Portland, OR, June 05, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Electric Vehicle Battery Swapping Market by Station Type (Automated and Manual), by Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, and Commercial Vehicles), by Service Type (Subscription Model and Pay-Per-Use Model): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global Electric vehicle battery swapping industry generated $1.78 billion in 2022, and is anticipated to generate $49.26 million by 2032, witnessing a CAGR of 39.6% from 2023 to 2032.
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Prime determinants of growth
Increase in demand for electric vehicles, coupled with lack of adequate public charging facilities, reduced time for electric vehicle charging, and addressing range anxiety are anticipated to drive the market growth. However, differentiation in battery technology & design and high initial set-up & operating cost of battery swapping station hamper the market growth. Further, rapid emergence of shared e-mobility and introduction of innovative & advanced battery swapping model and services by market players are expected to offer remunerative opportunities for expansion of the electric vehicle battery swapping market during the forecast period.
EV Battery Swapping Station Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1.78 billion |
| Market Size in 2032 | $49.26 billion |
| CAGR | 39.6% |
| No. of Pages in Report | 362 |
| Segments covered | Station Type, Vehicle Type, Service Type, and Region. |
| Drivers | Increase in demand for electric vehicles, coupled with lack of adequate public charging facilities Reduced time for electric vehicle charging Addressing range anxiety |
| Opportunities | Rapid emergence of shared e-mobility Introduction of innovative & advanced battery swapping model and services |
| Restraints | Differentiation in battery technology & design High initial set-up & operating cost of battery swapping station |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the electric vehicle battery swapping market faced a downturn.
- However, as the global situation started ameliorating, the increased sales of small format e-mobility vehicles accelerated and are expected to continue increasing in the post pandemic situation.
- In addition, OEMs encourage growth by enabling battery swapping in new models as this will address concerns about range and battery life.
The manual segment to maintain its leadership status throughout the forecast period
Based on station type, the manual segment held the highest market share in 2022, accounting for nearly two-thirds of the global electric vehicle battery swapping market revenue and is estimated to maintain its leadership status throughout the forecast period, as manual stations are generally more cost-effective and adaptable, making them suitable for regions with budget constraints or where the electric vehicle market is still in its early stages of development. However, the automated segment is projected to manifest the highest CAGR of 42.5% from 2023 to 2032, as it does not rely on specific automated mechanisms or standardized battery designs.
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The two-wheeler segment to maintain its leadership status throughout the forecast period
Based on vehicle type, the two-wheeler segment held the highest market share in 2022, accounting for more than one-third of the global electric vehicle battery swapping market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the under developing EV charging infrastructure across the globe. Moreover, the commercial vehicles are projected to manifest the highest CAGR of 41.5% from 2023 to 2032, owing to the demand for elimination of wait time for battery charging, increase in run-time, and improved battery life & performance fuel increase demand for battery swapping stations.
The subscription model segment to maintain its lead position during the forecast period
Based on service type, the subscription model segment accounted for the largest share in 2022, contributing to nearly three-fourth of the global electric vehicle battery swapping market revenue, due to its benefits offered over pay-per-use model, such as battery leasing, low cost per swapping, and affordability. Moreover, the same is expected to portray the largest CAGR of 39.9% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is owing to a surge in adoption of subscription models as subscribers do not have to worry about maintenance, roadside assistance, and service expense of the battery. Moreover, several vehicle manufacturers offer flexibility to purchase vehicles without battery, which lowers initial purchase prices of products.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for thearly three-fifths of the global electric vehicle battery swapping market revenue, owing to the governments of many Asian countries have plans to end production and sales of gasoline and diesel vehicles in the coming years. This move is expected to increase the market for electric vehicles in the region, benefiting growth of the electric vehicle battery swapping market during the forecast period. However, the LAMEA region is expected to witness the fastest CAGR of 49.4% from 2023 to 2032, owing to the increase in expansion by leading market players to promote their products and services, coupled with surge in demand for electric mobility in this region.
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Leading Market Players: -
- AMARA RAJA BATTERIES LTD.
- ECHARGEUP
- ESMITO SOLUTIONS PVT LTD
- GOGORO
- LITHION POWER PRIVATE LIMITED
- NIO
- NUMOCITY
- OYIKA
- AULTON NEW ENERGY AUTOMOTIVE TECHNOLOGY CO., LTD.
- KYMCO
The report provides a detailed analysis of these key players of the global Electric vehicle battery swapping market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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