The global battery swapping charging infrastructure market is expected to reach a valuation of US$ 202.07 million in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 21% from 2023 to 2033.
The battery-swapping charging infrastructure enables Electric Vehicle (EV) owners to swap out discharged batteries for charged batteries at swap stations. With the emergence of swappable batteries, the driver is now able to swap a discharged battery with a charged one at a devoted swapping center. This, in turn, massively increases vehicle high availability while also lowering operating costs, bringing the EV industry closer to revenue growth.
Furthermore, the advancement of EV charging infrastructure, aided by implementation targets for charging and battery swapping stations, legislative action enactment, and financial support are among the attributes impacting the scenario.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | US$ 202.07 million |
| Anticipated Forecast Value (2033) | US$ 1,359.43 million |
| Projected Growth Rate (2023 to 2033) | 21% CAGR |
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Demand for battery swapping charging infrastructure is directly proportional to EV consumption. The COVID-19 pandemic, as well as the successive lockdowns and constraints on protest actions, reduced overall private vehicle demand vehicles. As a result, the clamor for EVs fell, weighing on industry growth. However, after the pandemic, there was a rise in the demand for EVs as more people realized the importance of environmental preservation.
Electric vehicle development has accelerated in recent years because of its minimal fuel consumption and environmentally friendly features. The utilization of electric mobility has become necessary due to rising levels of carbon dioxide emissions and other hazardous contaminants caused by transportation.
There will be an increasing demand for EV charging infrastructure in residential and commercial applications. Furthermore, enhanced collaboration among automakers for charging infrastructure via a monthly subscription is expected to spur the expansion of the electric vehicle charging infrastructure market over the upcoming decades.
Product characteristics are estimated to propel the market growth
Lowered charging time, lesser expenses of purchasing an EV, increased demand for public charging infrastructure, and favorable government subsidies are cruising the installation of battery swapping charging infrastructure and, as a result, market development.
Furthermore, the battery swapping charging infrastructure of battery-as-a-service enables customers to lease batteries, lowering their total upfront price of purchasing the battery. Batteries represent roughly 35%-40% of the total EV cost, and leasing them can significantly reduce this cost for customers. Battery swapping charging infrastructure's time- and expense-saving functionality is anticipated to play a critical role in their adaptation, and cruising growth prospects.
Green energy is expected to play a crucial role in market expansion
Burgeoning electric mobility deployment and sales, including the execution of regulations, incentives, and guidelines encouraging EV use, such as exemption from registration plate lotteries, acceptance to restricted traffic areas, and so on, are some of the key factors cruising the EV charging infrastructure industry trends.
Furthermore, green energy is expected to play a significant role in both domestic and public electric vehicle charging. Electric vehicle owners are concerned about carbon dioxide emissions. To address these challenges, makers are quickly modifying the charging mechanisms used in their electric vehicle charging infrastructure. This is one of the most crucial factors that will influence the global electric vehicle charging infrastructure market's growth.
Principal Consultant
The lack of standardization across countries will constrain the market
Governments must standardize charging infrastructure to establish a favorable ecosystem and enhance EV sales. Different nations have different fast charging standards. Tesla, based in the United States, employs high-performance superchargers that are exclusive to Tesla and cannot be utilized by other EVs. The lack of standardization across nations may influence charging station installation and stifle market expansion.
The regional market is growing as a result of federal initiatives to promote the adoption
In 2021, Asia Pacific dominated the global marketplace, accounting for more than 30% of overall revenue. The expansion of the regional market owing to government initiatives to encourage the adoption of electric vehicles and swappable batteries, as well as business strategy initiatives taken by catalyst market participants. For example, MIIT will launch a battery-swap pilot program in China in November 2021. Pilot projects are being sought in Beijing, Sanya, Nanjing, Changchun, Hefei, and Jinan as part of the program. Such approaches are expected to accelerate Asia Pacific's future growth.
