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), and By Region
Published Date: April - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEV Battery Swapping Stations Market Insights, 2032
Global electric vehicle battery swapping market value was $1.8 billion in 2022 and is expected to be $49.3 billion in 2032, growing at a CAGR of 39.6% during the forecast period of 2023 to 2032.
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Report Key Highlighters
The EV battery swapping market analysis includes 16 countries. A segment analysis for each country is included in the research in terms of value ($million) during the forecast period 2023-2032.
The research included research methodology that seeks to give a holistic perspective of worldwide markets and assist stakeholders in making highly informed decisions to achieve their lofty growth objectives.
More than 1,000 product literatures, yearly reports, industry releases, and other similar documents belonging to leading industry players were analyzed to better understand the market.
The EV battery swapping market is highly fragmented, and many players such as Amara Raja Batteries Ltd., Aulton New Energy Automotive Technology Co., Ltd., ECHARGEUP, Esmito Solutions Pvt Ltd, Gogoro, Inc., KYMCO, Lithion Power Pvt Ltd, NIO, Inc., Numocity, and Oyika Pte Ltd. Also tracked the major strategies such as acquisitions, product launch, mergers, expansion etc. of those companies that are operating in the EV battery swapping market.
EV battery swapping is a process in which a used battery or battery pack of an electric vehicle can be rapidly swapped by a fully charged one, thereby saving the waiting time for charging the vehicle's battery. It is a system where EV owners drive into a swapping station or service center and get their used battery replaced by a fully charged battery pack. Typically, the entire process is completed in a matter of minutes, which considerably reduces the charging time from traditional charging. Secondly, the battery-as-a-service (BaaS) business model has also gained popularity in the battery swapping market by unbundling battery ownership, thus reducing the high cost of capital for electric vehicles. Through battery swapping, customers just pay for the used energy, reducing downtime and purchase costs.
Global electric vehicle battery swapping market size has demonstrated growth in recent years and is expected to grow at a high rate in the forecast year 2023E-2028F. In recent years, the adoption of electric vehicles has increased many nations around the world, as per IEA (International Energy Agency) statistic in the year 2021 around 6.9 million electric vehicle sales were reported, as the primary powerhouse of an electric vehicle is battery, higher sales of electric vehicle will boost the sales of electric vehicle too.
Battery is also crucial in the electric vehicle because most of the operation of electric vehicle is required from the battery, Because battery is used excessively, it should be charged within a specific period, and replacing batteries is feasible for the buyers because they can be utilized anytime in case of an emergency. Through this the worldwide electric vehicle battery swapping market share is expected to increase in the forecast period.
Government Policies and Incentives
The governments of most countries have established several policies and incentive plans in an effort to enhance the usage of electric vehicles among vehicle customers. The governments of US have introduced different policies and incentives including on the purchase of the new electric, plug-in hybrid, and fuel cell electric vehicles many could qualify for a federal income tax credit of up to USD7,500 under certain qualifications. This initiative will aid in the adoption of the electric vehicles and the development of the battery swapping market. In addition to incentives, the government provides tax credits, rebates, and grants for electric vehicle acquisitions, charging infrastructure development, and research and development of battery technology. With all these the worldwide electric vehicle battery swapping market development will be experienced in the subsequent years.
Some of the major trends for the electric vehicle battery swapping market are-
Battery Swapping is easy for the Convenience.
Swapping of batteries offers a simple and speedy method of charging electric vehicles (EVs) without waiting for ages for the battery to get charged. This is more convenient for EV owners, particularly residents in urban locations where charging points can be difficult to access. Also, the owners of electric vehicles are worried about the range of there vehicle's battery, as most the electric vehicle battery provides the limited range because of which the buyers heritage before purchasing electric vehicle. Battery swapping solves this issue by enabling EV owners to replace their spent batteries with fully charged ones quickly, allowing them to cover longer distances.
Increasing Environmental Concerns
Cost-Effectiveness of Battery Swapping
Battery swapping offers a quicker and more convenient option compared to conventional charging. Battery swapping only takes a few minutes, as opposed to several hours for electric vehicle charging with conventional means. The range of the battery is one of the primary reasons for electric vehicle drivers since for the longer distance battery needs to be recharged again after some time. Battery swapping is an answer to the range issue, as the drivers can exchange their exhausted battery with a charged battery, thus enabling them to proceed with the rest of their journey without waiting for the battery to be recharged.
Battery swapping is an economical solution for electric vehicle fleet operators and other companies that make use of electric vehicles. Swapping batteries presents itself as another option for the owners of electric vehicles since swapping batteries decreases the downtime and makes the vehicles highly utilized, bringing down the operation costs. Such factors are the electric vehicle battery swapping market trends, which will drive the swapping battery sales across different countries over the next few years.
Rising Number of
There are several benefits of having an electric vehicle compared to a diesel or petrol vehicle, for example, cost per km is less in electric vehicle than in diesel or petrol vehicle. Electric vehicles contain fewer mechanical parts and do not need as much servicing and maintenance as gasoline-powered cars. By understanding different benefit electric vehicle consumers are looking to purchase EV, as the demand for charging station will be growing with the sales of EV. Battery swapping can give a fast and effective solution to this issue, allowing EV owners to refuel their vehicles within a few minutes.
In most of the countries battery swap for electric vehicle is new, but most of the countries have low number of charging stations of batteries and they need to approach the charging station to charge the battery, based on this scenario battery manufacturers are now introducing swap battery as one alternative solution. In addition to that, On average, in China it would cost 3 million yuan (USD450,000) to set up a switching station. It would cost approximately 65,000 yuan (USD9,700) more to construct a battery-swap-capable EV than to construct an ordinary EV that has a non-swappable battery.
In 2025, there will be 24,000 swapping stations installed around the country, from the present number of 1400 swapping stations, Chinese auto manufacturers NIO and Geely, battery swap developer Aulton, and state-owned oil producer Sinopec have forecast. All these factors are contributing positively in boosting sales of swapping batteries in the global electric vehicle battery swapping market, in different countries. Due to this factor the global electric vehicle battery swapping market is expected to grow in the next five years.
Market Segmentation
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The global electric vehicle battery swapping market is segmented based on service type, vehicle type, region, and competitional landscape. Based on service type, the market is further fragmented into subscription model, and pay-pre-use-model.
Key Companies in the Electric Vehicle Battery Swapping Market Include
- EMOTO
- SemaConnect
- Blink Charging
- Tritium
- Ample
- Ola Electric
- Better Place
- Greenlots
- Aulton
- Nio
- ChargePoint
- Innogy
- Baidu
Company Profiles
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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Attribute |
Details |
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Base Year |
2022 |
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Historical Years |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Billion and CAGR for 2018-2021 and 2023E-2028F |
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Report Coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments Covered |
· By Service Type · By Vehicle Type · By Region |
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Regional Scope |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Country Scope |
United States, Canada, Mexico, Germany, Spain, Russia, France, United Kingdom, Slovakia, Italy, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Vietnam, Brazil, Argentina, Colombia, Turkey, South Africa, Egypt |
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Key Companies Profiled |
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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Customization Scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and Purchase Options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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