Electric Two Wheeler Battery Swapping Market

Electric Two Wheeler Battery Swapping Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028FSegmented By Service Type (Subscription Model and Pay-Per-Use Model), By Battery Type (Lead Acid and Lithium-Ion), By End User (Private and Commercial), and By Region

Global Electric Two Wheeler Battery Swapping Market is expected to generate new opportunities and is projected to register an impressive CAGR during the forecast period. The growth in the market is because of the rise in the adoption of electric two wheelers globally and the battery swapping concept is most compatible with the Two Wheeler segment because of compact battery size and easy integration of the swappable battery with the vehicle. The increase in the use of the two wheelers in the quick delivery and daily commute in rural as well as urban areas across different region in the globe is also contributing to the rise in the demand of the battery swapping in electric Two Wheeler market. Long-term market growth is anticipated because of factors such as technical developments in lithium-ion batteries, increasing R&D spending by key companies, and rising sales of electric Two Wheelers globally as a result of pollution standards. Battery swapping is also preferred in two wheelers because it drastically reduces the vehicles cost as battery lease model is also available in many regions. Moreover, the increasing emission norms and subsidies on the electric vehicles is also influencing consumers toward this and all this is leading to the rise in demand of electric two wheeler battery swapping market.

Recent Developments

There are many new startups operating in this market that are developing battery swapping models for electric two wheelers such as Taiwanese battery swapping platform Gogoro and Belrise has formed joint venture and will spend USD2.5 Billion on battery swapping network in India. Similarly, other companies are also investing and developing efficient battery swapping network. Similarly, Nio Inc. is establishing a test facility for changing electric car battery packs in order to get ready for its battery swapping programs for electric vehicles. This will be a component of the company's battery as a service business model

As part of its attempts to accelerate the transition to the widespread use of electric cars, the Indian government revealed its plans to create a roadmap to establish the necessary battery swapping and charging infrastructure along its roadways. The government has suggested that battery switching stations be included in contracts for the construction of charging facilities. Additionally, rising sales of electric Two Wheelers and the expansion of battery swapping facilities globally is expected to generate demand. Battery-as-a-service (BaaS), decouples battery ownership, has the added benefit of decreasing the high upfront cost of electric vehicles and is growing in popularity in the market for battery switching. During the projected period, such advancements are anticipated to foster a positive outlook for the market.

Rising demand of lithium-ion batteries

Currently, between 40% and 70% of the cost of the batteries makes up the initial price of an electric car. If these batteries are decoupled and sold or rented independently, the initial cost may be passed to the energy operator's network, which will subsequently shift the cost of ownership to operations. Battery swapping and interoperability can be incredibly significant in this as they contribute to developing the supply chain network that will enhance EV adoption, which will speed up the transition. Lithium-ion batteries were used to power the bulk of electric Two Wheeler sales in APAC, Europe, and North America. Over the next five years, almost all the Two Wheelers sold globally will be powered by Li-ion batteries. Government assistance for Li-ion battery-powered low-speed electric cars is also projected to help the spread of this division over the forecast period in countries such as China and India.

Increasing Subsidies, Incentives, and Emission Norms

The governments of different countries are providing incentives and subsidies to both the consumer and the manufacturer in order to promote the usage of electric two wheelers and subsidies for establishing battery swapping for electric two wheelers are also helping the market to grow. The governments of various nations in the region are constructing the necessary infrastructure for battery swapping, particularly for Two Wheelers like Gogoro, to set up facilities in the Philippines and other nations in the Asia-Pacific, including India, China, Indonesia, Vietnam, and other nations.

Lack of Battery Swapping Infrastructure

For Two Wheelers, battery switching reduces charging time and is highly favored, but its spread is hampered by a lack of infrastructure and battery standards in the area. The delayed infrastructure development in rural regions may be the cause of the slow growth. Like this, there are no established battery switching standards in the countries, and the use of universal batteries for all vehicles is another barrier to expansion. Countries like China are working on creating passenger vehicle battery swapping stations while other nations are not developing other types of infrastructure, despite the fact that these facilities are not particularly widespread in the region.

COVID-19 also had a negative effect on the sector as it hindered both production and operational activities in the sector; all setup operations for exchanging stations were halted because of lockdowns and other restrictions imposed by various regional administrations. But in most Asian countries, the degree of optimism has remained the same or even grown. Many consumers globally predict their income to drop, although some consumers in China and India expect their income to rise.

Market Segmentation

The Global Electric Two Wheeler Battery Swapping Market is segmented on the basis of Service Type and is further divided into Subscription Model and Pay-Per-Use Model, On the basis of battery type, the market is further segmented into lead acid and lithium-ion. On the basis of end user, the market is further bifurcated into private and commercial. Globally, electric Two Wheeler battery swapping Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific region's expanding electric Two Wheeler markets, including those in China and India, Asia-Pacific is predicted to lead the battery swapping market. Owing to the employment of electric Two Wheelers for logistics and delivery tasks, Europe is expected to have favorable development in the forecast period after Asia-Pacific in terms of growth

Company Profiles

Gogoro Inc, NIO Technologies, Sun Mobility, Immotor Inc, Oyika Pte. Ltd, MO Batteries Singapore Pte Ltd., Kwang Yang Motor Co, Ltd. etc. are the leading companies globally developing electric Two Wheeler battery swapping network.

Report Scope:

In this report, Global Electric Two Wheeler Battery Swapping Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Electric Two Wheeler Battery Swapping Market, By Vehicle Type:
• Subscription Model
• Pay-Per-Use Model
• Electric Two Wheeler Battery Swapping Market, By Battery Type:
• Lead Acid
• Lithium-Ion
• Electric Two Wheeler Battery Swapping Market, By End User:
• Private
• Commercial
• Electric Two Wheeler Battery Swapping Market, By Region:
• Asia-Pacific

China

India

Japan

Malaysia

Thailand

Indonesia

Vietnam

South Korea

• North America

United States

Canada

Mexico

• Europe & CIS

Germany

France

United Kingdom

Spain

Italy

Belgium

Russia

• South America

Brazil

Argentina

Colombia

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Global Electric Two Wheeler Battery Swapping Market.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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