Key stakeholders are widening their operations in Europe
Europe is anticipated to boost significantly over the forecast period. The European Commission declared a regulatory proposition in mid-2021 to set a 100% target for fully electric vehicles by 2035. The government announced targets are cruising the adoption of electric vehicles, and consequently catapulting market growth. Furthermore, important stakeholders are broadening their facilities in Europe, which is expected to spur industry growth. For example, in September 2022, NIO Company revealed the delivery of its first European-made "Power Swap" station to Germany.
The rise in disposable income will stimulate market value growth
North America is anticipated to be the fastest-growing region during the forecast period. The number of DC charging stations installed in the United States is predicted to skyrocket in the coming years. The number of household electric vehicle charging stations in the United States is expected to grow. Furthermore, rising disposable income and urbanization will motivate market value expansion. Other considerable factors influencing the market growth include the adoption of various government initiatives aimed at increasing hybrid and EV adoption, as well as the widespread deployment of supercharging stations in remote locations throughout North America.
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EVs are inspiring two-wheelers to implement EV charging infrastructure
The two-wheeler segment dominated the industry in 2021, accounting for more than 30.00% of overall revenue. According to the International Energy Agency's 'Global EV Outlook 2021,' the global supply of electric two-wheelers is approximated to be around 295 million. The dominance of two-wheelers in total EVs is encouraging the adoption of EV charging infrastructure by two-wheelers. Furthermore, approaches by key players are propelling the segment forward.
The technical advances and stable economic options of the pay-per-are catapulting rise
In 2021, the pay-per-use segment dominated the market and held more than 61% of total revenue. The pay-per-use or pay-as-you-go service differentiates the battery from the vehicle, allowing users to purchase EVs at a lesser upfront cost. For the very first time, it makes EVs financially feasible. The pay-per-use model emphasizes the critical of EV adoption, such as high upfront costs, lengthy refueling times, and range anxiety. The pay-per-use payment model's technological advancements and sustainable economic options are catapulting the segment's expansion.
The subscription segment is predicted to expand at the fastest pace over the forecast period. The subscription service segment enables EV customers to subscribe to battery-as-a-service and choose battery swapping at a swap station at pre-determined subscription prices. Governments across the world are taking action to strengthen the use of subscription battery swapping technology.
Key players in the Battery Swapping Charging Infrastructure market are NIO Inc., Gogoro Inc., Leo Motors Inc., Tesla Inc., SUN Mobility Private Ltd., BYD Co. Ltd., BattSwap Inc., Kwang Yang Motor Co. Ltd. (KYMCO), Panasonic Corp.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | US$ 202.07 million |
| Market Value in 2033 | US$ 1,359.43 million |
| Growth Rate | CAGR of 21% from 2023 to 2033 |
| Base Year for Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Million and CAGR from 2022-2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
|
| Key Companies Profiled |
|
| Customization | Available Upon Request |
FMI projects the global Battery Swapping Charging Infra market to expand at a 21% value CAGR by 2033.
The global Battery Swapping Charging Infrastructure market is estimated at a market value of US$ 2.5 Billion.
The global Battery Swapping Charging Infrastructure market is expected to garner a market value of US$ 1359.43 Million.
FMI has projected North America to be one of the key regions for the Battery Swapping Charging Infrastructure market.
• NIO Inc. • Gogoro Inc. • Leo Motors Inc. • Tesla Inc. • SUN Mobility Private Ltd. • BYD Co. Ltd. • BattSwap Inc. • Kwang Yang Motor Co. Ltd. (KYMCO) Panasonic Corp.
