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Press Release:

Global Electric Vehicle Battery Swapping Market to Grow at 26.10% During 2022-2027, Impelled by Increasing Demand for EVs

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
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Electric Vehicle Battery Swapping Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global electric vehicle battery swapping market is expected to exhibit a CAGR of 26.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Electric vehicle battery swapping refers to a mechanism that involves replacing discharged or depleted batteries with fully charged ones at a swapping station. These stations act as battery aggregators with adequate infrastructure to store a large number of batteries that can be traded using subscription or pay-per-use models. As compared to charging, electric vehicle battery swapping assists in improving battery efficiency for smaller vehicles and eliminating the concerns of long charging time and high costs of battery replacement. It also helps minimize the financial burden and improve cost-effectiveness while keeping the vehicle operational and reducing downtime.

 

 
 

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Electric Vehicle Battery Swapping Market Trends:

The significant expansion in the electric vehicle (EV) industry, coupled with inadequate charging facilities across the globe, represents one of the key factors driving the market growth.  In line with this, the emerging trend of battery-as-a-service (BaaS) due to its impact on reducing EV prices by decoupling battery ownership are creating a positive outlook for the market. Additionally, EV battery swapping stations are widely adopting digital technologies, such as the Internet of Things (IoT), to improve battery management systems (BMS), swapping services, remote monitoring, and customer experience, which, in turn, is providing an impetus to market growth. Furthermore, the introduction of data-driven global positioning system (GPS) tracking and artificial intelligence (AI) to assist customers in locating swapping stations, thereby reducing downtime and range anxiety, is acting as another growth-inducing factor. Moreover, favorable policies and initiatives undertaken by several governments promoting the use of EVs pertaining to carbon dioxide emissions and rising environmental concerns are providing a considerable boost to market growth. Other factors, including the increasing number of battery swapping stations (BSSs) and extensive research and development (R&D) activities towards developing cost-effective batteries, are anticipated to drive the market toward growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicle battery swapping market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service type and vehicle type.

Breakup by Service Type:

 

 
 

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  • Subscription Model
  • Pay-Per-Use Model
     

Breakup by Vehicle Type:

  • Two-Wheeler
  • Three-Wheeler
  • Passenger Vehicle
  • Commercial Vehicle
  • Others
     

Breakup by Region:

 

 
 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Ample Inc., ChargeMyGaadi (CMG), Echargeup Solutions Pvt. Ltd., Esmito Solutions Pvt Ltd, Gogoro Inc., Kwang Yang Motor Co. Ltd., Lithion Power Private Limited, NIO Inc., Numocity, Oyika Pte. Ltd. and SUN Mobility.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Million
Segment Coverage Service Type, Vehicle Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Ample Inc., ChargeMyGaadi (CMG), Echargeup Solutions Pvt. Ltd., Esmito Solutions Pvt Ltd, Gogoro Inc., Kwang Yang Motor Co. Ltd., Lithion Power Private Limited, NIO Inc., Numocity, Oyika Pte. Ltd. and SUN Mobility.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

