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

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 industry. 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. The establishment and improvement of the modular traction battery standard system, the promotion of battery swapping, the acceleration of the construction of battery swapping infrastructure, the enhancement of battery swapping services by 2025, and the completion of the battery swapping infrastructure by 2035 were all stated in the New Energy Vehicle Industry Development Plan (2021-2035) published by the State Council Office of the People’s Republic of China on November 2, 2020. The plan serves as the overarching policy that directs investments, R&D, the creation of subsequent policies and promotion programs, and the execution of pilot projects. Numerous Chinese firms have been creating and growing their networks of infrastructure for battery swapping and corresponding BaaS models in recent years. Strategic alliances are created between automakers, taxi and shared mobility service providers, battery-swapping services, and energy providers with the goal of pooling resources, sharing information, and cutting costs. In the coming years, more such partnerships are anticipated.

Key Market Players:

The battery swapping companies are NIO Power (China), Gogoro(Taiwan), Immotor (China), Aulton (China), and Sun Mobility (India).

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