Electric vehicle battery swapping Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Electric vehicle battery swapping Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Electric Vehicle Battery Swapping Market

The electric vehicle battery swapping market size was valued at USD 100.2 million in 2020, and the market is now projected to grow from USD 119.4 million in 2021 to USD 641.0 million by 2028, exhibiting a CAGR of 27.1% during the forecast period of 2021-2028.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the electric vehicle battery swapping market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. Production facilities throughout the nations have been hindered by the abrupt lockdown. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this.

Benefits of power systems to support electric vehicle battery swapping growth during forecast period. Fast chargers are becoming more and more necessary as the need for greater battery capacities rises. Users will also need to improve their charging equipment to meet their daily energy needs and stay up with the growing capacity of batteries. Since upgrades will only be needed at the battery swapping stations (BSS), battery swapping is better than traditional charging setup in this regard. Both the charging station and the household level would require improvements in the conventional infrastructure.

Growth will benefit from the battery as a service model during forecast period. The battery as a service (BaaS) model drastically lowers consumers' overall vehicle costs while removing the risk involved in battery ownership. For example, NIO introduced its Baas Model in August 2020, which offers a USD 10,000 discount off the initial purchase price and a USD 142 subscription cost for battery charging and swapping. Additionally, under China's NEV 2020 program, EVs costing more than USD 43,000 can only receive subsidies provided they allow battery switching. Therefore, the Baas model will have a favorable impact on market expansion.

Comprehensive Analysis of Electric Vehicle Battery Swapping Market

The electric vehicle battery swapping market and Automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by service types and by vehicle type. The types of devices include, By Service Type segmentations include Subscription Model, Pay-Per-Use Model, By Vehicle Type segmentations include Two-Wheeler, Three-Wheeler, Others.

The Asia Pacific region lead the electric vehicle battery swapping market by benefitting a market size of USD 70.1 million in 2020 due to benefits of power systems and growth will benefit from the battery as a service model.

The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include, ChargeMYGaadi (New Delhi, India), NIO, Inc. (Shanghai, China), Numocity (Karnataka, India), BAIC (Beijing, China), KYMCO (Kaohsiung City, Taiwan), Gogoro, Inc. (Taoyuan, Taiwan), Amplify Mobility (Telangana, India), Lithion Power Private Limited (New Delhi, India), Sun Mobility (Karnataka, India), Ample (California, US), Aulton New Energy Automotive Technology (Shanghai, China), ECHARGEUP (New Delhi, India), Amara Raja Group (Andhra Pradesh, India), Others these market players provide a level-playing competitive landscape.

In April 2021, The NIO Power Swap Station 2.0 was introduced by Sinopec and NIO, Inc. at Sinopec's Chaoying Station in China. This marks the debut of NIO Power Swap Station 2.0, the first second-generation battery swap station under the NIO-Sinopec agreement.

Segmentation Table

ATTRIBUTE DETAILS

Study Period2017-2028

Base Year2020

Estimated Year 2021

Forecast Period2021-2028

Historical Period2017-2019

UnitValue (USD Million)

SegmentationBy Service Type

Subscription Model

Pay-Per-Use Model

By Vehicle Type

Two Wheeler

Three Wheeler

Others

By Geography

North America (By Service Type, By Vehicle Type)

U.S. (By Service Type, By Vehicle Type)

Canada (By Service Type, By Vehicle Type)

Mexico (By Service Type, By Vehicle Type)

Europe (By Service Type, By Vehicle Type)

U.K. (By Service Type, By Vehicle Type)

Germany (By Service Type, By Vehicle Type)

France (By Service Type, By Vehicle Type)

Rest of Europe (By Service Type, By Vehicle Type)

Asia Pacific (By Service Type, By Vehicle Type)

China (By Service Type, By Vehicle Type)

Japan (By Service Type, By Vehicle Type)

India (By Service Type, By Vehicle Type)

South (By Service Type, By Vehicle Type)

Rest of Asia Pacific (By Service Type, By Vehicle Type)

Rest of the World (By Service Type, By Vehicle Type)

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