Dublin, July 17, 2023 (GLOBE NEWSWIRE) -- The "Swappable Electric Vehicle Battery Market Size, Share, & Trends Analysis Report By Battery Type (Lead Acid, Lithium-ion), By Capacity, By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global swappable electric vehicle battery market will reach a value of USD 2.36 billion by 2030, expanding at a compound annual growth rate (CAGR) of 22.8% from 2023 to 2030. The market growth is primarily driven by the increasing adoption of electric vehicles with swappable batteries, allowing consumers to avoid high upfront costs associated with fixed batteries. This trend is further fueled by rising fuel expenses, government incentives, and the need for lower carbon emissions.
Key Market Trends:
- Lithium-Ion segment: The lithium-ion segment is expected to be the fastest-growing segment over the forecast period. The adoption of lithium-ion swappable electric vehicle batteries is increasing due to their lightweight and space-saving design, high efficiency, and cost-effectiveness.
- 5 kWh capacity segment: The >5 kWh capacity segment accounted for the largest market share in 2022. The growing adoption of large-capacity swappable electric vehicle batteries, which offer long-distance coverage and reliable energy storage for renewable energy systems, is driving the segment's growth.
- Two-wheeler segment: The two-wheeler segment is anticipated to emerge as the fastest-growing segment over the forecast period. The development of two-wheeled electric vehicles equipped with swappable batteries and the expanding market for e-bikes and e-scooters in developing countries contribute to the segment's growth.
- Asia Pacific region: Asia Pacific is expected to grow at the highest CAGR from 2023 to 2030. The region benefits from the presence of numerous swappable battery start-ups, significant growth in electric vehicle sales, and extensive deployment of battery swapping stations in countries such as China, India, Taiwan, and Japan.
Market Drivers:
The adoption of swappable electric vehicle batteries is driven by ongoing government initiatives to achieve net-zero emission goals and the environmental benefits of rechargeable batteries. Governments worldwide are implementing strategic initiatives to reduce carbon emissions and meet net-zero targets. For instance, the Netherlands government has set a target for all new buses in public transportation to emit zero harmful exhaust gases by 2025, leading to increased demand for battery electric or hydrogen fuel cell electric buses.
Furthermore, the declining cost of lithium-ion batteries plays a significant role in driving the demand for swappable batteries. Reductions in lithium-ion battery prices make swappable batteries more economical and increase their demand. Private and government-funded research and development efforts have contributed to over 50% of this cost reduction.
Impact of COVID-19 and Geopolitical Factors:
The outbreak of the COVID-19 pandemic severely impacted economies globally. In addition, increased fuel prices resulting from the Russia-Ukraine conflict have prompted consumers to consider electric vehicles due to their lower lifecycle costs compared to internal combustion engine (ICE) vehicles. These factors have created more demand for swappable electric vehicle batteries. Moreover, aggressive investments in innovation and advancements in battery technology are expected to generate new opportunities for the growth of the swappable electric vehicle battery industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $452.9 Million |
| Forecasted Market Value (USD) by 2030 | $2360 Million |
| Compound Annual Growth Rate | 22.8% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Swappable Electric Vehicle Battery Market Variables and Trends
3.1 Market Lineage Outlook
3.2 Industry Value Chain Analysis
3.2.1 Raw Material Outlook
3.2.2 Manufacturing & Technology Trends
3.3 Market Dynamics
3.3.1 Market Driver Impact Analysis
3.3.1.1 Increasing Penetration Of Electric Vehicles
3.3.1.2 Favourable Government And Private Initiatives To Achieve Net Zero Emissions By 2050
3.3.2 Market Challenge Impact Analysis
3.3.2.1 Lack Of Standardization Of Removable And Rechargeable Batteries
3.3.1 Market Opportunity Impact Analysis
3.3.1.1 Declining Costs Of Lithium-Ion Batteries
3.4 Impact of COVID-19 Pandemic
3.5 Industry Analysis Tools
Chapter 4 Swappable Electric Vehicle Battery Market: Battery Type Estimates & Trend Analysis
Chapter 5 Swappable Electric Vehicle Battery Market: Capacity Estimates & Trend Analysis
Chapter 6 Swappable Electric Vehicle Battery Market: Application Estimates & Trend Analysis
Chapter 7 Swappable Electric Vehicle Battery Market: Cross Segmentation Estimates & Trend Analysis
Chapter 8 Swappable Electric Vehicle Battery Market: Regional Estimates & Trend Analysis
Chapter 9 Swappable Electric Vehicle Battery Market - Competitive Landscape
A selection of Companies Mentioned in this report include:
- Contemporary Amperex Technology Co., Limited
- NIO Inc.
- GOGORO INC.
- Silence Urban Ecomobility
- Honda Motor Co., Ltd.
- SUN Mobility Private Ltd.
- ONiON Mobility
- Swap Energi Indonesia
- Bounce
- Okinawa Autotech Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/7z3jul
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
