Tokyo, July 19, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle battery swapping market size was accounted at USD 154.92 million in 2022. The electric vehicle battery swapping market mainly deals with exchange of the fully discharged batteries of the electric vehicles with fully charged new batteries. In the old and new vehicles undergo a service in this process. As a result of the occurrence of the pandemic the demand and supply of the new and old vehicles has seen a drastic decline.
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The quick services which are provided by the back battery swapping techniques helps to save a lot of time and energy of the consumers. The lack of facility is which is created from the rapid demand of electric vehicles by the people will also be managed with the help of these services.
Key Takeaways:
- Asia Pacific electric vehicle battery swapping market was valued at USD 71 million in 2021
- By vehicle type, the two-wheeler segment garnered largest revenue share of 68% in 2021
- In 2021, Asia pacific region accounted largest market share of around 43%
- Europe will show good growth rate in near future
- By service type, the subscription segment accounted 67% revenue share in 2021
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Report Highlights
- On the basis of vehicle type, the two-wheeler market has proved to be the leader as a result of its high demand among the common people in the developing nations. The three-wheeler electric vehicles have projected a higher return pertaining to the higher demand of public transports.
- On the basis of service type, the subscription facilities which are provided by the companies helps the consumer to enjoy the services without paying off a heavy amount from their own pockets. The pay per use segment has helped the people who are not frequent users of vehicles but wish to enjoy the services occasionally.
- On the basis of geography, the Asia Pacific region has topped the market.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 125.09 Billion |
| Revenue Forecast by 2030 | USD 857.6 Billion |
| CAGR | 23.85% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Numocity, BAIC, ChargeMyGaadi, NIO, KYMCO, Amplify Mobility, Gogoro, Sun Mobility, Lithion Power, Ample, ECHARGEUP, Amara Raja, Aulton New Energy Automotive Technology, Others |
Regional Snapshots
The Asia Pacific region has seen a tremendous growth in the electric vehicles battery swapping market as a result of the huge demand of two wheelers and three wheelers which operate on electric power. The rapid increase in e-mobility in this region has also help to boost the market for the electric vehicle battery swapping market. The developing status of the countries belonging to this region has boosted the revenue return for the battery swapping market. European nations are the next market that have provided a boost to the economy as a result of the rapid growth in city vehicles which are being operated by the private owners in this region.
The North American market has made strict rules and guidelines regarding the carbon emissions which has helped to boost the market for the electric vehicles. This intern is providing great opportunity for the electric vehicle battery swapping market. The increasing awareness regarding climate change and environmental destruction has helped to boost the market size of the electric vehicle battery swapping market.
Market dynamics.
Drivers.
The facility of battery swapping for the electric vehicles has helped to reduce the total cost of the electric vehicles. This has enabled the private owner to opt for electric vehicles instead of petroleum operated machines. The increasing awareness regarding global warming and rapid climate change has also encourage the use of electric vehicles. The time required to charge a fully exhausted electric vehicle battery is far more as compared to the time which is required for swapping an old battery with a new full recharge battery unit. The space which is required to perform these functions is also very less as compared to the space which is required to set up a charging station. The facilities of battery swapping also helps the consumer to remain stress free when the question of maintenance of the vehicle arises. The maintenance and care of the battery depends on the manufacturer and the battery companies. The service provided by the battery swapping company is quicker and accurate which helps a consumer to enjoy their travel without any hassle.
Restraints.
The restraining factor which affects the market growth of the electric vehicle battery sweeping market is the high cost of the services. The total investment which has to be made in this business is the major factor which hampers the growth of the market. The factors of site leasing, workforce, equipment's and batteries impose a huge amount on the company trying to set it up. The strict rules and regulations which are imposed by the government on the rotation of the batteries and their spare parts prove to be a restraining factor for the market. The means by which in the waste batteries and their components are disposed have been kept under close watch by the government which makes it a challenge for the market. Absence of proper skilled labor has also proved to be arrest training factor for the growth of the market without which a satisfactory service cannot be provided to the consumer.
Opportunities.
With the increasing awareness regarding global warming and rapid climate change the use of electric vehicles has been encouraged by the government of various countries. This inserts in the use of batteries for the electric operated vehicles. In the time which is required to charge a fully exhausted battery cannot be measured easily which depends upon the condition of the battery. This problem is solved by the battery swapping services which are provided for the electric vehicles. The total time which is required for swapping of fully exhausted electric vehicle battery with a fully charged battery unit is hardly around 10 minutes which is quite feasible as compared to the other alternatives. The space which is required to perform these functions is also quiet less as compared to the setting of the entire charging station. On the other hand, the maintenance of the battery is also taken care of by the company itself which makes the owner of the electric vehicle care free. The ownership of the batteries and the electric vehicle have been divided by this system which helps the owner to take care only of their electric vehicle and not of the battery. These multiple factors prove to be great opportunities for the market.
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Challenges
The total cost of setting up the electric vehicle battery swapping services is very use which proves to be a challenge for the market. The state government rules and regulations which are laid regarding the maintenance of the battery has hampered the revenue return of the companies. Lack of skilled labor force has proved to be a challenge for the market. Minor manual mistakes made by the company might cost the electric vehicle owner heavily.
Recent Developments
In June 2021, Ample landed into a joint venture with ENEOS in order to install a swapping technology for batteries in Japan. The delivery and passenger segment is mainly targeted for the initial phase of the project
Market Segmentation
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 Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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