1    Preface
2    Scope and Methodology
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction
    4.1    Overview
    4.2    Key Industry Trends
5    Global Electric Vehicle Battery Swapping Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Service Type
    6.1    Subscription Model
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Pay-Per-Use Model
        6.2.1 Market Trends
        6.2.2 Market Forecast
7    Market Breakup by Vehicle Type
    7.1    Two-Wheeler
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Three-Wheeler
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Passenger Vehicle
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Commercial Vehicle
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Others
        7.5.1 Market Trends
        7.5.2 Market Forecast
8    Market Breakup by Region
    8.1    North America
        8.1.1 United States
           8.1.1.1 Market Trends
           8.1.1.2 Market Forecast
        8.1.2 Canada
           8.1.2.1 Market Trends
           8.1.2.2 Market Forecast
    8.2    Asia-Pacific
        8.2.1 China
           8.2.1.1 Market Trends
           8.2.1.2 Market Forecast
        8.2.2 Japan
           8.2.2.1 Market Trends
           8.2.2.2 Market Forecast
        8.2.3 India
           8.2.3.1 Market Trends
           8.2.3.2 Market Forecast
        8.2.4 South Korea
           8.2.4.1 Market Trends
           8.2.4.2 Market Forecast
        8.2.5 Australia
           8.2.5.1 Market Trends
           8.2.5.2 Market Forecast
        8.2.6 Indonesia
           8.2.6.1 Market Trends
           8.2.6.2 Market Forecast
        8.2.7 Others
           8.2.7.1 Market Trends
           8.2.7.2 Market Forecast
    8.3    Europe
        8.3.1 Germany
           8.3.1.1 Market Trends
           8.3.1.2 Market Forecast
        8.3.2 France
           8.3.2.1 Market Trends
           8.3.2.2 Market Forecast
        8.3.3 United Kingdom
           8.3.3.1 Market Trends
           8.3.3.2 Market Forecast
        8.3.4 Italy
           8.3.4.1 Market Trends
           8.3.4.2 Market Forecast
        8.3.5 Spain
           8.3.5.1 Market Trends
           8.3.5.2 Market Forecast
        8.3.6 Russia
           8.3.6.1 Market Trends
           8.3.6.2 Market Forecast
        8.3.7 Others
           8.3.7.1 Market Trends
           8.3.7.2 Market Forecast
    8.4    Latin America
        8.4.1 Brazil
           8.4.1.1 Market Trends
           8.4.1.2 Market Forecast
        8.4.2 Mexico
           8.4.2.1 Market Trends
           8.4.2.2 Market Forecast
        8.4.3 Others
           8.4.3.1 Market Trends
           8.4.3.2 Market Forecast
    8.5    Middle East and Africa
        8.5.1 Market Trends
        8.5.2 Market Breakup by Country
        8.5.3 Market Forecast
9    SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10    Value Chain Analysis
11    Porters Five Forces Analysis
    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12    Price Analysis
13    Competitive Landscape
    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players
        13.3.1    Ample Inc.
           13.3.1.1 Company Overview
           13.3.1.2 Product Portfolio
        13.3.2    ChargeMyGaadi (CMG)
           13.3.2.1 Company Overview
           13.3.2.2 Product Portfolio
        13.3.3    Echargeup Solutions Pvt. Ltd.
           13.3.3.1 Company Overview
           13.3.3.2 Product Portfolio
        13.3.4    Esmito Solutions Pvt Ltd
           13.3.4.1 Company Overview
           13.3.4.2 Product Portfolio
        13.3.5    Gogoro Inc.
           13.3.5.1 Company Overview
           13.3.5.2 Product Portfolio
        13.3.6    Kwang Yang Motor Co. Ltd.
           13.3.6.1 Company Overview
           13.3.6.2 Product Portfolio
        13.3.7    Lithion Power Private Limited
           13.3.7.1 Company Overview
           13.3.7.2 Product Portfolio
        13.3.8    NIO Inc.
           13.3.8.1 Company Overview
           13.3.8.2 Product Portfolio
        13.3.9    Numocity
           13.3.9.1 Company Overview
           13.3.9.2 Product Portfolio
        13.3.10    Oyika Pte. Ltd.
           13.3.10.1 Company Overview
           13.3.10.2 Product Portfolio
        13.3.11    SUN Mobility
           13.3.11.1 Company Overview
           13.3.11.2 Product Portfolio

