Global Electric Vehicle Battery Swapping Market Size, Share, Growth, Industry Trends, Competitive Analysis and Forecast to 2030

Report ID: RC145699 | Report Format: PDF + Excel | Starting Price: 2520/- USD | Last Updated: June 8th, 2023

The global electric vehicle battery swapping market size is anticipated to register a significant CAGR of over 24% during the forecast period 2021 to 2027 and valued at around USD 110 million in 2020. The increasing adoption of electric vehicles coupled with the lack of public charging facilities is a major factor to drive the market growth. In January 2020, EVI Technologies Pvt. Ltd (EVIT) partnered with Bharat Sanchar Nigam Limited (BSNL) to set up battery swapping and charging stations.

The rising consumer demand to increase vehicle efficiency and reduce fuel costs has led to continued technological advances in electric vehicles. Furthermore, the increasing cost of gasoline and stringent government regulation regarding emission control is expected to increase the demand for electric vehicles which is expected to propel the market growth in next upcoming years.

Market Drivers:

Need for Efficient Charging Infrastructure: Electric vehicles require charging infrastructure that is capable of providing convenient and fast charging solutions. Battery swapping offers a promising alternative to traditional charging methods by allowing drivers to quickly exchange their depleted battery with a fully charged one. This addresses concerns about charging time and the availability of charging stations, particularly in regions with limited charging infrastructure, and drives the demand for battery swapping services.

Enhanced Convenience and Time Efficiency: Battery swapping provides enhanced convenience and time efficiency compared to conventional charging methods. Instead of waiting for their EVs to charge for extended periods, drivers can quickly swap their batteries and continue their journeys, saving valuable time. This is particularly advantageous for commercial fleet operators, taxi services, and other businesses that rely on uninterrupted operations.

Range Anxiety Mitigation: Range anxiety, the fear of running out of battery power before reaching a charging station, is a significant concern for electric vehicle adoption. Battery swapping helps alleviate range anxiety by providing a quick and efficient method to replenish the vehicle’s energy. This can encourage more consumers to embrace electric vehicles, knowing they have easy access to battery swapping stations for extended driving ranges.

Flexibility and Adaptability: Battery swapping allows for flexibility and adaptability in the electric vehicle market. With battery swapping infrastructure in place, vehicle manufacturers can develop EV models with smaller, lighter, and less expensive batteries. This reduces the upfront cost of electric vehicles and promotes their affordability, making them more accessible to a wider consumer base.

Government Support and Incentives: Governments around the world are implementing supportive policies and incentives to promote electric vehicle adoption and reduce greenhouse gas emissions. In some regions, governments provide financial incentives and subsidies specifically for battery swapping infrastructure development. Such support encourages market players to invest in battery swapping services, driving the growth of the market.

Growing Demand for Sustainable Mobility Solutions: The increasing awareness and concern for environmental sustainability are driving the demand for greener mobility solutions. Electric vehicles, powered by renewable energy sources, are seen as a viable solution to reduce carbon emissions. Battery swapping offers a sustainable and efficient method of charging EVs, aligning with the growing demand for sustainable mobility solutions and supporting market growth.

Advancements in Battery Technology and Standardization: Advancements in battery technology, such as improved energy density and faster charging capabilities, have made battery swapping more feasible and attractive. Additionally, standardization efforts among automakers and battery manufacturers contribute to the interoperability of batteries, making them compatible with multiple electric vehicle models and facilitating widespread adoption of battery swapping services.

Potential for Integration with Renewable Energy Systems: Battery swapping can be integrated with renewable energy systems, such as solar and wind power, to enhance the overall sustainability of electric vehicle charging. By utilizing renewable energy sources to charge the swapped batteries, the environmental impact of electric vehicles can be further reduced, promoting the growth of the battery swapping market.

Market Outlook:

Benchmark Year 2022
Market Size ~ USD 110 Million in 2020
Market Growth (CAGR) > 24% (2023-2030)
Largest Market Share lock
Analysis Period 2020-2030
Market Players Amara Raja Group, Amplify Mobility, ChargeMYGaadi, EChargeUp solutions Pvt Ltd, and Esmito Solutions Pvt Ltd.

Market Insights:

The global electric vehicle battery swapping market is segmented into service type, vehicle type, and geography. On the basis of vehicle type, the market is further bifurcated into two-wheeler, three-wheeler passenger vehicle, three-wheeler light commercial vehicle, four-wheeler light commercial vehicle, buses, and others. The two-wheeler vehicle segment is projected as the most attractive segment across the globe.

Electric Vehicle Battery Swapping Market Size & CAGR

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The electric vehicle battery swapping comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

Global electric vehicle battery swapping market size and forecast were obtained by using “Bottom-up” and “Top-down” approaches. Extensive secondary research was conducted to understand the market insights and trends, followed by primary interviews to further validate the information sourced. The report provides both, qualitative and quantitative analyses of the market, the competitive landscape, and the preferred development strategies of key players which help to formulate competitive market strategies and make informed decisions.

