Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – As per a Transparency Market Research study, the battery swapping market was valued at US$ 2.4 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 35.6% from 2023 to 2031.
Battery swapping refers to the process of replacing an exhausted electric vehicle battery with a fully charged battery at a swapping station. Battery swapping permits electric vehicle owners to swiftly recharge their electric vehicles and hence is rapidly gaining popularity among consumers.
A battery swapping station consists of a series of automated systems and battery modules that can replace an exhausted battery with a completely charged one in a few minutes. Battery swapping is available in two different service types- subscription and pay-per-use, and is available in private charging, public charging, and long distance fast charging categories.
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Leading market players are generating revenue by establishing new battery swapping stations in both developed and developing economies worldwide. In October 2021, NIO Power announced the opening of its new battery swapping station in Norway. The station can perform 312 swaps daily.
Additionally, well-established market players are collaborating with other players to expand their presence and increase revenue share. In June 2021, Ample, a U.S. based start-up, and ENEOS, signed a collaborative agreement to install the technology for battery swapping in Japan.
Prominent market players are also focusing on standardizing battery modules across different electric vehicle models. A key factor behind the need to standardize battery modules is to decrease the cost and complications associated with battery swapping technology.
Key Findings of Market Study
- Surge in Adoption of Electric Vehicles: There has been an increase in focus by governments worldwide to reduce dependence on fossil fuels. This resulted in an increase in investment in research and development activities to help manufacture fuel-efficient electric vehicles. Over the past few years, consumers have become increasingly aware of the benefits of electric vehicles, which has led to a surge in product adoption. Rise in adoption of electric vehicles is likely to help increase the demand for battery swapping solutions and help expand market size in future.
- Rise in Demand for Two Wheeler Vehicles: In terms of vehicle type, the global market has been trifurcated into two wheelers, three wheelers, and four wheelers. The two wheeler segment accounted for dominant share in 2022 and is anticipated to maintain its dominance in the next few years. Rise in two wheeler sales worldwide and surge in adoption of electric two wheeler vehicles owing to their affordability and convenience is fueling growth in the segment. Furthermore, rise in production and sales of four-wheeler electric vehicles is likely to trigger the need for battery swapping technology and propel the global industry in the next few years.
Battery Swapping Market-Key Drivers
- Increase in investments in battery swapping infrastructure is driving the global battery swapping market
- Rise in production of electric vehicles propels the market
- Extensive use of battery swapping in two-wheelers
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Battery Swapping Market-Regional Insights
- Asia Pacific accounted for dominant market share in 2022 and is anticipated to maintain its dominance in the next few years. Increase in population density causing difficulty in the installation of conventional charging infrastructure in countries such as India and China has fueled the demand for battery swapping solutions and helped drive the market.
- The market in Europe witnessed significant growth in 2022 due to rise in focus on lowering greenhouse gas emissions, thereby fueling the need for electric vehicles and in turn, battery swapping solutions, in countries such as the U.K. and Germany.
- The North America market is estimated to witness strong growth due to increase in focus by governments on decreasing carbon emissions and presence of developed automobile industries in countries such as the U.S. and Canada.
- The market in Middle East & Africa is likely to offer lucrative business opportunities in the next few years due to rise in investments for the regulation of carbon emissions in countries such as Bahrain and the U.A.E.
Battery Swapping Market-Key Players
The global market is fragmented, with the presence of several international and local players. Entry of new players is likely to intensify competition in the next few years.
Prominent companies are investing in R&D to manufacture improved battery swapping solutions that meet consumer needs. Rise in demand for improved products is likely to help create business opportunities in future.
Key players operating in the market are Tesla, Sunmobility, Gogoro, Esmito Solutions Private Limited, and ChargeMyGaadi.
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The global market has been segmented as follows:
- Subscription Model
- Pay-per-use Model
- Private Charging
- Public Charging
- Long Distance Fast Charging
- Two wheeler
- Three wheeler
- Four wheeler
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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