List of Figures

Figure 1: Global: Electric Vehicle Battery Swapping Market: Major Drivers and Challenges
Figure 2: Global: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 4: Global: Electric Vehicle Battery Swapping Market: Breakup by Service Type (in %), 2021
Figure 5: Global: Electric Vehicle Battery Swapping Market: Breakup by Vehicle Type (in %), 2021
Figure 6: Global: Electric Vehicle Battery Swapping Market: Breakup by Region (in %), 2021
Figure 7: Global: Electric Vehicle Battery Swapping (Subscription Model) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: Global: Electric Vehicle Battery Swapping (Subscription Model) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: Global: Electric Vehicle Battery Swapping (Pay-Per-Use Model) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: Global: Electric Vehicle Battery Swapping (Pay-Per-Use Model) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: Global: Electric Vehicle Battery Swapping (Two-Wheeler) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Electric Vehicle Battery Swapping (Two-Wheeler) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Electric Vehicle Battery Swapping (Three-Wheeler) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Electric Vehicle Battery Swapping (Three-Wheeler) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Electric Vehicle Battery Swapping (Passenger Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Electric Vehicle Battery Swapping (Passenger Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Electric Vehicle Battery Swapping (Commercial Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Electric Vehicle Battery Swapping (Commercial Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Electric Vehicle Battery Swapping (Other Vehicle Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Electric Vehicle Battery Swapping (Other Vehicle Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: North America: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: North America: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: United States: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: United States: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: Canada: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: Canada: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: Asia-Pacific: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: Asia-Pacific: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: China: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: China: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 31: Japan: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Japan: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: India: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: India: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: South Korea: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: South Korea: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Australia: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Australia: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Indonesia: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Indonesia: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Others: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 42: Others: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 43: Europe: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 44: Europe: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 45: Germany: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 46: Germany: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 47: France: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 48: France: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 49: United Kingdom: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 50: United Kingdom: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 51: Italy: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 52: Italy: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 53: Spain: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 54: Spain: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 55: Russia: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 56: Russia: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 57: Others: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 58: Others: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 59: Latin America: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 60: Latin America: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 61: Brazil: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 62: Brazil: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 63: Mexico: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 64: Mexico: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Others: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Others: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 67: Middle East and Africa: Electric Vehicle Battery Swapping Market: Sales Value (in Million US$), 2016 & 2021
Figure 68: Middle East and Africa: Electric Vehicle Battery Swapping Market: Breakup by Country (in %), 2021
Figure 69: Middle East and Africa: Electric Vehicle Battery Swapping Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Global: Electric Vehicle Battery Swapping Industry: SWOT Analysis
Figure 71: Global: Electric Vehicle Battery Swapping Industry: Value Chain Analysis
Figure 72: Global: Electric Vehicle Battery Swapping Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Electric Vehicle Battery Swapping Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Electric Vehicle Battery Swapping Market Forecast: Breakup by Service Type (in Million US$), 2022-2027
Table 3: Global: Electric Vehicle Battery Swapping Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 4: Global: Electric Vehicle Battery Swapping Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: Global: Electric Vehicle Battery Swapping Market: Competitive Structure
Table 6: Global: Electric Vehicle Battery Swapping Market: Key Players


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Key Questions Answered in This Report

We expect the global electric vehicle battery swapping market to exhibit a CAGR of 26.10% during 2022-2027.

The rising demand for electric vehicle battery swapping to aid in improving battery efficiency for smaller vehicles, eliminating the concerns of long charging time, minimizing the financial burden, etc., is primarily driving the global electric vehicle battery swapping market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous swapping stations as well as shortage of skillful personnel for electric vehicle battery swapping services.

Based on the service type, the global electric vehicle battery swapping market has been segmented into subscription model and pay-per-use model. Currently, subscription model holds the majority of the total market share.

Based on the vehicle type, the global electric vehicle battery swapping market can be divided into two-wheeler, three-wheeler, passenger vehicle, commercial vehicle, and others. Among these, two-wheeler exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global electric vehicle battery swapping market include Ample Inc., ChargeMyGaadi (CMG), Echargeup Solutions Pvt. Ltd., Esmito Solutions Pvt Ltd, Gogoro Inc., Kwang Yang Motor Co. Ltd., Lithion Power Private Limited, NIO Inc., Numocity, Oyika Pte. Ltd., and SUN Mobility.

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