Automated EV Battery Swapping Station Market Size Estimated to Reach $6 Billion By 2030: IndustryARC
Research Reports
Oct 10, 2023
Automated EV Battery Swapping Station Market size is predicted to reach $6 billion by 2030, growing at a CAGR of 18.5% during the forecast period 2023-2030. One of the key elements driving the demand for automated EV battery changing is the convenience and time savings it provides. Traditional charging methods frequently necessitate extensive charging times, which causes EV owners to experience range anxiety and annoyance. Battery swapping tackles this issue by providing a quick battery replacement method that normally takes only a few minutes. EV drivers can switch their low batteries for fully charged ones at swapping stations, eliminating the need to wait for long charging periods which is anticipated to propel the growth of the automated battery swapping station market for the forecast period finds IndustryARC in its recent report, titled “Automated Battery Swapping Station Market Size, Share & Trends Analysis Report By Battery Type, (Lithium-ion, Lead-acid), By Vehicle Type (Two-Wheeler, Three-Wheeler, Four-Wheeler), By Service Type (Subscription Model, Pay-per-use Model), By Application (Passenger, Commercial), By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030.”
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Europe to Register Highest Growth:
Geographically, in the global Automated EV Battery Swapping Station Market, Europe is analyzed to grow with a CAGR of 20.5% highest growth during forecast period. Several European countries, including Sweden and the Netherlands, have established battery swap infrastructure, particularly for electric buses and delivery vehicles. Furthermore, firms such as Gogoro in Taiwan, which operates an electric scooter battery-swapping network, have expanded into European markets which is anticipated to fuel the growth of the market.
According to a News article by Elective 2023, In Europe, Nio counts 10 battery swapping stations. Nio, a Chinese EV maker, now has ten battery-switching facilities in Europe, with seven more slated to launch soon. The ten European battery switching stations are located in Norway, Germany, Sweden, and the Netherlands by this expansion the huge growth for the automated EV battery swapping stations market in the Europe region.
Automated EV Battery Swapping Station Market2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
18.5% |
|
Market Size in 2030 |
$6 billion |
|
Segments Covered |
Battery Type, Vehicle Type, Service Type, Application, Application and Region |
|
Geographies Covered |
North America, South America, Europe, APAC, Middle East & Africa |
|
Key Market Players |
NIO Power Gorogo Drone Power Pvt. Ltd. Aulton Sun Mobility Ample Inc. Esmito Solutions Pvt Ltd Oyika Pte. Ltd. BatteryPool VoltUp |
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Automated EV Battery Swapping Station Market Report – Key Takeaways:
Pay-per-use Model Segment to Register the Highest Share
In the Automated EV Battery Swapping Station Market Analysis, the Pay-per-use Model segment is estimated to grow with the highest share of 60.5% market share in 2022. With this model, EV owners simply pay for the battery swaps they use rather than being linked to a specific subscription or membership, which helps them save money if they do not drive their EVs much. The growing popularity of this approach in several regions where consumers enjoy the freedom to choose when and how frequently they use battery-swapping services is fueling market expansion.
Furthermore, because the pay-per-use approach reduces obstacles to entry and does not need a long-term commitment from users, these services are finding momentum in emerging nations where EV use is still rising and infrastructure construction is underway. PPU services are also addressing key challenges with EV adoption, such as high upfront prices, long refilling times, and range anxiety. As a result, these factors are driving acceptance of the pay-per-use model and, boosting the growth of the electric vehicle battery-swapping industry.
Three-Wheeler is the Fastest Growing Segment in the Market
In the Automated EV Battery Swapping Station Market Analysis, the Three-Wheeler segment is estimated to grow with the highest CAGR of 19.8% during the forecast period 2023-2030. According to a news article by EV News, electric three-wheeler sales increased dramatically in June 2023. Passenger and commercial electric three-wheeler sales totaled 48,009 units which is anticipated to fuel the growth of the EV battery swapping stations globally. Sales of electric three-wheelers in the United States have increased owing to the introduction of new indigenous brands. Battery changing improves mobility while cutting the total cost of ownership for rickshaw drivers. Several factors have contributed to the growth of this market.
The Rising Demand for Self-Driving Electric Automobiles
Transportation, logistics, and supply chain are all essential components of today’s contemporary world. affordable and easily accessible Connectivity and frictionless mobility are the economic backbones. However, the enormous environmental impact of conventional automobiles, as well as rising energy costs, have diminished their attractiveness and uptake. Electric automobiles have become the appropriate substitute owing to technological developments, research & development, and product innovations. They do not use fossil fuels and have a long-term engine economy that is both affordable and efficient.