1. Executive Summary | Battery Swapping Charging Infrastructure Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Vehicle Type, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Vehicle Type, 2022 to 2032
5.3.1. Two-Wheeler
5.3.2. Three-Wheeler
5.3.3. Passenger Vehicle
5.3.4. Commercial Vehicle
5.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Service Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Service Type, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Service Type, 2022 to 2032
6.3.1. Pay-per-use
6.3.2. Subscription
6.4. Y-o-Y Growth Trend Analysis By Service Type, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Service Type, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. South Asia
7.3.5. East Asia
7.3.6. Oceania
7.3.7. Middle East and Africa(MEA)
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Vehicle Type
8.2.3. By Service Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Vehicle Type
8.3.3. By Service Type
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Vehicle Type
9.2.3. By Service Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Vehicle Type
9.3.3. By Service Type
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Vehicle Type
10.2.3. By Service Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Vehicle Type
10.3.3. By Service Type
10.4. Key Takeaways
11. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. India
11.2.1.2. Malaysia
11.2.1.3. Singapore
11.2.1.4. Thailand
11.2.1.5. Rest of South Asia
11.2.2. By Vehicle Type
11.2.3. By Service Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Vehicle Type
11.3.3. By Service Type
11.4. Key Takeaways
12. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Vehicle Type
12.2.3. By Service Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Vehicle Type
12.3.3. By Service Type
12.4. Key Takeaways
13. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. Australia
13.2.1.2. New Zealand
13.2.2. By Vehicle Type
13.2.3. By Service Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Vehicle Type
13.3.3. By Service Type
13.4. Key Takeaways
14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of Middle East and Africa(MEA)
14.2.2. By Vehicle Type
14.2.3. By Service Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Vehicle Type
14.3.3. By Service Type
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2021
15.1.2.1. By Vehicle Type
15.1.2.2. By Service Type
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2021
15.2.2.1. By Vehicle Type
15.2.2.2. By Service Type
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2021
15.3.2.1. By Vehicle Type
15.3.2.2. By Service Type
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2021
15.4.2.1. By Vehicle Type
15.4.2.2. By Service Type
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2021
15.5.2.1. By Vehicle Type
15.5.2.2. By Service Type
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2021
15.6.2.1. By Vehicle Type
15.6.2.2. By Service Type
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2021
15.7.2.1. By Vehicle Type
15.7.2.2. By Service Type
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2021
15.8.2.1. By Vehicle Type
15.8.2.2. By Service Type
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2021
15.9.2.1. By Vehicle Type
15.9.2.2. By Service Type
15.10. India
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2021
15.10.2.1. By Vehicle Type
15.10.2.2. By Service Type
15.11. Malaysia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2021
15.11.2.1. By Vehicle Type
15.11.2.2. By Service Type
15.12. Singapore
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2021
15.12.2.1. By Vehicle Type
15.12.2.2. By Service Type
15.13. Thailand
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2021
15.13.2.1. By Vehicle Type
15.13.2.2. By Service Type
15.14. China
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2021
15.14.2.1. By Vehicle Type
15.14.2.2. By Service Type
15.15. Japan
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2021
15.15.2.1. By Vehicle Type
15.15.2.2. By Service Type
15.16. South Korea
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2021
15.16.2.1. By Vehicle Type
15.16.2.2. By Service Type
15.17. Australia
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2021
15.17.2.1. By Vehicle Type
15.17.2.2. By Service Type
15.18. New Zealand
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2021
15.18.2.1. By Vehicle Type
15.18.2.2. By Service Type
15.19. GCC Countries
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2021
15.19.2.1. By Vehicle Type
15.19.2.2. By Service Type
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2021
15.20.2.1. By Vehicle Type
15.20.2.2. By Service Type
15.21. Israel
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2021
15.21.2.1. By Vehicle Type
15.21.2.2. By Service Type
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Vehicle Type
16.3.3. By Service Type
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. NIO Inc.
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Gogoro Inc.
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Leo Motors Inc.
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Tesla Inc.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. SUN Mobility Private Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. BYD Co. Ltd.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. BattSwap Inc.
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Kwang Yang Motor Co. Ltd. (KYMCO)
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Panasonic Corp.
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Lithion Power Pvt. Ltd.
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Battery Swapping Charging Infrastructure Market
