)
- Aulton New Energy Automotive Technology (Shanghai, China)
- ECHARGEUP (New Delhi, India)
- Amara Raja Group (Andhra Pradesh, India)
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Mergers, Acquisitions & Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19
- Global Electric Vehicle Battery Swapping Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service Type
- Subscription Model
- Pay-Per-Use Model
- Market Analysis, Insights and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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