Electric Vehicle Battery Swapping Market
Global Electric Vehicle Battery Swapping Market Size, Share & Trends Analysis Report by Payment Model (Subscription Model, Pay-Per-Use Model, and Freemium Model), and by Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle, Commercial Vehicle, and Others) Forecast Period (2021-2027) Update Available - Forecast 2024-2030
The global electric vehicle battery swapping market is anticipated to grow at a significant CAGR of 24.9% during the forecast period. One of the major factors that are fueling the market is that this is the quickest recharging vehicle service available among others. Replacing discharged batteries with the charged battery takes a few minutes which is far less as compared to the charging process. For instance, electric vehicle Nio es8 takes 5 to 10 hours with an 11-22 kW charger, but it takes 44 minutes with a DC fast charger which is still high as compared to the 4-5 minutes of battery swapping techniques.
Impact of COVID-19 Pandemic on Global Electric Vehicle Battery Swapping Market
The COVID-19 pandemic had impacted the global automotive industry significantly owning to the lockdown in most of the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which is 40.8% more than the sales of electric cars in 2019. Moreover, as per the annual report 2020 of Nio Ltd., the company’s total revenue reached $2,491.6 million which is more than double the total revenue of the company in 2019.
Segmental Outlook
The global electric vehicle battery swapping market is segmented based on the payment model and vehicle type. Based on the payment model, the market is segmented into a subscription model, pay-per-use model, and freemium model. Based on the vehicle type, the market is sub-segmented into the two-wheeler, three-wheeler, passenger vehicle, commercial vehicle, and others. The three-wheeler is further segmented into passenger vehicles and commercial vehicles. The commercial vehicle is segmented into light-duty trucks and heavy-duty trucks. The other vehicle includes buses. Based on the payment model, the subscription model holds the major share, and based on vehicle type two-wheeler holds the major share in the market.
Global Electric Vehicle Battery Swapping Market Share by Vehicle Type, 2020 (%)
The Two-Wheeler Segment Holds the Major Share in the Global Electric Vehicle Battery Swapping Market
In the vehicle type segment, the two-wheeler holds the major share in the electric vehicle battery swapping market and is anticipated to grow significantly during the forecast period. The core factor of the growth is the rising demand for the two-wheel electric vehicle in the market. The two-wheel electric vehicle market has been growing exponentially in the past few years, and still growing owning to its affordable price, cheap maintenance, and two-wheeler’s major share in the automobile industry in most of the emerging countries. As per the data of IEA 2020, electric car stock reached 4,514,114 vehicle units in China, while two-wheeler’s stock reached approximately 300 million, and three-wheeler’s stock reached approximately 50 million units as per IEA 2019. This demand for two-wheel electric vehicles is growing the battery swapping service for two-wheelers. For instance, as of February 2022, Nio has manufactured more than 835 battery swapping stations for passenger vehicles while Gogoro has manufactured over 2,202 battery swapping stations for two-wheelers, in Taiwan alone.
Regional Outlooks
The global Electric Vehicle Battery Swapping market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia-Pacific holds the largest share in the market followed by Europe, and North America.
Global Electric Vehicle Battery Swapping Market Growth, by Region 2021-2027
The Asia-Pacific Region Holds the Major Share in the Global Electric Vehicle Battery Swapping Market.
Asia-Pacific region holds the major share and is anticipated to grow fastest during the forecast period in the electric vehicle battery swapping market. The presence of emerging countries such as China, Japan, India, and South Korea are taking big initiatives to fuel up the overall electric vehicle market. Only China holds more than 40% shares in the electric vehicle market. Such growth in the region has grown multiple start-up companies such as Nio, Gogoro, and others which are providing battery swapping services to grow the electric vehicle market. As per Gogoro’s report in May 2021, Gogoro Network subscribers had swapped 254,904,220 batteries at 2,202 GoStations with an average of 340,497 battery swaps per day.