The electric vehicle battery swapping market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

  • 2018-19 – Historical Year
  • 2020 – Base Year
  • 2021-2027 – Forecast Period

Market Segmentation:

By Service Type:

  • Pay-Per-Use Model
  • Subscription Model

By Vehicle Type:

  • Two-Wheeler
  • Three-Wheeler Passenger Vehicle
  • Three-Wheeler Light Commercial Vehicle
  • Four Wheeler Light Commercial Vehicle
  • Buses
  • Others

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Geographic Coverage:

Geographically, the electric vehicle battery swapping market report comprises dedicated sections centering on the regional market revenue and trends. The electric vehicle battery swapping market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, and Rest of the World (RoW). The RoW segment consists of Latin America and the Middle East & Africa. The electric vehicle battery swapping market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Electric vehicle battery swapping market estimates have also been provided for the historical years 2018 & 2019 along with forecasts for the period from 2021 – 2027.

Market Competition Assessment:

Key players operating in the global electric vehicle battery swapping market are Amara Raja Group, Amplify Mobility, ChargeMYGaadi, EChargeUp solutions Pvt Ltd, and Esmito Solutions Pvt Ltd. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

  • Amara Raja Group
  • Amplify Mobility
  • ChargeMYGaadi
  • EChargeUp solutions pvt Ltd
  • Esmito Solutions Pvt Ltd
  • Gogoro, Inc.
  • Lithion Power Pvt Ltd
  • NIO, Inc.
  • Numocity
  • Oyika Pte Ltd

Key Questions Answered by Electric Vehicle Battery Swapping Market Report:

  • Global electric vehicle battery swapping market forecasts from 2021-2027
  • Regional electric vehicle battery swapping market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
  • Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
  • Electric vehicle battery swapping submarket forecasts from 2021-2027 covering the market by service type, by vehicle type, and geography
  • Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the electric vehicle battery swapping market
  • Analysis of the key factors driving and restraining the growth of the global, regional and country-level electric vehicle battery swapping markets from 2021-2027
  • Competitive Landscape and market positioning of top 10 players operating in the electric vehicle battery swapping market
Table of Content:

1. Preface


1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

 

2. Executive Summary


2.1. Global Electric Vehicle Battery Swapping Market Portraiture
2.2. Global Electric Vehicle Battery Swapping Market, by Service Type, 2020 (USD Mn)
2.3. Global Electric Vehicle Battery Swapping Market, by Vehicle Type, 2020 (USD Mn)
2.4. Global Electric Vehicle Battery Swapping Market, by Geography, 2020 (USD Mn)

 

3. Global Electric Vehicle Battery Swapping Market Analysis


3.1. Electric Vehicle Battery Swapping Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. COVID-19 Impact Analysis
3.6.1. V Shaped Recovery
3.6.2. U Shaped Recovery
3.6.3. L Shaped Recovery
3.6.4. W Shaped Recovery

 

4. Global Electric Vehicle Battery Swapping Market By Service Type, 2018 – 2027 (USD Mn)


4.1. Overview
4.2. Pay-Per-Use Model
4.3. Subscription Model

 

5. Global Electric Vehicle Battery Swapping Market By Vehicle Type, 2018 – 2027 (USD Mn)


5.1. Overview
5.2. Two-Wheeler
5.3. Three-Wheeler Passenger Vehicle
5.4. Three-Wheeler Light Commercial Vehicle
5.5. Four Wheeler Light Commercial Vehicle
5.6. Buses
5.7. Others

 

6. North America Electric Vehicle Battery Swapping Market Analysis and Forecast, 2018 – 2027 (USD Mn)


6.1.1. Overview
6.1.2. North America Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
6.1.3. North America Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
6.1.4. North America Electric Vehicle Battery Swapping Market by Country (2018-2027 USD Mn)
6.1.4.1. U.S.
6.1.4.1.1. U.S. Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
6.1.4.1.2. U.S. Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
6.1.4.2. Canada
6.1.4.2.1. Canada Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
6.1.4.2.2. Canada Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)

 

7. Europe Electric Vehicle Battery Swapping Market Analysis and Forecast, 2018 – 2027 (USD Mn)


7.1.1. Overview
7.1.2. Europe Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.3. Europe Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
7.1.4. Europe Electric Vehicle Battery Swapping Market by Country (2018-2027 USD Mn)
7.1.4.1. Germany
7.1.4.1.1. Germany Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.4.1.2. Germany Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
7.1.4.2. U.K.
7.1.4.2.1. U.K. Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.4.2.2. U.K. Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
7.1.4.3. France
7.1.4.3.1. France Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.4.3.2. France Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
7.1.4.4. Italy
7.1.4.4.1. Italy Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.4.4.2. Italy Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
7.1.4.5. Rest of Europe
7.1.4.5.1. Rest of Europe Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
7.1.4.5.2. Rest of Europe Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)

