Portland, OR, July 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Battery Swapping Market by Station Type (Manual, Automatic), by Service Type (Subscription-based, Pay-Per-Use), by Battery Capacity (Less than 30kWh, More than 30kWh), by Vehicle Type (Two-Wheeler, Three-Wheeler, Four-Wheeler): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the battery swapping market was valued for $120.3 million in 2022 and is estimated to reach $642.7 million by 2032, exhibiting a CAGR of 18.3% from 2023 to 2032.
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Prime determinants of growth
The upsurge in the demand for electric vehicles coupled with a lack of adequate public charging facilities and reduced time for electric vehicle charging are some prime determinants that drive the growth of the global battery swapping market. However, the high initial set-up and operating cost of battery swapping stations restrict the market growth. Moreover, the rapid emergence of shared e-mobility and the introduction of innovative and advanced battery-swapping models and services present new opportunities in the coming years.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $120.3 million |
| Market Size in 2032 | $642.7 million |
| CAGR | 18.3% |
| No. of Pages in Report | 259 |
| Segments Covered | Station Type, Service Type, Battery Capacity, Vehicle Type, and Region. |
| Drivers | Increase in demand for electric vehicles coupled with a lack of adequate public charging facilities |
| Reduced time for electric vehicle charging | |
| Restraints | Differentiation in battery technology and design |
| High initial set-up and operating cost of battery swapping stations | |
| Opportunities | The rapid emergence of shared e-mobility |
| Introduction of innovative and advanced battery swapping models and services |
Impact Scenario:
- The Russia-Ukraine war had the potential to impact the battery-swapping market in several ways. Moreover, government policies and regulations in response to the conflict are expected to influence the battery-swapping market differently in different regions.
- In response to the conflict, North America is expected to prioritize supporting local battery production. Battery-swapping companies in North America are expected to benefit from increased government support and investment in the local industry, potentially driving growth and innovation in the market.
- Europe is anticipated to focus on bolstering domestic battery production capabilities. The conflict could further emphasize the need for self-sufficiency in battery supply chains, leading to increased investments in European battery manufacturing.
- Asia-Pacific is a major hub for battery production and electric vehicle manufacturing. Countries such as China, Japan, and South Korea have been actively investing in battery technologies and infrastructure while the conflict causes disruptions in the supply chain.
- The LAMEA region is expected to face increased import challenges due to disruptions in supply chains caused by the conflict.
The manual station type segment maintains its leadership status throughout the forecast period
Based on station type, the manual segment held the highest market share in 2022, accounting for more than two-thirds of the global battery swapping market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in adoption of electric vehicles (EVs) drives the demand for convenient charging solutions. However, the automatic segment is projected to manifest a CAGR of 18.6% from 2023 to 2032. The scalability of automatic battery swapping stations makes them appealing for commercial fleets and transportation networks, servicing a high volume of EVs simultaneously, while promoting standardization and interoperability, and seamless swapping of batteries.
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The subscription-based service type segment to maintain its leadership status throughout the forecast period
Based on service type, the subscription-based service segment held the highest market share in 2022, accounting for nearly three-fourths of the global battery swapping market revenue and is estimated to maintain its leadership status throughout the forecast period. The battery-swapping subscription model is primarily driven, owing to its benefits offered over the pay-per-use model, such as battery leasing, low cost per swapping, and affordability. However, the pay-per-use service segment is projected to manifest a CAGR of 18.8% from 2023 to 2032. The rise in preference of vehicle drivers to pay as per their usage, owing to the lack of fixed usage patterns of their vehicles, is the primary factor that propels the adoption of the pay-per-use model.
The More than 30kWh battery capacity segment to maintain its leadership status throughout the forecast period
Based on battery capacity, the more than 30kWh segment held the highest market share in 2022, accounting for nearly two-thirds of the global battery swapping market revenue and is estimated to maintain its leadership status throughout the forecast period. The increase in the demand for battery swapping in the micro-mobility sector, which includes electric scooters and bicycles. These vehicles often have smaller battery capacities, typically below 30 kWh, to cater to shorter-range travel needs. However, less than 30kWh is projected to manifest a CAGR of 18.8% from 2023 to 2032, owing to due to electrification of defense vehicles and renewable energy integration in marine and offshore applications. Technological advancements, government initiatives, and market investments contribute to their growth.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than half of the global battery swapping market revenue and is likely to dominate the market during the forecast period. The government of many Asian countries have plans to end production and sales of gasoline and diesel vehicles in the coming years The same region is expected to witness the fastest CAGR of 18.6% from 2023 to 2032. The region is characterized by rapid urbanization and the presence of most of the developing countries. These factors, among others, are driving the demand for lithium-ion batteries, leading to the demand for the battery swapping market in the Asia-Pacific.
Leading Market Players: -
- Nio
- Gogoro
- Aulton New Energy Automotive Technology Co., Ltd.
- Sun Mobility Private Limited
- Shenzhen Immotor Technology Limited
- Ample, Inc.
- Numocity
- Battswap Future
- Esmito Solutions Pvt Ltd
- Kwang Yang Motor Co., Ltd.
The report provides a detailed analysis of these key players in the global battery swapping market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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