Market Players Outlook
The major companies serving the global Electric Vehicle Battery Swapping market include Ample, Gogoro Inc., NIO LTD., Numocity, Oyika, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Ample raised $30 million to take the battery swapping business to Europe. Ample also partnered with Uber and extended to Europe, where Uber aimed to electrify half the ride booked across seven European capitals - London, Amsterdam, Brussels, Berlin, Paris, Madrid, and Lisbon - by 2025.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric vehicle battery swapping market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Electric Vehicle Battery Swapping Market
• Recovery Scenario of Global Electric Vehicle Battery Swapping Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Ample
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Gogoro Inc.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. NIO LTD.
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. Numocity
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Oyika
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Electric Vehicle Battery Swapping Market by Payment Model
4.1.1. Subscription Model
4.1.2. Pay-Per-Use Model
4.1.3. Freemium Model
4.2. Global Electric Vehicle Battery Swapping Market by Vehicle Type
4.2.1. Two-Wheeler
4.2.2. Three-Wheeler (Passenger and Commercial Vehicle)
4.2.3. Passenger Vehicle
4.2.4. Commercial Vehicle (Light-Duty and Heavy-Duty Trucks)
4.2.5. Others (Buses)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Amara Raja Power Systems Ltd.
6.2. Ampersand
6.3. Amplify Cleantech Solutions Pvt. Ltd.
6.4. CATL
6.5. ChargeMyGaadi
6.6. Echargeup Solutions Pvt. Ltd.
6.7. Esmito Solutions Pvt. Ltd.
6.8. KWANG YANG MOTOR CO., LTD.
6.9. Lithion Power Pvt. Ltd.
6.10. SK Innovation Co., Ltd.
1. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY PAYMENT MODEL, 2020-2027 ($ MILLION)
2. GLOBAL SUBSCRIPTION MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
3. GLOBAL PAY-PER-USE MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
4. GLOBAL FREEMIUM MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
5. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
6. GLOBAL TWO-WHEEL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
7. GLOBAL THREE-WHEEL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
8. GLOBAL PASSENGER ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
9. GLOBAL COMMERCIAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
10. GLOBAL OTHERS ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY REGION, 2020-2027 ($ MILLION)
11. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2020-2027 ($ MILLION)
12. NORTH AMERICAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
13. NORTH AMERICAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY PAYMENT MODEL, 2020-2027 ($ MILLION)
14. NORTH AMERICAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
15. EUROPEAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
16. EUROPEAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY PAYMENT MODEL, 2020-2027 ($ MILLION)
17. EUROPEAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
18. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
19. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY PAYMENT MODEL, 2020-2027 ($ MILLION)
20. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
21. REST OF THE WORLD ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2020-2027 ($ MILLION)
22. REST OF THE WORLD ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY PAYMENT MODEL, 2020-2027 ($ MILLION)
23. REST OF THE WORLD ELECTRIC VEHICLE BATTERY SWAPPING MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2020-2027 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET, 2020-2027 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET BY SEGMENT, 2020-2027 ($ MILLION)
3. RECOVERY OF GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET, 2021-2027 (%)
4. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY PAYMENT MODEL, 2020 VS 2027 (%)
5. GLOBAL SUBSCRIPTION MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
6. GLOBAL PAY-PER-USE MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
7. GLOBAL FREEMIUM MODEL FOR ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
8. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY VEHICLE TYPE, 2020 VS 2027 (%)
9. GLOBAL TWO-WHEEL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
10. GLOBAL THREE-WHEEL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
11. GLOBAL PASSENGER ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
12. GLOBAL COMMERCIAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
13. GLOBAL OTHERS ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
14. GLOBAL ELECTRIC VEHICLE BATTERY SWAPPING MARKET SHARE BY GEOGRAPHY, 2020 VS 2027 (%)
15. US ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
16. CANADA ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
17. UK ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
18. FRANCE ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
19. GERMANY ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
20. ITALY ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
21. SPAIN ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
22. REST OF EUROPE ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
23. INDIA ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
24. CHINA ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
25. JAPAN ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
26. SOUTH KOREA ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
27. REST OF ASIA-PACIFIC ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
28. REST OF THE WORLD ELECTRIC VEHICLE BATTERY SWAPPING MARKET SIZE, 2020-2027 ($ MILLION)
