Global Electric Vehicle Battery Swapping Market to Grow at 22.32% During 2024-2032, Impelled by Increasing Demand for EVs

August 23, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled “Electric Vehicle Battery Swapping Market Report by Service Type (Subscription Model, Pay-Per-Use Model), Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle, Commercial Vehicle, and Others), and Region 2024-2032," the global EV battery swapping market is expected to grow at a CAGR of 22.32% during 2024-2032. Electric vehicle (EV) battery swapping refers to the process of replacing discharged or depleted batteries with fully charged ones at a swapping station. The batteries can be traded using subscription or pay-per-use models. These stations act as battery aggregators that provide the infrastructure to store a large number of charged and charging batteries for electric vehicles. As compared to charging, electric vehicle battery swapping helps improve battery efficiency for smaller vehicles and mitigates the growing strain on power grids. It also reduces downtime and minimizes financial burdens and high battery replacement costs.

Global Electric Vehicle Battery Swapping Market Trends-

The significant growth in the EV industry across the globe is creating a positive outlook for the market. In line with this, the increasing demand for efficient and environmentally friendly vehicles is favoring the market growth. Additionally, the launch of artificial intelligence (AI) and data-driven global positioning system (GPS) tracking to help customers predict, fulfill battery requirements, and locate nearby swapping stations is positively influencing the market growth. Apart from this, the integration of battery swapping stations with the Internet of Things (IoT) to improve battery management systems (BMS), remote monitoring, changing services, customer experience, and optimizing electric vehicle battery systems are providing a thrust to the market growth. Furthermore, the widespread adoption of the battery as a service (BaaS) model that helps eliminate the risk associated with owning batteries and significantly reduces the total vehicle cost for owners is acting as another growth-inducing factor. Besides this, the implementation of various government initiatives promoting the use of EVs due to the rising carbon dioxide emissions and environmental concerns, extensive research and development (R&D) activities, and increasing expenditure capacities of consumers, are anticipated to drive the market toward growth.

Market Summary:

  • On the basis of the service type, the market has been bifurcated into subscription and pay-per-use model.
  • Based on the vehicle type, the market has been divided into two-wheeler, three-wheeler, passenger vehicles, commercial vehicles, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some 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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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.
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Global Electric Vehicle Battery Swapping Market to Grow at 22.32% During 2024-2032, Impelled by Increasing Demand for EVs
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