The battery swapping market is projected to grow from USD 1.7 Billion in 2022 to USD 11.8 Billion by 2027, at a CAGR of 46.9% during the forecast period. This report covers battery swapping market for 2-wheeler, 3-wheeler and 4-wheeler vehicle type and automated and manual swapping station type.
Battery swapping is an alternative to conventional charging and involves replacing depleted batteries with charged ones. Compared to charging, battery changing has three major benefits: it saves time, saves space, and saves money. Some of the leading providers of battery-switching solutions began offering swapping services using IoT-enabled cloud software and integrated battery swapping technology. As an illustration, Esmito’s smart battery switching stations also feature virtual battery locking using its unique battery swapping protocol. Esmito also provides a software platform for battery swapping that enables the energy operator to track all business indicators on a single dashboard. The cloud-based software monitors battery health and guarantees a long lifespan, which makes it more affordable for end customers. Both electric two-wheeler and electric three-wheeler applications are available for the company’s smart battery switching stations. The sophisticated Internet of Things (IoT) and other new capabilities integrated with the battery-switching process allow the EV user to receive information on the battery’s energy level. Additionally, the user has a fantastic EV experience thanks to the information about battery health, battery life cycles, failure forecasts, battery charged state, nearest swapping station, available time slot, cost per swap, online payment, etc.
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The battery swapping market for <30 kWh expected to grow at high CAGR during the forecast period, With a growing demand for electric 2-wheelers (E2Ws), the governments of many countries are focused on framing policies related to battery swapping. For example, India’s budget for 2022–2023 shows that the country’s EV ecosystem will be strengthened. The implementation of a battery swapping policy and interoperability standards, which will ensure that EV use cases are expanded, appears to be one of the important moves in the right direction. Users just swap out their used battery with a fully charged one at bounce (battery swapping and electric 2-wheeler provider in India) swapping stations. The speed of swapping a battery in electric 2-wheelers is similar to that of refueling gasoline vehicles.
Pay-per-use service type is expected to have significant market share, in this battery swapping service type that EV owners use to occasionally swap their batteries. This type of battery-swapping service is less affordable compared to the subscription service. Most battery-swapping providers offer this type of service for EV users. SUN Mobility, for instance, provides swapping through its pay-as-you-go model, to make individual swapping more affordable for users. Its swapping costs around USD 0.5-1 per swap (in the pay-per-use model). Gogoro also provides pay-per-use battery swapping for around USD 0.5-2 per swap, depending on the battery type and the country of use. When it comes to 4-wheelers, NIO Power charges around USD 25 per swap for this service.
China is expected to lead the Asia region battery swapping market. Electro-mobility is a critical component of industrial transformation, energy security, the promotion of clean transportation, and achieving the 2030 carbon dioxide peaking and 2060 carbon neutrality targets set by Chinese President Xi Jinping in 2020. As of May 2021, there were approximately 5.8 million NEVs (new electric vehicles) on the road worldwide. Sales of NEVs increased by 220% to USD 950,000 million in the first half of 2021 from the same time in 2020.
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