The
global Swappable
Electric Vehicle Battery Market size is expected to reach USD 2.36
billion by 2030, expanding at a CAGR of 22.8% from 2023 to 2030, according to a
new study conducted by Grand View Research, Inc. The rising adoption
of electric vehicles with swappable batteries by consumers, as they
are not required to pay the high upfront cost of fixed batteries is propelling
the market growth. This trend is fueled by various factors, including rising
fuel expenses, government incentives, and lower carbon emissions.
To
reduce carbon emissions and achieve net-zero targets, governments worldwide are
implementing strategic initiatives. Many countries have committed to reaching
net-zero emissions by mid-century or even earlier and are participating in
international agreements to enhance their efforts. For instance, as per the
Mission Zero plan released in 2019, the Netherlands government has set a target
for all new buses utilized in public transportation to emit zero harmful
exhaust gases by 2025. This implies that the buses must either be battery
electric or hydrogen fuel cell electric to comply with the regulation. Hence,
ongoing government initiatives to achieve net zero emission goals and the
environmental benefits of rechargeable batteries are driving the adoption of
swappable electric vehicle batteries, thereby propelling the market's growth.
Furthermore,
various companies started producing swappable batteries for two- and
three-wheel electric vehicles. For instance, GOGORO INC., a manufacturer
of electric scooters, battery-swapping infrastructure, and smart mobility
management systems, collaborated with ProLogium Technology, a prominent player
in solid-state battery technology, to develop a solid-state lithium ceramic
battery for two-wheeler battery swapping. The newly developed solid-state
battery technology would be seamlessly integrated with the existing Gogoro
swapping network and vehicles.
The
declining cost of lithium-ion batteries is expected to drive demand for
swappable batteries for electric vehicles. As per a study conducted by the
Massachusetts Institute of Technology (MIT) and the Energy and Environmental
Science Journal, the reduction in lithium-ion battery prices could result in a
significant drop in the prices of swappable batteries, which would make them
more economical and increase their demand. The study suggests that more than
50% of this cost reduction is attributed to research and development efforts,
including funding from both private and government segments.
The
outbreak of the COVID-19 pandemic severely impacted several economies. In
addition, increased fuel prices owing to the Russia-Ukraine conflict are
expected to prompt consumers to adopt electric vehicles considering the lower
lifecycle cost of an electric vehicle as compared to internal combustion engine
(ICE) vehicles, which is ultimately creating more demand for swappable electric
vehicle batteries. Furthermore, aggressive investments in innovation and
subsequent advances in battery technology are expected to create new
opportunities for the growth of the swappable electric vehicle battery
industry.
List of Key Players in the Swappable Electric
Vehicle Battery Market
- Contemporary
Amperex Technology Co., Limited
- NIO Inc.
- GOGORO INC.
- Silence
Urban Ecomobility
- Honda Motor
Co., Ltd.
- SUN Mobility
Private Ltd.
- ONiON
Mobility
- Swap Energi
Indonesia
- Bounce
- Okinawa
Autotech Internationall Private Limited
Related
Press Release@ Swappable Electric Vehicle Battery
Market Report
Swappable Electric Vehicle Battery Market Report
Highlights
- Lithium-Ion
segment is anticipated to emerge as the fastest-growing segment over the
forecast period. Increasing adoption of lithium-ion swappable electric
vehicle batteries owing to their benefits such as lightweight and
space-saving design, high efficiency, and low cost, among others, is
attributed to the growth of the segment
- The >5
kWh capacity segment accounted for the largest market share in 2022.
Increasing adoption of large-capacity swappable electric vehicle batteries
as it covers long distances on a single charge and provide reliable energy
storage for renewable energy systems is boosting the growth of the segment
- Two-wheeler
segment is anticipated to emerge as the fastest-growing segment over the
forecast period. The increasing development of two-wheeled electric
vehicles equipped with swappable batteries and the growing market for
e-bikes/e-scooters in developing countries are expected to boost the
segment growth
- Asia Pacific
is expected to grow at the highest CAGR from 2023 to 2030 due to the vast
presence of swappable battery start-ups, significant growth in electric
vehicle sales in the region, and extensive deployment of battery swapping
stations in countries such as China India, Taiwan, and Japan
- Key players
operating in the market include Contemporary Amperex Technology Co.;
Limited, NIO Inc.; GOGORO INC.; Silence Urban Ecomobility; Honda Motor
Co., Ltd.; SUN Mobility Private Ltd.; ONiON Mobility; Swap Energi
Indonesia; Bounce; and Okinawa Autotech Internationall Private
Limited
Swappable Electric Vehicle
Battery Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2023 |
USD 560.3
million |
|
Revenue
forecast in 2030 |
USD 2.36
billion |
|
Growth
rate |
CAGR of
22.8% from 2023 to 2030 |
|
Base year
of estimation |
2022 |
|
Historical data |
2017 - 2021 |
|
Forecast period |
2023 - 2030 |
Related Report@
Battery Swapping Charging Infrastructure
Market
Swappable Electric Vehicle Battery Market Segmentation
Grand
View Research has segmented the global swappable electric vehicle battery
market based on battery type, capacity, application, and region:
Swappable Electric Vehicle Battery Type Outlook (Revenue,
USD Million, 2017 - 2030)
- Lead Acid
- Lithium-ion
- Others
(Nickel-Metal Hydride, Sodium Ion)
Swappable Electric Vehicle Battery Capacity Outlook
(Revenue, USD Million, 2017 - 2030)
- < 5 kWh
- > 5 kWh
Swappable Electric Vehicle Battery Application Outlook
(Revenue, USD Million, 2017 - 2030)
- Two-Wheeler
- Passenger
Cars
- Commercial
Light Duty Vehicles
- Three-Wheeler
- Four-Wheeler
Swappable Electric Vehicle Battery Regional
Outlook (Revenue, USD Million, 2017 - 2030)
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- India
- Japan
- Taiwan
- Vietnam
- Indonesia
- Thailand
- Malaysia
- Philippines
- South Korea
- Singapore
- Latin
America
- Brazil
- Mexico
- MEA
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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