 

8. Asia Pacific Electric Vehicle Battery Swapping Market Analysis and Forecast, 2018 – 2027 (USD Mn)


8.1.1. Overview
8.1.2. Asia Pacific Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
8.1.3. Asia Pacific Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
8.1.4. Asia Pacific Electric Vehicle Battery Swapping Market by Country (2018-2027 USD Mn)
8.1.4.1. China
8.1.4.1.1. China Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
8.1.4.1.2. China Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
8.1.4.2. Japan
8.1.4.2.1. Japan Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
8.1.4.2.2. Japan Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
8.1.4.3. Rest of Asia Pacific
8.1.4.3.1. Rest of Asia Pacific Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
8.1.4.3.2. Rest of Asia Pacific Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)

 

9. Latin America (LATAM) Electric Vehicle Battery Swapping Market Analysis and Forecast, 2018 – 2027 (USD Mn)


9.1.1. Overview
9.1.2. Latin America Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
9.1.3. Latin America Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
9.1.4. Latin America Electric Vehicle Battery Swapping Market by Country (2018-2027 USD Mn)
9.1.4.1. Brazil
9.1.4.1.1. Brazil Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
9.1.4.1.2. Brazil Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
9.1.4.2. Mexico
9.1.4.2.1. Mexico Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
9.1.4.2.2. Mexico Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
9.1.4.3. Rest of Latin America
9.1.4.3.1. Rest of Latin America Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
9.1.4.3.2. Rest of Latin America Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)

 

10. Middle East and Africa Electric Vehicle Battery Swapping Market Analysis and Forecast, 2018 – 2027 (USD Mn)


10.1.1. Overview
10.1.2. MEA Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
10.1.3. MEA Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
10.1.4. Middle East and Africa Electric Vehicle Battery Swapping Market, by Country (2018-2027 USD Mn)
10.1.4.1. GCC
10.1.4.1.1. GCC Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
10.1.4.1.2. GCC Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)
10.1.4.2. Rest of MEA
10.1.4.2.1. Rest of MEA Electric Vehicle Battery Swapping Market by Service Type (2018-2027 USD Mn)
10.1.4.2.2. Rest of MEA Electric Vehicle Battery Swapping Market by Vehicle Type (2018-2027 USD Mn)

 

11. Company Profiles


11.1. Amara Raja Group
11.1.1. Business Description
11.1.2. Financial Health and Budget Allocation
11.1.3. Product Positions/Portfolio
11.1.4. Recent Development
11.1.5. SWOT Analysis
11.2. Amplify Mobility
11.2.1. Business Description
11.2.2. Financial Health and Budget Allocation
11.2.3. Product Positions/Portfolio
11.2.4. Recent Development
11.2.5. SWOT Analysis
11.3. ChargeMYGaadi
11.3.1. Business Description
11.3.2. Financial Health and Budget Allocation
11.3.3. Product Positions/Portfolio
11.3.4. Recent Development
11.3.5. SWOT Analysis
11.4. EChargeUp solutions pvt Ltd.
11.4.1. Business Description
11.4.2. Financial Health and Budget Allocation
11.4.3. Product Positions/Portfolio
11.4.4. Recent Development
11.4.5. SWOT Analysis
11.5. Esmito Solutions Pvt Ltd.
11.5.1. Business Description
11.5.2. Financial Health and Budget Allocation
11.5.3. Product Positions/Portfolio
11.5.4. Recent Development
11.5.5. SWOT Analysis
11.6. Gogoro, Inc.
11.6.1. Business Description
11.6.2. Financial Health and Budget Allocation
11.6.3. Product Positions/Portfolio
11.6.4. Recent Development
11.6.5. SWOT Analysis
11.7. Lithion Power Pvt Ltd.
11.7.1. Business Description
11.7.2. Financial Health and Budget Allocation
11.7.3. Product Positions/Portfolio
11.7.4. Recent Development
11.7.5. SWOT Analysis
11.8. NIO, Inc.
11.8.1. Business Description
11.8.2. Financial Health and Budget Allocation
11.8.3. Product Positions/Portfolio
11.8.4. Recent Development
11.8.5. SWOT Analysis
11.9. Numocity
11.9.1. Business Description
11.9.2. Financial Health and Budget Allocation
11.9.3. Product Positions/Portfolio
11.9.4. Recent Development
11.9.5. SWOT Analysis
11.10. Oyika Pte Ltd.
11.10.1. Business Description
11.10.2. Financial Health and Budget Allocation
11.10.3. Product Positions/Portfolio
11.10.4. Recent Development
11.10.5. SWOT Analysis
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