The global electric vehicle battery swapping market size is likely to attain over USD 852.6 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 24.4% during the forecast years 2021-2028. Electric vehicle battery swapping is a place at which an electric vehicle's discharged battery or battery pack can be immediately swapped for a fully charged one, eliminating the delay involved in waiting for vehicle's battery to charge. It has the capability of reducing down-time and acquisition cost of a vehicle as customer pays only for the energy.
The present and future electric vehicle battery swapping market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the electric vehicle battery swapping market opportunities during the forecast years. Factors such as the rise in demand for electric vehicles, coupled with lack of adequate public charging facilities and reduced time for electric vehicle charging is the key factor driving the market growth for electric vehicle battery swapping.
Also, easy approach to such charging infrastructure eliminates the obstacles concerning limited mobility range of the EVs, which is another factor driving market growth. However, vehicle manufacturers are unlikely to agree on common battery specifications which is hampering the market growth. Furthermore advent of innovative & advanced battery swapping models and services and rapid emergence of shared e-mobility are likely to provide lucrative development opportunities for the electric vehicle battery swapping market in the forthcoming years.
The report also emphasizes several distinctiveness of the global electric vehicle battery swapping industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the electric vehicle battery swapping industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The electric vehicle battery swapping market has tough competition among the new emerging and pre-established market vendors. Besides, the electric vehicle battery swapping industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of the Service Type segment, the market is bifurcated into Subscription Model and Pay-Per-Use Model. The subscription model segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the Pay-Per-Use segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the subscription model segment is largely ascribed to facilitating users to take the EV battery on lease, as well as leads to low swapping expenses and, hence, long-term affordability of EVs.
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the electric vehicle battery swapping market in this region is mostly ascribed to the growing adoption of electric vehicle battery swapping by companies in countries such as India, Japan, and China to compete against other regional players. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand among small & medium as well as large enterprises to enhance their business operations.
The major players of the global electric vehicle battery swapping market are NIO Inc., Gogoro Inc., Leo Motors Inc., Tesla Inc., SUN Mobility Private Limited, BattSwap Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Panasonic Corporation, Lithion Power Private Limited, and ChargeMYGaadi. Moreover, the additional prospective market players in the electric vehicle battery swapping market are Amplify Mobility, Amara Raja, and EChargeUp solutions pvt Ltd. Renowned companies are offering new and modern electric vehicle battery swapping software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Electric Vehicle Battery Swapping Market
Vehicle Type Overview, 2019-2028 (USD Million)
- Passenger Cars
- Commercial Vehicles
Service Type Overview, 2019-2028 (USD Million)
- Subscription Model
- Pay-Per-Use Model
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America