Battery Swapping Market Size Worth $86.36 Billion By 2032 | CAGR: 45.3%

Battery Swapping Market Size Worth $86.36 Billion By 2032 | CAGR: 45.3%

The global battery swapping market size is expected to reach USD 86.36 billion by 2032, according to a new study by Polaris Market Research. The report “Battery Swapping Market Share, Size, Trends, Industry Analysis Report, By Station Type (Automated and Manual); By Service Type; By Application; By Battery Capacity; By Vehicle Type; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The increasing adoption of electric vehicles and rising investment in battery swapping infrastructure are the main drivers of the market. India is the world's second-largest producer of two-wheelers. The two-wheeler segment accounts for 73% of the country's GDP, which is largely attributable to the automobile industry (7.1%). The sector has been changing at a faster rate over the past few years as a result of disruptive technology, governmental regulations, and policies intended to achieve green mobility.

The Government of India has been vigorously supporting electric drive, with lofty objectives to make India a 100% electric vehicle nation by the year 2030. For instance, throughout the last ten years, various policies have been combined with other incentives, such as FAME I & II and the Production Linked Incentive Scheme (PLI). This will create wide range of opportunities for the battery swapping market in upcoming years.

Battery swapping basically entails substituting the drained battery for a fully charged one without waiting for the charging cycle to finish. Its primary objective is to harmonize the charging experience with that of refueling an ICE vehicle, which most people are familiar with. The excellent thing about this system is that it strives for complete automation. Robotic cranes can really reduce the time it takes to change a battery to between 6 and 10 minutes, which is about how long it takes to charge a car for gas.

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Gogoro, a Taiwanese business, will launch its battery-swapping pilot in India. A lot of Indian startups are also expressing interest. Zypp Electric expected to deploy “Gogoro Smart scooters” in December, to carry out its B2B delivery activities. This 1.6 kWh battery used to power the scooter charges at the its “GoStations”. When battery is about to run out, a rider needs to travel to a Gogoro battery switching station and exchange that almost empty battery for a fully charged one. This procedure simply only six seconds. 100 electric scooters and six battery changing stations are the initial targets. This will further create wide range of opportunities for the growth of the battery swapping market.

Battery Swapping Market Report Highlights

  • Automated segment is anticipated to grow at a higher rate  owing to the use of automated stations that can help to reduce costs for battery swap operators and increase the number of swap locations available.
  • Subscription as a Service is expected to contribute to the growth of battery swapping market as it lowers the cost of constructing infrastructure needed for retail charging stations.
  • The 2-Wheeler  sector is expected to hold a significant market share over the forecast period owing to its affordability and ease of use.
  • Europe is expected to grow at a higher rate owing to the higher competition among the key players will propel innovation in the region.
  • The global players include NIO Power, Gogoro, Leo Motors, Tesla, SUN Mobility Private, BYD, BattSwap, Kwang Yang Motor, Panasonic Corp and Lithion Power.

Polaris Market Research has segmented the battery swapping market report based on station type, service type, application, battery capacity, vehicle type and region:

Battery Swapping, Station Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Automated
  • Manual

Battery Swapping, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Subscription
  • Pay Per Use

Battery Swapping, Application Outlook (Revenue - USD Billion, 2019 - 2032)

  • Passenger
  • Commercial

     Battery Swapping, Battery Capacity Outlook (Revenue - USD Billion, 2019 - 2032)

  • >30 kWh
  • <30 kWh

     Battery Swapping, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • 2-wheeler
  • 3-wheeler
  • 4-wheeler

     Battery Swapping, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa