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EV Battery Swapping Market Research Report: By Vehicle Type (Two-Wheelers, Three-Wheelers, Passenger Cars, Commercial Vehicles), Service Type (Subscription Model, Pay-Per-Use Model) - Global Industry Size, Share, Demand and Forecast to 2030

  • Publishing: May 2021
  • Report Code: AT11839
  • Available Format: PDF

EV Battery Swapping Market Overview

The global electric vehicle (EV) battery swapping market is currently at its nascent phase, and is estimated to grow significantly during the forecast period (2020–2030). The availability of suitable charging infrastructure plays an important role in substantial proliferation of EVs. The easy approach to such charging infrastructure eliminates the obstacles concerning limited mobility range of the EVs. With regard to this, battery swapping technology is an effective option in providing power to vehicles, while evading long waiting time at charging stations. Furthermore, battery swapping method increases run time of an EV and improves remunerative opportunities for shared e-mobility drivers. Such factors are projected to boost the market growth during the forecast period.

The EV battery swapping market in terms of vehicle type is categorized into two-wheelers, three-wheelers, passenger cars, and commercial vehicles. Among these, the two-wheeler category is estimated to attain the fastest growth during the forecast period. Several companies are taking initiatives to integrate battery swapping technology in two-wheeler category. For instance, in July 2018, Honda Motor Company Limited and Panasonic Corporation announced a project in Indonesia for the trial of battery swapping technology for electric motorcycles. The pilot project was initiated in December 2019 in the metropolis of Bandung in western Java, and in Denpasar and Kuta, in Bali.

Furthermore, in June 2019, 22KYMCO, a joint venture between the India-based Twenty Two Motors Private Limited and Taiwan-based Kwang Yang Motor Company Limited (KYMCO), introduced Ionex in India, which is an open platform for charging and swapping batteries for two-wheelers. Such initiatives are propelling the growth of the two-wheeler category in the EV battery swapping market.

Globally, Asia-Pacific (APAC) is projected to dominate the EV battery swapping market during the forecast period. This is majorly due to the significant initiatives taken by several Chinese players for the development of battery swapping technology. For Instance, NIO Inc., a Chinese automobile manufacturer, offers battery swapping stations in several cities in China. By 2018, the company had installed around 80 EV battery swap stations in major cities in the country, and on highways joining these cities. The company has plans to install 1,100 battery swap station across the country by 2020. Also, Indian market is also taking an active participation in battery swapping technology. Thus, the growing development and installation of these stations in these countries are advancing the market growth in APAC region.

EV Battery Swapping Market Dynamics

Drivers

The EV battery swapping market is driven by several growth factors such as elimination of wait time for battery charging, reduction in the upfront cost of an EV, increasing vehicle demand, improved battery life and performance, and increased run-time and improved remunerative opportunities for shared e-mobility drivers. Reduction of EV upfront cost to boost the adoption is a critical process. A battery constitutes around 35%–45% of the total cost of an EV. Hereby, an EV without battery costs below or equal to the cost of combustion engine vehicle, which, in turn, drives the growth of the market.

Furthermore, battery swapping considerably lowers down battery charging wait time to under three-minute interchange of batteries from 1.5 to 2 hours minimum for charging via stations. This improves utilization characteristics of EVs. Such features are estimated to boost EV battery swapping market during the forecast period.

Restraints

One of the major factors restraining the growth of EV battery swapping market is that vehicle manufacturers are unlikely to agree on common battery specifications, as battery technology is a key differentiation. Until all the vehicle manufacturers come to a mutual platform to offer common battery specifications, it will remain challenging to swap vehicle batteries at swap stations for different models. Thus, this seems to hinder the market growth at some level.

EV Battery Swapping Market Competitive Landscape

The global EV battery swapping market is at its initial stage, with few players operating within. Some of the major players in the market include NIO Inc., Gogoro Inc., Leo Motors Inc., Tesla Inc., SUN Mobility Private Limited, BattSwap Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Panasonic Corporation, and Lithion Power Private Limited.

The report covers country-wise EV battery swapping market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Norway, the Netherlands, China, Japan, India, South Korea, Indonesia, Brazil, and Mexico.

EV Battery Swapping Market Segmentation

By Vehicle Type

  • Two-Wheelers
  • Three-Wheelers
  • Passenger Cars
  • Commercial Vehicles

By Service Type

  • Subscription Model
  • Pay-Per-Use Model

By Region

  • North America EV Battery Swapping Market
    • By vehicle type
    • By service type
    • By country – U.S. and Canada
  • Europe EV Battery Swapping Market
    • By vehicle type
    • By service type
    • By country – the U.K., France, Germany, Russia, Norway, the Netherlands, and Rest of Europe
  • Asia-Pacific (APAC) EV Battery Swapping Market
    • By vehicle type
    • By service type
    • By country – China, Japan, India, South Korea, Indonesia, and Rest of APAC
  • Latin America, Middle East, and Africa (LAMEA) EV Battery Swapping Market
    • By vehicle type
    • By power output
    • By country – Brazil, Mexico, and Rest of LAMEA
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