Global Electric Vehicle Battery Swapping System Market to surpass US$ 4,956.2 Mn by 2028, Says Coherent Market Insights (CMI)

SEATTLE, Jan. 24, 2022 (GLOBE NEWSWIRE) --
The global electric vehicle battery swapping system market was valued at US$ 76.7 Million in 2020 and is estimated to account for US$ 4,956.2 Million, in terms of value by the end of 2028.

Battery swapping stations for electric vehicle batteries are similar to gas stations, except instead of filling up the tank with gasoline, electric vehicle drivers are able to pull electric car into an automated system that swaps out exhausted lithium ion car batteries into fully-charged ones. Hence, key players are focusing on deploying battery swapping stations (BSS) to meet increasing needs and requirements of consumers. For instance, in August 2019, Amara Raja Batteries Ltd., an India-based multinational company, deployed electric vehicle (EV) battery charging, as well as battery swapping stations along with a fleet of e-Autos in Tirupati, India. Such factors are expected to aid in growth of the global electric vehicle battery swapping system market during the forecast period. was valued at US$8295 million in 2021 and is projected to grow at a CAGR of 5% during the forecast period 2022-2032.

Market Drivers

Increasing Sales of Electric Vehicles Support growth of the Global Electric Vehicle Battery Swapping System Market

According to the Electric Vehicle World Sales database, the plug-in vehicle deliveries globally reached 2.1 million units in 2018, which was 64% higher than in 2017. These include all plug-in hybrid electric vehicle (PHEV) and battery electric vehicle (BEV) passenger car sales, light commercial electric vehicles in Europe and China, and light trucks in the U.S./Canada. Furthermore, at the end of 2018, the total number of plug-in vehicles sold globally was 5.4 million light vehicles and 600,000 units of medium and heavy commercial vehicles. This rapid growth in the number of electric vehicles will result in longer duration of charging hours of vehicles at the EV charging station. As a solution to long waiting hours for charging, automotive OEM’s are now focusing on developing battery swapping system for customers, which will prepare the batteries for EVs in advance and could complete the swapping of the battery in a very short time.

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Market Opportunities

Increasing Demand for Electric Vehicles in Asia Pacific Region

The increasing demand for electric vehicles in emerging economies of Asia Pacific region such as China and India is expected to drive growth of the electric vehicle battery swapping system market over the forecast period. Battery swapping system offers advantages such as ultra-fast charging and reduction in the total cost of ownership of electric vehicle. According to the Electric Vehicle World Sales Database, China sold around 1.3 million plug-in electric vehicles and plug-in hybrids electric vehicles in 2018, which was 62% higher than in 2017. As EVs are continuously improving and becoming more affordable, EVs are expected to account for significant market share in China by 2025. This high growth in the number of electric vehicles will create better growth opportunities for the electric vehicle battery swapping system market in China. In addition, the introduction of government policies for electric vehicles to raise awareness about the adoption of EVs in India will also play a major role in growth of the electric vehicle battery swapping system market. India is aiming to attain 100% electric mobility by 2030 with strong focus on having at least 70% of its 2-wheelers, 3-wheelers, and public transportation stock to be in EV segment by 2030. As the battery swapping system will reduce the overall cost of ownership of the electric vehicle, it will further help in augmenting the sales of electric vehicles in India.

Furthermore, market players in Asia Pacific region are focusing on developing battery swapping system, in order to increase their electric vehicle sales. For instance, on February 18, 2019, Fortum India collaborated with Clean Motion, a manufacturer of 3-wheeler e-auto Zbee, and demonstrated a battery swapping project designed for light electric vehicles. The project includes one swapping station with 20 batteries and 30 Zbees, which have been modified for swapping, and 90 NMC Batteries of 1.5 kWh.

Furthermore, in April 2019, Gogoro Inc., a Taiwan-based company that manufactures and sells electric scooters and battery swapping infrastructure, planned to expand battery-swap facilities. Gogoro Inc. plans to invest US$ 188.21 million to expand its battery-swap stations network and build a new battery assembly line to meet rising demand for fast battery charging technology with new electric scooters from its partners.

Market Trends

Cloud-based Battery Swapping Is One of the Major Trends in Electric Vehicles Segment

The cloud-based battery swapping system is the recent trend observed in the electric vehicle battery swapping system market. The growth of cloud technology has helped in technological advancements in electric vehicle charging. The cloud-based battery swapping service offers numerous advantages such as driving information of the vehicle, station information, remaining charge notification, reservation exchange, charging data, battery stock, battery end life, vehicle charger & exchange station operation information, battery log, and others. The information regarding the current status of the swapping station is provided with the help of smartphone app to the user. Some of the services offered by the cloud-based battery system include:

• Battery performance management
• Vehicle management
• Exchange reservation management
• Charger management
• Exchange station management
• User management

Some of the market players are also focusing on providing innovative solutions and services in the electric vehicle battery swapping system market. The use of cloud technology in battery swapping system will strengthen company’s market position. For instance, on March 22, 2018, Fujitsu, a Japan-based multinational information and communications technology equipment and Services Corporation, and FOMM Corporation, entered into a partnership for a battery swap mobility system for small electric vehicles. Through this partnership, Fujitsu and FOMM Corporation will utilize their experience and technology to develop battery cloud service, as new mobility infrastructure.

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Competitive Landscape:

Major companies operating in the global electric vehicle battery swapping system market includeTesla Motors, NIO Inc., Hitachi Ltd., Beijing Automotive Group Co., Ltd. (BAIC Group) (BAIC BJEV), Aleees Likai, Hyundai KEFICO Corporation, Preh GmbH, SK innovation Co., Ltd., BYD Auto Co., Ltd., Denso Corporation, T3 Motion, Inc., and Calsonic Kansei Corporation.

Market segmentation:

Global Electric Vehicle Battery Swapping System Market, By Product Type:

• Distributed
• Centralized
• Modular

Global Electric Vehicle Battery Swapping System Market , By Application:

• Electric Car
• E-Bus
• Others

Global Electric Vehicle Battery Swapping System Market , By Region:

North America:

• U.S.
• Canada

Europe:

• UK
• Germany
• France
• Norway
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Rest of World:

• Latin America
• Middle East
• Africa

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