Battery Swapping Charging Infrastructure Market

Global Battery Swapping Charging Infrastructure Market Size, Share & Industry Trends Analysis Report By Service Type, By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle and Commercial Vehicle), By Regional Outlook and Forecast, 2022 - 2028

Report Id: KBV-12231 Publication Date: November-2022 Number of Pages: 167
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Market Report Description

The Global Battery Swapping Charging Infrastructure Market size is expected to reach $542.6 million by 2028, rising at a market growth of 21.6 % CAGR during the forecast period.

An electric vehicle is powered by an electrical motor and differs from a combustion engine. That produces the power by combusting a mixture of gases and fuel. That’s why such vehicles are seen as the permanent replacement for the current generation vehicles, to save the environment from rising pollution, depleting natural resources, global warming, etc. Although the idea of electric vehicles has existed for a long time, it got its attention in the last decade due to the increasing carbon emission and various other environmental impacts of combustion engine vehicles.

Battery Swapping Charging Infrastructure Market Size - Global Opportunities and Trends Analysis Report 2018-2028

Electric vehicles have lower running costs when compared to diesel or petrol cars. Electric vehicles are more efficient, and users have to only pay for the electricity they use for charging. And if renewable energy sources are used to charge the car, then EVs will become eco-friendlier. Acid, nickel, or lead metal hydride batteries are commonly used for electric vehicles. However, now the trend is shifting towards lithium-ion batteries due to their longer life span and better energy retention. Electric cars have low maintenance costs because they have fewer running parts and are also exceptionally eco-friendly as they use no or minimal fossil fuels.

There are two primary types of electric vehicles (EVs); fully electric and plug-in hybrids. Compared to an internal combustion engine, rechargeable batteries have 99% fewer running parts requiring maintenance. EVs create less noise and have no exhaust, spark plug, or gears. Hybrid electric vehicles operate on a mixture of battery and petrol (or diesel). These vehicles are ideal for long distances due to the benefit of switching to traditional fuels whenever needed.

COVID-19 Impact Analysis

Due to the impact of COVID-19, the automotive industry suffered huge losses as the demand for old and new vehicles decreased. The pandemic also hampered new vehicle production, further declining the whole automotive industry. COVID-19 has interrupted the potential supply chain of EVs and their batteries while weakening the investment. Due to the lockdown, EV manufacturers were forced to stop producing and holding their units. But it is also predicted that COVID-19 could also fasten up beneficial trends for battery swapping charging infrastructure market. Like there is an increase in electrification, which is believed to increase the sales of two and three-wheel vehicles. There was an increase in the EV market after the pandemic due to the realization by the people of the importance of conversing with the environment. Therefore, the battery-swapping charging infrastructure is expected to rise.

Market Growth Factors

Rising orders for electric vehicles

Due to their efficiency and eco-friendliness, the popularity of electric vehicles has increased significantly over the years. Moreover, the rise in the demand for minimum fuel consumption and maximum vehicle efficiency has also consistently led to advancements in electric vehicle technology. The need for EVs is also rising in developing countries due to the rise in the cost of fuel, together with strict governmental regulations to control carbon dioxide emissions. An EV can be described as a computer on wheels and, for that, the complete redesigning of the car’s internal architecture.

Rising involvement of the government in the Battery swapping charging infrastructure

As a part of the measures to boost the shift towards the wide use of electric vehicles (EVs), the government is creating a comprehensive plan to build the necessary battery charging and swapping infrastructure along the highways. In addition, schemes like Faster Adoption and Manufacturing of Hybrid & Electric Vehicles by the government promote the adoption of electric/hybrid vehicles (xEVs) and numerous other schemes which provide incentives to the buyers, which helps in the cost reduction of EVs.

Marketing Restraining Factor

Availability and maintenance of batteries

Large stocks of isolated and secure batteries are required to streamline battery swapping. Therefore, more batteries should be in the market than the total EVs. It is also advised to the customers to keep fully charged batteries ready to swap with them all the time. Swapping companies usually keep four fully charged batteries with themselves, and some big companies like Sun Mobility stations keep up to 15 batteries. However, with the increasing number of EVs on the road, these numbers will no longer be able to meet the requirement.

