New York, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global battery swapping market size is predicted to grow at a CAGR of over ~47% from 2023 to 2035. The market is projected to garner a revenue of USD 12 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022.The growth of the market is projected to be influenced by the growing sale of electric vehicles. Over 9 million EVs have been sold, and 13% of all new cars sold in that time have been electric. As a result, there were about 59% more electric vehicles on the road in 2022 than there were in 2021—over 25 million of them. Hence, the market demand for battery swapping is also growing.
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Despite the fact that electric vehicles are becoming more and more popular across the world, concerns about range and charging times continue to be barriers to widespread EV adoption. Given that electric vehicles as a whole are still rather novel individuals who frequently travel long distances may find it a little daunting. Numerous solutions have been developed in response to the problem in an effort to improve the charging process and reduce the amount of time needed to recharge the battery before getting back on the road. As a result, the demand for battery swapping is rising. According to studies by the International Council on Clean Transportation (ICCT), battery swapping for electric two-wheelers in taxi services (such as bike taxis) delivers an exceptionally affordable total cost of ownership (TCO) when compared to point charging BEV or ICE two-wheelers.
Growing Urban Population to Boost the Growth of Global Battery Swapping Market
In 2021, about 55 percent of the population was expected to live in urban areas. With this growing urban population, the demand for electric vehicles is also expected to surge since the prevalence of emission is the highest in urban region. Hence, this region is also experiencing great government initiatives to boost the sale of electric vehicles in order to reduce emission. Additionally, the urban regions have shortage of space for the installment of electric charging center. As a consequence, owing to the rise in urban region the market revenue for batter swapping is also anticipated to rise.
Battery Swapping Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Government Initiatives to Drive the Market Growth in Europe
The battery swapping market in Europe is set to capture the highest share of ~32% over the coming years. The major element to dominated this region’s market growth in growing government initiatives to increase adoption of electric vehicles. Recent law proposals established targets to reduce CO2 emissions from vehicles and vans by 55% and 50%, respectively, by 2030. As part of the proposed 'Fit for 55' legislation recommendations, it also suggests totally reducing emissions from new automobiles and vans by 2035. To accomplish these goals, there must be a major increase in the adoption of electric vehicles. Hence, the demand for electric vehicles in this region is growing which is additionally influencing the adoption of battery swapping solution.
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Growing Adoption of Batter Swapping to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for battery swapping is anticipated to garner the significant share of ~28% over the projected timeframe. This could be owing to growing popularity of battery swapping. In India, battery switching for electric two- and three-wheelers is exceedingly common. A pioneer in electric scooter and battery switching technology with headquarters in Chinese Taipei, Gogoro is one of the more than ten companies now operating in the Indian market. The Gogoro network contains more than 11 000 battery swapping stations to support more than 400 000 electric two-wheelers throughout nine countries, primarily in the Asia Pacific region.
Battery Swapping, Segmentation by Application
- Passenger
- Commercial
The commercial segment id expected to garner the highest market share of ~60 over the projected period. The major element for the growth of the market is growing demand for commercial vehicles. Hence, the launch for various commercial electric vehicles has been launched. Sales of electric light commercial vehicles (LCVs) grew by in excess of about 309 000 units globally in 2022 compared to 2021.
Battery Swapping, Segmentation by Vehicles Type
- Two-Wheeler
- Three-Wheeler
- Four-Wheeler
- Six-Wheeler
The two-wheeler segment is projected to have significant growth over the forecast period. This is since, large number of businesses are including electric vehicles for delivering products to the customer. For instance, in 2022, India's fleet of 450,000–500,000 last-mile two-wheeler delivery vans included at least 79,000 electric two-wheelers. As a result, the need for battery swapping is surging.
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A few of the well-known industry leaders in the battery swapping market that are profiled by Research Nester are NIO Inc., Gogoro Inc., Leo Auto Sales LLC, Tesla Inc., SUN Mobility Private Ltd., BYD Motors, Inc., Kwang Yang Motor Co. Ltd., Panasonic Corporation, Contemporary Amperex Energy, Service Technology Ltd., Echargeup Solutions Put. Ltd., and others.
Recent Development in the Battery Swapping Market
- The launch of the modular battery swapping battery swap system EVOGO was announced by modern Amperex Energy Service Technology Ltd. In ten cities, EVOGO, which consists of battery blocks, fast battery switch stations, and an app, will be made available first.
- Echargeup Solutions Pvt. Ltd., the top supplier of EV batteries and owner of the chardeup battery swapping network, has raised USD 2.5 million in financing to grow their business in India.
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