London, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Rapidly growing reliance on micro-mobility is driving the market for battery swapping for electric vehicles (EVs). The latest published report of Fairfield Market Research has estimated the global market valuation of EV battery swapping technology to reach around US$16.1 Bn by the end of 2030. The study reports a whopping 40.3% CAGR for the market between 2023 and 2030. Mounting EV sales and the relative insufficiency of charging infrastructure together elevate the prospects of market growth.
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REPORT SCOPE
| Report Attributes | Details | |
| Forecast Year | 2023 – 2030 | |
| Estimated Market Size By 2030 | US$16.1 Billion | |
| Growth Rate | CAGR of 40.3 % | |
| Key Players | NIO Inc., Oyika Pte. Ltd., Gogoro, Immotor, ECHARGEUP, Swobbee GmbH, Esmito Solutions Pvt Ltd, Lithion Power Private Limited, SUN Mobility, Amara Raja Batteries Ltd., Aulton New Energy Automotive Technology Co., Ltd., KYMCO, Numocity | |
“The other significant growth indicators for the market will be the growing prevalence of shared e-mobility, and increasing penetration of battery-swapping models among market participants,” says the company analyst.
Insights into Segmentation Analysis
Subscription Service Models Most Preferred
The subscription service model that leads the demand game in the EV battery swapping market is expected to retain dominant through 2030, exhibiting an overwhelming CAGR of 23.7%. The segment will surge ahead of the pay-per-use model with a host of advantages that majorly involve affordability, and low maintenance.
Notable Demand Surge in Two-wheelers Category
By vehicle type, the two-wheeler segment is poised to experience growth at the fastest rate through the end of forecast year. “Apart from e-bikes, e-bicycles, and e-scooters will be the most attractive segments in the market. The battery switching technology has been garnering a lot of interest in the two-wheelers segment,” says the company analyst.
The report also identifies a large untapped opportunity in the three-wheeler segment as the use of auto-rickshaws, and delivery trucks has been widespread, especially among small businesses.
Key Research Insights
- The market is set for a CAGR of more than 40% during 2023 – 2030.
- Subscription service models will continue to be a popular choice among end users.
- The two-wheelers segment of the market accounts for the largest revenue share.
- Asia Pacific remains the top performing regional market while the European market for battery swapping for electric vehicles is set for stronger growth.
Insights into Regional Analysis
Asia Pacific Dominant
Estimated to display a solid CAGR of more than 23% during the years of forecast, the Asia Pacific battery swapping for EVs market maintains a dominant positioning. The region on one hand has been witnessing rapid developments in EV battery swapping networks, and on the other hand is experiencing growing investments in construction and deployment of battery swapping stations.
Japan’s Last Mile Industry Will Create Opportunity
The report particularly highlights attractiveness of Japan as the country’s lead in the last mile space potentially allows it to explore battery swapping as a viable futuristic solution toward achieving sustainable delivery. The battery swapping for EVs market of Japan also anticipates a bright future as the government actively promotes electric trucks for efficient long-distance transportation.
Europe Holds the Promise for Battery Switching Technology
The European market for EV battery swapping is projected to witness a significant CAGR through 2030 and the report attributes it to the effective planning of the regional authorithies around low-emission mobility. Another factor to uplift the scope of penetration for battery swapping across Europe is the measurably large gap between EV sales, and availability of battery recharging stations, says the report.
“Germany’s pioneering position in EV charging infrastructural investments continues to receive robust tailwinds from both governmental and commercial investors,” remarks the analyst.
Key Companies in Battery Swapping for EVs Space
NIO Inc., Gogoro, Immotor, ECHARGEUP, Oyika Pte. Ltd., Swobbee GmbH, Lithion Power Private Limited, SUN Mobility, Esmito Solutions Pvt Ltd, Amara Raja Batteries Ltd., KYMCO, Numocity, Aulton New Energy Automotive Technology Co., Ltd.
Browse Global Battery Swapping for Electric Vehicles Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Application, By Service Type, By Station Type, By Battery Capacity, By Vehicle Type, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/battery-swapping-for-electric-vehicles-market
Global Battery Swapping for Electric Vehicles Market is Segmented as Below:
By Application
- Passenger
- Commercial
By Service Type
- Subscription
- Pay-per-use
By Station Type
- Manual
- Automated
By Battery Capacity
- >30 kWh
- <30 kWh
By Vehicle Type
- Two-wheeler
- Three-wheeler
- Four-wheeler
By Geographic Coverage
- North America
- Europe
- Asia Pacific
- Rest of the World
Leading Companies
- Lithion Power Private Limited
- NIO
- Oyika
- ECHARGEUP
- Esmito Solutions Pvt Ltd
- Amara Raja Batteries Ltd.
- Aulton New Energy Automotive Technology Co., Ltd.
- KYMCO
- Numocity
- Gogoro
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