Commercial Vehicles to Hold Largest Market Share in 2020
Commercial electric vehicles accounted for the higher market share in 2020 and is projected to maintain its dominance over the forecast period (2021-2029) in the electric vehicle battery swapping market. The growth in this segment can be attributed to high operational stock of battery electric 3-wheelers and battery swapping stations in China. Also, high penetration and sales of battery electric passenger vehicles in China, India and ASEAN countries contributed to increased demand for battery swapping stations in 2020. Moreover, India’s national electric vehicle subsidy programme for Faster Adoption and Manufacturing of Electric Vehicles (FAME) has been extended till 2024, to increase electric vehicle adoption and further boost electric vehicles sales in the country. Furthermore, micromobility service operators strongly rebounded after ease of confinement post relaxation of COVID-19 regulations. In Europe, e-scooter service operations increased rapidly in 2020 covering more than 100 European cities. Increasing fleet of electric vehicle have pushed the industry participants to develop charging infrastructure which subsequently have fostered the growth of electric vehicle battery swapping market in 2020.
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Growing environmental concerns pertaining to greenhouse gas emissions has bolstered the electric vehicle market in the recent past. However, albeit various charging technologies are being availed in the market, battery swapping is projected to play vital role in improving electric vehicle ecosystem. Factors such as limited mileage/range, necessity to charge electric vehicle batteries for numerous hours and high costs associated with vehicle battery management have increased consumer inclination toward battery swapping system. Moreover, flexibility in pricing models by service providers have further boosted the adoption of such battery swapping systems. The factor of non-ownership of batteries is projected to make vehicle purchase cheaper to consumers. The aforementioned factors are further likely to boost electric vehicle adoption and fuel the growth of electric vehicle battery swapping market.
According to International Energy Agency (IEA), in 2020, the sale of electric vehicles boosted up to 40% from 2019 reaching overall to 10 million units. Europe, China, and U.S. emerged as the major contributors in improving sales of electric vehicles. Moreover, industry participants are highly focused on tapping European electric vehicle market as existing regulatory framework along with monetary stimulus measures in the region are likely to play vital role in enabling dynamic growth of battery swapping systems. For instance, in September 2021, NIO, a Chinese automobile company launched its ES8 Battery as a Service (BaaS) in Norway and further plans to build around 20 power swap station by 2022. Moreover, the company also signed strategic cooperation agreement with Royal Dutch Shell plc for further developing battery swapping infrastructure in European markets. Increasing demand for battery electric vehicles (BEV) from Germany, UK, Norway, Sweden, and Iceland is further likely to create lucrative opportunities for electric vehicle battery swapping market participants in Europe. Besides, year of 2020 being target for reaching European Union’s CO2 emissions standards and increase subsidy schemes by European government further skyrocketed the sales of electric vehicles, which subsequently showcases futuristic opportunities for developing charging stations, especially battery swapping systems.
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From geographical standpoint, China emerged as the largest market for electric vehicles and battery swapping systems. Massive adoption of battery swapping systems and increased rate of electrification in Chinese transportation system are some of the major factors driving the growth of electric vehicle battery swapping market in China. According to China Electric Vehicle Charging Infrastructure Promotion Alliance, as of January 2021, China has installed around 562 battery swapping stations and plans to implement such practice protracted. Moreover, industry participants in battery swapping system market are heavily engaged in product innovation and infrastructure development. For instance, in October 2021, Honda Motor Co., Ltd. introduced initiatives for utilization of its swappable batteries namely Honda Mobile Power Pack (MPP). This was intended to improve electricity supply demand balance through renewable energy sources. Also, the company expanded its regional footprint by conducting demonstration testing in Indonesia, Philippines, and India. Furthermore, in 2020, Indian government allowed electric vehicles to be sold without batteries. Such a trend increased the demand for battery swapping systems and created huge opportunities for new market entrants. Growing consumers’ awareness regarding battery swapping systems along with its benefits associated with efficient and cost-effective charging is further projected to drive Asia Pacific electric vehicle battery swapping market growth in the extended run.
Our 420+ Pages Report titled, “Electric Vehicle Battery Swapping Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021 - 2029”, will encompass in-depth information on the following pointers:
- Global market size and forecast values (2015 – 2029), in terms of revenue (US$ Million) by segments/sub-segments along with a further split across all major regions/countries
- In our analysis for the same, we have taken into consideration, 2015 to 2019 as historic years, 2020 as the base year and 2021 to 2029 has been taken as the forecast period.
- Market Dynamics (Opportunities, Drivers and Restraints)
- Business and Technology Trends
- Regulatory Landscape
- Porter’s Five Forces Analysis
- Impact of the Pandemic on Global Electric Vehicle Battery Swapping Market
- Competitive Benchmarking
- Global Presence and Growth Strategies
- Market Share Analysis, 2020
- Detailed profiles of major market participants operating in the market, encompassing information pertaining to company details, company overview, product offerings, key developments, financial analysis, SWOT analysis and business strategies
- We offer research studies focusing on specific regions, including North America, Europe, Asia Pacific, Middle East & Africa and Latin America
- The reports can be provided in different languages including Japanese, French, Russian, Spanish, Arabic, Korean, German, and Chinese amongst other languages.
Key Findings:
- By type, the commercial vehicles segment registered for the major share of revenue in the electric vehicle battery swapping market in 2020. Massive stock of 3-wheelers along with its high adoption in China and India has fostered the segment growth.
- By pricing model, pay per use segment accounted for the major share in 2020. Emerging battery swapping systems along with consumer tendency of trial basis use has contributed towards the segment growth.
- Asia Pacific region in the global electric vehicle battery swapping market dominated the market in terms of revenue in 2020. High presence of battery swapping systems manufacturers and high transition of electric vehicle in China is projected to bolster regional growth.
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Competitor Insights:
The key companies profiled in the global electric vehicle battery swapping market are mentioned below:
- Ample
- Esmito Solutions Pvt Ltd.
- EVI Technologies Pvt Ltd.
- Gogoro
- Honda Motor Co., Ltd
- Lithion Power Private Limited
- NIO
- Oyika
- SUN Mobility
- Upgrid Solutions Private Limited
- Other Market Participants
Global Electric Vehicle Battery Swapping Market:
By Vehicle Type:
- 2-Wheelers
- Passenger Vehicles
- Commercial Vehicles
- Buses
- 3-Wheelers
- Others
By Pricing Model:
- Pay per Use Model
- Subscription Model
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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