Electric Two-wheeler Battery Swapping Market: Projected Growth and Opportunities in 2028

Posted by Kumar on May 22nd, 2023

According to a TechSci Research report titled "Global Electric Two-wheeler Battery Swapping Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028," it is anticipated that the Global Electric Two-wheeler Battery Swapping Market will witness growth due to the increasing adoption of electric two-wheelers and the development of infrastructure in various regions. The practice of battery swapping allows electric vehicle (EV) users to visit swapping stations and exchange their depleted batteries for charged ones. This eliminates the need for building charging stations and reduces concerns about driving range. Additionally, leasing batteries instead of purchasing them outright can help EV owners save costs. The battery swapping process, which takes significantly less time and requires minimal infrastructure, is gaining popularity.

The battery swapping industry for electric vehicles in China is primarily driven by the significant efforts made by various Chinese companies to develop battery swapping infrastructure. Similarly, governments in other countries provide incentives, contributing to the industry's growth. In regions with inadequate EV charging infrastructure, the replacement of batteries in electric two-wheelers is gaining momentum. Several companies are also focusing on creating swappable battery systems for the three-wheeler market, which will further stimulate market expansion and uncover new opportunities for the battery swapping industry.

The pay-per-use model in the electric two-wheeler battery swapping market reduces the overall ownership cost of electric two-wheelers since batteries account for a significant portion of the vehicle's price. The subscription-based model is particularly suitable for commercial use and is expected to continue growing during the forecast period. Lithium-based solid-state batteries, which have the potential to replace conventional Li-ion batteries, offer higher energy density per unit of volume and faster charging rates. These batteries employ solid-state electrolytes, such as ceramics or solid polymers, instead of liquid electrolytes found in traditional batteries. Implementing this technology could lead to smaller batteries with greater energy densities, longer lifespans, and improved safety. Overall, lithium-ion batteries are projected to increase their market share, followed by lead acid batteries.

The Global Electric Two-wheeler Battery Swapping market can be segmented based on type, service type, battery type, end user, and region. In terms of service type, the market is further divided into the subscription model and the pay-per-use model. Battery type segmentation includes Lead Acid and Lithium-Ion. The Global Electric Two-wheeler Battery Swapping Market is divided into private and commercial segments based on end user. Geographically, the market is segmented into North America, Asia Pacific, Europe & CIS, South America, and Middle East & Africa.

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Some of the major companies operating in the Global Electric Two-wheeler Battery Swapping Market include:

• Gogoro Inc
• NIO Technologies
• Sun Mobility
• Immotor Inc.
• Oyika Pte. Ltd.
• MO Batteries Singapore Pte Ltd.
• Kwang Yang Motor Co, Ltd.

These are the key players developing battery swapping infrastructure and new service models to stay competitive in the market. Other competitive strategies include mergers with the research and development firms, new product developments, and marketing activities to increase customer outreach. These companies are also focusing on meeting the regulations of different regional governments to stay competitive in the market.

“The electric two-wheeler segment is on the rise as the adoption of this vehicle segment is rapidly increasing across the globe, and this is leading to a rise in the utilization of the battery swapping stations. Similarly, the government’s initiatives and schemes are also influencing growth in the market. So during the forecast period, the electric two-wheeler battery swapping market across the globe is expected to generate new opportunities and will grow at an impressive rate,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Electric Two-wheeler Battery Swapping Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028” has evaluated the future growth potential of Global Electric Two-wheeler Battery Swapping Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Electric Two-wheeler Battery Swapping Market.

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