Market Size of Battery-Swapping for Electric Two-Wheeler Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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.
