Battery-Swapping for Electric Two-Wheeler Market Size (2024 - 2029)

The Battery-Swapping for Electric Two-Wheeler Market is projected to experience significant growth, driven by the resurgence in demand for electric vehicles post-pandemic and advancements in battery technology. The market's expansion is supported by increased research and development efforts and the rising sales of electric two-wheelers, influenced by stringent emission regulations. The Asia-Pacific region is expected to lead the market due to its burgeoning electric two-wheeler sector, with Europe also showing positive growth prospects, particularly in logistics and delivery applications. Key industry players are actively enhancing their global presence to meet the escalating market demand.

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Market Size of Battery-Swapping for Electric Two-Wheeler Industry

Market Snapshot
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 28.08 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Medium

Major Players

Battery-Swapping for Electric Two-Wheeler Market Major Players

*Disclaimer: Major Players sorted in no particular order

Battery-Swapping for Electric Two-Wheeler Market Analysis

The Battery-Swapping for Electric Two-Wheeler Market was valued at USD 122.4Million in 2021 and is expected to reach USD 421.8 Million by 2027 growing at a CAGR of 28.08% during the forecast period.

The rapid spread of the COVID-19 pandemic had a significant effect on the automotive sector, especially EV sales. Short-term demand for EVs decreased as a result of this. The lockdown of operations, as well as the decreased use and sales of equipment during lockdowns, have all affected the industry's growth. The demand for EVs is anticipated to increase when things return to normal and automakers resume operations, which will propel the expansion of the EV battery swapping industry.

Over the long-term, the market is expected to grow due to the factors like technological advancements in lithium-ion batteries, increased R&D expenditure by major players and growing sales of electric two-wheelers across the world owing to the emission norms.

Key players are expanding their offerings worldwide in order to cater the growing market demand. For instance,

  • In September 2022, To prepare for its electric vehicle battery swapping programmes, Nio Inc. is developing a test facility for swapping electric vehicle battery packs. This will be part of the battery as a service business model for the company. The test facility will be near Nio's headquarters in San Jose, California, and starts operations from November 2022.

Asia-Pacific is expected to dominate the market as the region has growing electric two-wheeler market such as China and India. Following Asia-Pacific, Europe is anticipated to register positive growth in the forecast period owing to the use of electric two-wheelers use for logistics and delivery activities.

Battery-Swapping for Electric Two-Wheeler Industry Segmentation

In battery swapping, EV owners visit the swapping stations and swap out their exhausted batteries for charged ones. It reduces drivers' range anxiety and aids in resolving the issue of installing charging stations. In addition, leasing batteries can help EV owners avoid the expense of outright battery purchases. It takes the least amount of time and infrastructure to charge at a battery station, a process that could take several hours.

The Battery-Swapping for Electric Two-Wheeler Market is Segmented By Service Type, Battery Type, and Geography

By Service Type, the market is segmented into Pay-Per-Use Model, Subscription Model

By Battery Type, the market is segmented into Lead Acid and Lithium-Ion

and by Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

The report also provides market sizing and forecast for all the above-mentioned segments.

Service Type
Pay-Per-Use Model
Subscription Model
By Battery Type
Lithium-ion Battery
Lead-acid Battery
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Battery-Swapping for Electric Two-Wheeler Market Size Summary

The battery-swapping market for electric two-wheelers is poised for significant growth, driven by technological advancements and increasing adoption of electric vehicles (EVs) worldwide. The market is experiencing a shift from traditional charging methods to battery swapping solutions, which offer quicker and more efficient alternatives to address range anxiety and lengthy charging times. This transition is supported by the growing demand for electric two-wheelers, particularly in the Asia-Pacific region, where countries like China and India are leading the charge. The market is further bolstered by government initiatives and policies promoting the use of lithium-ion batteries and the development of battery swapping infrastructure. Key players in the industry are expanding their global presence and investing in new technologies to meet the rising demand and enhance their competitive edge.

The market landscape is moderately fragmented, with numerous startups and established companies like Gogoro Inc., NIO Technologies, and Oyika Pte. Ltd. actively participating in the expansion of battery swapping solutions. These companies are forming strategic partnerships and collaborations to develop sustainable energy ecosystems and improve battery technology. The adoption of battery swapping is also gaining traction in Europe, driven by the increasing use of electric two-wheelers for logistics and delivery activities. Despite challenges such as the high cost and limited availability of lithium-ion batteries, the market is expected to grow steadily as advancements in battery technology continue to reduce costs and improve efficiency. The focus on developing a robust battery swapping infrastructure presents a promising opportunity for the industry, facilitating the broader adoption of electric vehicles and contributing to the transition towards sustainable transportation solutions.

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Battery-Swapping for Electric Two-Wheeler Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Porters 5 Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in USD Million)

    1. 2.1 Service Type

      1. 2.1.1 Pay-Per-Use Model

      2. 2.1.2 Subscription Model

    2. 2.2 By Battery Type

      1. 2.2.1 Lithium-ion Battery

      2. 2.2.2 Lead-acid Battery

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle-East and Africa

Battery-Swapping for Electric Two-Wheeler Market Size FAQs

The Battery-Swapping for Electric Two-Wheeler Market is projected to register a CAGR of 28.08% during the forecast period (2024-2029)

Gogoro Inc, NIO Technologies, Oyika Pte. Ltd, Kwang Yang Motor Co., Ltd. and Immotor Inc. are the major companies operating in the Battery-Swapping for Electric Two-Wheeler Market.

battery swapping Market Report Snapshots

Battery-Swapping for Electric Two-Wheeler Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)