Service Type Outlook

On the basis of Service Type, the Battery Swapping Charging Infrastructure Market is divided into Pay-per-use and Subscription. The Subscription segment recorded a significant revenue share in Battery swapping charging infrastructure market in 2021. It is because the subscription-based model allows the user to opt for the best technology for the best price, it is also time-saving. A better battery-swapping infrastructure will enable users to access finance with the shared responsibility of assets like original equipment manufacturers and battery service providers.

Vehicle Type Outlook

Based on the Vehicle Type, the Battery Swapping Charging Infrastructure Market is segmented into Two-Wheeler, Three-Wheeler, Passenger Vehicle and Commercial Vehicle. The commercial vehicle segment recorded a promising growth rate in Battery swapping charging infrastructure market in 2021. Due to factors like the growing demand for eco-friendlier means of transportation and the government supporting zero emission for commercial electric vehicles, including trucks, buses, vans, and pickups, tax rebates & subsidies are also motivating manufacturers to build more and advanced ECVs.

Battery Swapping Charging Infrastructure Market Share and Industry Analysis Report 2021

Battery Swapping Charging Infrastructure Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 143.4 Million
Market size forecast in 2028 USD 542.6 Million
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 21.6% from 2022 to 2028
Number of Pages 167
Number of Tables 259
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered Service Type, Vehicle Type, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Rising orders for electric vehicles
  • Rising involvement of the government in the Battery swapping charging infrastructure
  • Availability and maintenance of batteries

Regional Outlook

Region-wise, the Battery Swapping Charging Infrastructure Market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired the largest revenue share in the battery-swapping charging infrastructure market in 2021. Due to the various government initiatives, the market is growing in the Asia Pacific region. The battery-swapping technology is viable partly due to the increasing adoption of EVs in the area. China is leading the marketing, with India is making significant advancements in the industry with government-led initiatives.

Free Valuable Insights: Global Battery Swapping Charging Infrastructure Market size to reach USD 542.6 Million by 2028

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nio, Inc., Gogoro, Inc., Tesla, Inc., SUN Mobility Technology Center, BYD Company Ltd., BattSwap, Ltd., Kwang Yang Motor Company Ltd., Panasonic Corporation and Lithion Power Pvt. Ltd.