According to House Grail 2023, Audi plans to invest $16 billion in self-driving cars which is anticipated to drive the demand for automated EV swapping stations. Additionally, the government’s push to increase the production of electric vehicles through subsidies and incentives also contributes to their growing popularity. The growing public knowledge of electric vehicles’ personal, economic, and environmental benefits contributes to their increasing demand. The increased demand for electric vehicles would assist the automated battery-swapping sector.
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Key Opportunity Analysis:
Battery Technology Advancements and the Introduction of New Battery-Swapping Models
Battery technology advancements will increase their efficiency, safety, installation, and swapping. The fiscal authorities are working to standardize battery technology to establish cost-effective integrated charging stations and battery-swapping infrastructure for instance, Ample, a battery-swapping firm based in California, is unveiling a new simplified station that cuts the procedure in half, to roughly five minutes. Battery as a service will reduce costs for manufacturers, governments, and consumers. The government can build up automated EV battery-swapping facilities, which are less expensive than charging stations. The amount of land required is likewise reduced, as are the upkeep expenditures. Manufacturers can avoid battery production costs by outsourcing them to original equipment manufacturers. These will also provide them with materials to help them better and specialize in other aspects of autos. Customers will gain because battery swapping is rapid and inexpensive because they simply have to pay for the electricity.
OEMs Plans to Sell EVs Without Batteries
Selling vehicles without batteries could lower the upfront cost of electric two and three-wheelers and make them more affordable when compared to internal combustion engines two and three-wheelers and three-wheelers. Battery swapping is replacing a vehicle’s exhausted battery with a fully charged one at a swapping station. This significantly decreases the time required to charge the battery on one’s own. Other electric two-wheeler manufacturers, including Okinawa and Hero Electric, have praised the government’s decision to permit the sale of electric vehicles without batteries. According to Ather Energy, the government’s latest move will also benefit electric car makers because they will be able to offer superior products at a lower cost. However, according to the Bengaluru-based EV manufacturer, the idea of retailing EVs without batteries may take some time to make an impact because customers may not immediately choose this type of vehicle ownership model. However, in the long run, it will benefit the EV industry.
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The Report also Covers the Following Areas:
Automated EV Battery Swapping Station Market Size and Forecast
Automated EV Battery Swapping Station Market Trends
Automated EV Battery Swapping Station Market Analysis by Deployment Type
Automated EV Battery Swapping Station Market2023-2030: Key Highlights
CAGR of the market during the forecast period 2023-2030
Value Chain analysis of key stakeholders
Detailed analysis of market drivers and opportunities during the forecast period
Automated EV Battery Swapping Station Market size estimation and forecast
Analysis and predictions on end users’ behavior and upcoming trends
Competitive landscape and Vendor market analysis including offerings, developments, and financials
Comprehensive analysis of challenges and constraints in the Automated EV Battery Swapping Station Market.
Covid and Ukrainian Crisis Impact:
The occurrence of the COVID-19 epidemic had a significant impact on the global automotive sector, demonstrating a diminishing market for automated electric vehicles. The used automobile demand and supply chain was severely impacted. The leading market players’ business and revenue returns were immediately impacted as a result of a decline in demand and supply chain, which was hampered by the global economic downturn. On the other hand, despite the presence of several challenges for startups, the pandemic aided in the acceleration of various beneficial market developments. The rapid requirement for electrification has also helped to expand the automated electric vehicles demand and supply, and the concept of shared mobility has also helped to enhance the market to a great extent.
The Russian invasion of Ukraine in 2022, which has resulted in humanitarian and geopolitical destruction in the European region, poses unavoidable challenges to the global supply chains of the automobile sector, particularly e-mobility. The value chains of electric vehicles and their batteries are essentially global and interconnected, as is the case with every other business in the twenty-first century, making the greater consequences of the dispute felt on the trade and logistics of key suppliers.
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List of Key Market Players in the Automated EV Battery Swapping Station Market:
The key companies profiled in the Automated EV Battery Swapping Station Market Report are listed below:
NIO Power
Gorogo
Drone Power Pvt. Ltd.
Aulton
Sun Mobility
Ample Inc.
Esmito Solutions Pvt Ltd
Oyika Pte. Ltd.
BatteryPool
VoltUp
Ola Electric
Battery Smart
Charge up
RACE Energy
Geely
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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