July 21, 2022 14:50 ET | Source: Straits Research Straits Research
New York, United States, July 21, 2022 (GLOBE NEWSWIRE) -- Electric car battery switching is replacing an exhausted battery or battery pack in an electric vehicle with a fully charged one, eliminating the need to charge the vehicle's battery. Compared to charging stations, battery swapping stations are a more efficient way to address range anxiety, with each battery change taking less than 10 minutes and taking up significantly less space. Furthermore, due to its impact on lowering the high upfront price of electric vehicles by decoupling battery ownership, battery-as-a-service (BaaS) is gaining traction in the battery swapping market. Battery swapping also minimizes vehicle downtime and acquisition expenses because the customer only pays for the energy used.
The industry is expected to rise because of increased demand for electric vehicles, a shortage of suitable public charging infrastructure, and shorter charging times. However, the market expansion is hampered by differences in battery technology and design and the expensive initial setup and operational costs of battery swapping stations. Furthermore, the rapid proliferation of shared e-mobility and market competitors' introduction of novel and improved battery swapping models and services will likely provide attractive prospects for market expansion during the projection period.
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Swelling Demand for Electric Vehicles Drives the Global Electric Vehicle Battery Swapping Market
Electric vehicles have grown in popularity throughout time as they have become more efficient and environmentally friendly. Furthermore, as consumer demand for increased vehicle efficiency and lower fuel prices grows, electric car technology continues to progress. Again, in developed countries like North America and Europe, rising fuel prices and stringent government rules governing carbon dioxide emissions are driving the adoption of electric vehicles.
However, the range of electric vehicles on a single charge is restricted, and depending on usage, they may need to be charged twice a day, taking up to 6 to 10 hours to charge a battery fully. As a result, battery swapping results in near-zero downtime for electric vehicles, as opposed to the 6-10 hours per day that regular charging requires. Furthermore, the need for battery swapping stations is fueled by a lack of suitable public charging facilities for electric vehicles and a lack of standardization of charging infrastructure. As a result, a combination of these reasons is propelling the electric car battery switching market forward.
Underlying Market Opportunities Amid the Emergence of Shared E-Mobility
Electric car-sharing services are rapidly expanding worldwide due to rising vehicle ownership costs and rigorous government emission regulations. These vehicles are primarily used as passenger transport and travel roughly 100 kilometers daily. Since these cars only run for around 100 kilometers on a full charge, they must be charged twice or three times every day. As a result, battery switching stations are the most excellent solution for delayed battery charging issues and assist drivers in making the most of their operational hours.
Furthermore, electric scooter and bike-sharing services can be more hyper-localized compared to other forms of shared mobility and address last-mile travel difficulties. Compared to other electric mobility, the size of a battery pack in such vehicles is also smaller, making it easier and faster to swap a drained battery with a charged battery. As a result of the increased run-time and better utilization of operational hours for shared e-mobility drivers, demand for electric vehicle battery swapping is growing, presenting lucrative market growth potential.
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Asia-Pacific is the largest shareholder in the electric vehicle battery swapping market and is expected to grow at a CAGR of 23.3% during the forecast period. This is accredited to an increase in sales of electric vehicles in countries such as China and Japan. This rise is attributed to the extensive efforts of governments to reduce greenhouse gas emissions. Governments of many Asian countries have plans to end the production and sales of gasoline and diesel vehicles in the coming years. This move is expected to increase the market for electric vehicles in the region, benefiting the growth of the electric vehicle battery swapping market during the forecast period.
Europe is the second-largest shareholder and is projected to reach USD 205 million, growing at a CAGR of 25.1% during the forecast period. An increase in initiatives to enhance the efficiency of the transport system, along with strategizing low-emission mobility, are the prominent factors that fuel the market growth. Stringent government regulations to curb pollution levels and increase environmental awareness encourage people to opt for electric cars in Europe. However, recharging stations in Europe are still not developed to support the growing sales of electric vehicles. Moreover, deployment of recharging stations is uneven, with negligible stations in the eastern European countries. Therefore, such factors are anticipated to drive the growth of the electric vehicle battery swapping market in Europe.
LAMEA is expected to be the fastest-growing region during the forecast period. Countries across LAMEA are focusing on electrification of their public transport as rapid urbanization leads to traffic congestion and pollution. An increase in growth by leading market players to promote their products and services, along with a surge in demand for electric mobility, are the primary factors that propel the development of the electric vehicle battery swapping market in LAMEA. For instance, in 2020, universal energy infrastructure and services provider SUN Mobility announced to expand battery swapping solutions in several global markets, including countries in Africa and Latin America.
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The major companies in the electric vehicle battery swapping market include
Global Electric Vehicle Battery Swapping Market: Segmentation By Service Type
Table of Content and Figure @ https://straitsresearch.com/report/electric-vehicle-battery-swapping-market/toc
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