Strategies deployed in Battery Swapping Charging Infrastructure Market

  • Nov-2022: Gogoro Inc. came into partnership with Zypp Electric, a leading EV-as-a-Service platform, to accelerate the urban shift of last-mile deliveries and logistics fleets to electric, using battery swapping. This strategic B2B initiative would allow last-mile delivery fleets to transform their businesses for the future and utilize sustainable energy, using Gogoro battery swapping.
  • Sep-2022: Nio expanded its business to Germany by opening a new battery swap station in Zusmarshausen, situated by the side of the busy A8 highway between Munich and Stuttgart. The station would provide up to 312 power conversion services per day and through each swap, the vehicle’s motor, battery, and electric control system would be checked to confirm its optimal condition.
  • Aug-2022: Nio opened a new battery swap station and expanded its business in Europe EV hub, Norway. Through this expansion, a link between Oslo and Gothenburg is established and the Norwegian Power Swap Network would connect Vestby station with the planned network in Europe. Additionally, this serves as an R&D, manufacturing, and service center for the company's power products and services.
  • Jun-2022: SUN Mobility collaborated with Amazon India, an American multinational technology company, to launch its battery-swapping network for electric vehicles (EVs) in Mumbai. Under this collaboration, the companies worked together to empower EVs integrated with battery-swapping technology for delivery fleet operations.
  • May-2022: SUN Mobility came into partnership with Greaves Electric Mobility for the swappable battery. Both companies would deploy swappable batteries for electric vehicles. Moreover, the companies are aiming to supply the most affordable and best last-mile connectivity experience to a large number of customers throughout the country and to upgrade the leadership position in the electric vehicle segment.
  • May-2022: BYD India collaborated with ChargeZone, Volttic, and Indipro for strengthening the EVC infrastructure in India. As part of this collaboration, Chargezone with 650 EV charging stations, Volttic EV Charging with over 300 charging points, and IndiPro would provide charging facilities to e6 customers through their charging network all across India. With convenient charging stations across major cities and highways, the companies would be able to support customers in a happy and smooth electric driving experience.
  • Mar-2022: BYD partnered with Shell, an international oil company, to promote and expand a good deal of charging and energy technologies together all across Europe and China. As part of this partnership, Shell would provide membership services to BYD’s consumer and fleet customers, offering over 275,000 EV chargers on its roaming network. Furthermore, this also included integrated home energy solutions, EV charging network services, electric vehicle service centers, and more.
  • Nov-2021 Nio signed an agreement with Shell, an international oil company, to develop a network of co-branded battery swap stations and charging stations in China and Europe. Under the agreement, cooperation in China would start with two pilot sites and cooperation in Europe starts by exploring pilots in 2022.
  • Aug-2021: KYMCO announced the launch of Ionex Recharge, which provides on-demand battery swapping and battery delivery for electric scooters and motorcycles. Lonex Recharge is the world’s first personalized energy-replenishing service that aims to make electric vehicles eco-friendly as well as rider-friendly and also deliver subscriptions to an overnight battery-swapping service.
  • Apr-2021: Gogoro announced a partnership with Hero MotoCorp, a motorcycle, and scooter manufacturer, to bring Gogoro Swap & Go battery swapping to India. Through the partnership, Gogoro Network would rapidly grow, promoting easy-to-use GoStations and hyper-efficient smart and swappable batteries. Furthermore, it accelerates the transition to cleaner, smarter electric fuel for millions of riders in megacities of India.
  • May-2019: Panasonic introduced Nymbus, an innovative charging service that combines virtual components such as analytics, cloud service, artificial intelligence, and intuitive dashboard and physical components like swap stations, charging stations, telematics systems, and onboard charges, to deliver a one-stop solution. Nymbus is manufactured and designed to serve the growing mobility market in India.
  • Mar-2019: Panasonic entered into a partnership with BSES Yamuna Power Limited to put up an electric vehicle charging station in New Delhi and to promote the use of electric vehicles. The charging stations are fully developed and designed in India's R&D center. The vision of the partnership is to create a smart charging network.

Scope of the Study

Market Segments Covered in the Report:

By Service Type

  • Pay-per-use
  • Subscription

By Vehicle Type

  • Two-Wheeler
  • Three-Wheeler
  • Passenger Vehicle
  • Commercial Vehicle

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Nio Inc. 
  • Gogoro, Inc.
  • Tesla, Inc.
  • SUN Mobility Technology Center
  • BYD Company Ltd.
  • BattSwap, Ltd.
  • Kwang Yang Motor Company Ltd.
  • Panasonic Corporation
  • Lithion Power Pvt. Ltd.
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Frequently Asked Questions About This Report

The global Battery Swapping Charging Infrastructure Market size is expected to reach $542.6 million by 2028.

Rising orders for electric vehicles are driving the market in coming years, however, Availability and maintenance of batteries restraints the growth of the market.

Nio, Inc., Gogoro, Inc., Tesla, Inc., SUN Mobility Technology Center, BYD Company Ltd., BattSwap, Ltd., Kwang Yang Motor Company Ltd., Panasonic Corporation and Lithion Power Pvt. Ltd.

The Pay-per-use market is leading the segment in the Global Battery Swapping Charging Infrastructure Market by Service Type in 2021; thereby, achieving a market value of $362.9 million by 2028.

The Asia Pacific market dominated the Global Battery Swapping Charging Infrastructure Market by Region in 2021; thereby, achieving a market value of $223.2 million by 2028.



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