The TechSci Research report titled "Electric Vehicle Battery Swapping Market-Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," predicts strong growth for the global electric vehicle battery swapping market in the forecast period. IEA data shows that the sales of vehicle batteries have been increasing over time, with approximately 100 million batteries being replaced in the US alone each year and 99% of these batteries being recycled.
The sales of electric vehicles continue to increase in many countries. For instance, in the US, sales of new light-duty plug-in electric vehicles, including all-electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 in 2020 to 608,000 in 2021. Similarly, in China, the total number of electric vehicle sales in 2021 was around 3.2 million, showing a 153% increase from 1.27 million in 2020, which has contributed to the growing demand for electric vehicle batteries. The US is expected to increase its battery manufacturing capacity by approximately 400% by 2026, from 59GWh in 2021 to 343GWh. Automotive manufacturers in many countries are now focusing on manufacturing electric vehicles, which has also led to an increase in battery demand. In addition, battery swapping provides an alternative option that involves replacing a depleted electric vehicle battery with a fully charged one, rather than plugging it in to charge.
In some regions the demand for the locally produced battery for electric vehicles was increased after the tread war between China and other countries, due to this trade war taxes on the import duties were increased due to which the price of battery was also increased. As many countries don’t have their own battery manufacturing plants due to which they mostly dependent on imported batteries.
Additionally, with innovation in technology and growing demand in the swapping battery market, many battery manufacturers have invested in the research and development for the new range of very high flexion battery.
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The global electric vehicle battery swapping market is categorized into service type, vehicle type, region, and company. In 2022, the subscription model is the dominant service type in the market, while the pay-per-use model is expected to gain a significant share in the upcoming years. The subscription model offers various plans in which customers can subscribe on a monthly or annual basis and can own the battery according to their selected plans. Alternatively, customers can adopt the pay-per-use model based on their requirement, where they can swipe the battery as per their need and pay only at the time of usage. As the sales of electric vehicles increase in many countries, the sales of batteries are also on the rise. Battery swapping is a relatively new concept for users, leading to low adoption rates in the initial phase. However, in developed countries such as the United States, Germany, the United Kingdom, and China, the adoption rate is higher compared to other countries in various regions.
The global electric vehicle battery swapping market is segmented based on service type, vehicle type, region, and company. The subscription model dominates the market in 2022, with the pay-per-use model expected to grow in the coming year. The subscription model offers different plans that allow customers to subscribe on a monthly or annual basis and own the battery according to their chosen plan. The pay-per-use model enables customers to swap the battery as needed and pay at the time of use, returning the battery to the charging station afterward. While adoption rates for battery swapping are initially low due to its novelty, developed countries like the United States, Germany, the United Kingdom, and China have higher adoption rates.
In terms of vehicle type, the highest market segment is three-wheelers and two-wheelers, which have a lower price point and battery cost compared to other electric vehicles. Battery swapping is particularly popular among owners of these vehicles because it is cost-effective and allows them to change the battery as needed while choosing subscription plans to fit their needs. This has led to an increase in battery sales and adoption rates for battery swapping across many countries.
Regionally, the Asia Pacific region has the highest market share and is expected to grow in the forecast years. In China, sales of electric vehicles have increased every year, with IEA data showing a 170% increase in passenger car sales of electric vehicles to 2.99 million in 2021. Sales of electric vehicles are also increasing in the United States, with 607,567 units sold in 2021. As electric vehicle sales increase, so does the demand for batteries, making the primary source of power for electric vehicles a key driver for the global electric vehicle battery swapping market, which is expected to grow in the coming years.
Some of the major players operating in the Global Electric Vehicle Battery Swapping market include:
- Amplify Cleantech Solutions Private Limited
- Amara Raja Battery Limited
- Esmito Solutions Pvt Ltd
- EChargeUp Solutions Pvt Ltd Inc
- Lithion Power Pvt Ltd
- Numocity Technologies Pvt Ltd
- Panasonic India Pvt. Ltd
- PowerSwap Ab
- Revolt Motors
- Nio Inc
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“Many companies are investing in research and development of battery sector, as the swapping battery is being popular among the customer many new market players are investing in this sector. To the meet the market demand many companies has started to increase the production of the battery and increasing the number of charging stations. This all factors has directly affected the battery swapping market in a positive ways and it is anticipated to grow the market in the coming years. "said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Electric Vehicle Battery Swapping Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Service Type (Subscription model, and Pay-Pre-Use-Model), By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Cars, and Commercial Vehicle), and By Region,” has evaluated the future growth potential of Global Electric Vehicle Battery Swapping market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Vehicle Battery Swapping market.
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