Asia-Pacific Electric Vehicle Battery Swapping Market – By Service Type (Subscription Model and Pay-Per-Use Model), By Vehicle Type (Two-Wheeler, Three-Wheeler, and Others), By End User (Private and Commercial), and By Country Competition Forecast & Opportunities, 2018-2030

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Summary

Report Description

Asia-Pacific Electric Vehicle Battery Swapping Market is growing due to the increase in the demand for electric vehicles across different segments, and adequate public charging infrastructure and less charging time are anticipated to drive the market growth in the forecast years.

Recent Developments

The growing emissions standards are leading the industry to focus on sustainable products, and this has led to the growth of the electric vehicles market, and hence the Asia-Pacific Electric Vehicle Battery Market. In the Asia- Pacific region, China, India, Japan, and other countries are witnessing the rise in innovations in the battery swapping market, and many new startups and joint ventures in the region are taking shape like in China, SAIC, CATL, Sinopec and China National Petroleum (CNPC) have formed a joint venture named Shanghai Jieneng Zhidian New Energy Technology and this joint venture will focus on setting multiple battery swapping stations initially in China. Similarly the growth of battery swapping is also because of the rise in the use of electric two wheelers in the region. Taiwan is also contributing to the growth of the battery swapping market as the companies like Gogoro, a world leader in the industry has partnered with EV-as-a-Service platform Zypp Electric, Hero electric and other companies in India for battery swapping stations. The countries in the regions are also planning to bring battery standards and in coming years these standards will generate new opportunity and will help battery swapping market to expand. Similarly, CATL has started battery swapping for four-wheelers in China for Dongfeng, Peugeot and Citroen.

The Japan based Eneos, Honda, Suzuki, Kawasaki, and Yamaha have launched new battery-swapping service provider named Gachaco and this venture will help these two-wheeler players in future to integrate battery swapping in their upcoming models. The China based companies are also betting high on the battery swapping industry and join ventures and startups are expected to push the industry to new heights. Many countries like India are set to draft battery swapping policy and interoperability standards for promoting battery swapping industry.

The Asia-Pacific battery swapping market is expected to generate an impressive CAGR in the forecast years as the industry is attracting investment from different sources like the battery swapping startup Battery Smart, which has raised USD25 million in a Series A round of funding.


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Growth of the Electric Two-wheeler Segment

Asia-pacific holds a major share in electric two-wheeler sales and in the coming years the price of the battery is expected to decrease because of increasing manufacturing facilities and infrastructural developments. This will lead to decrease in price of the electric vehicles at the same time increasing the sales of the electric two wheelers. The growth in the two-wheeler is also expected in the last-mile delivery sector as most of the two wheelers are employed and the concept of battery swapping can be easily implemented in the two-wheeler segment so overall, all these factors will influence the battery swapping market in the Asia-pacific.

Increase in the Incentives and Subsidies

Many different counties in the region are promoting the use of electric vehicles by providing incentives to new electric vehicle owners, and as well as manufacturers. The battery swapping service providers are also getting benefits and other subsidies from many regional governments in the region so that the adoption and inclination towards electric vehicles can be increased. The governments of different countries in the region are building infrastructure for battery swapping, in the two-wheeler segment Gogoro, is setting up battery swapping facilities in Philippines.

Lack of Adequate Infrastructure

Battery swapping reduces the charging time and is very much preferred for two-wheelers, but the lack of infrastructure and battery standards in the region is making it difficult to expand. In rural areas, infrastructure development is very slow, and this may lead to slow growth. Similarly, the battery swapping standards are not defined in the countries, and the lack in the usage of universal batteries for every vehicle is also a hurdle in the growth. Battery swapping facilities for passenger cars are not very common in the countries in the region. However, China is working on developing swapping stations for passenger cars, whereas there is no other infrastructure development in other countries.

COVID-19 also had an adverse impact on the industry as it has hampered all the manufacturing and operational activities in the industry. All the swapping stations' setup operations were stopped because of the lockdowns and other curbs introduced by different regional governments. However, optimism has been maintained or even increased in most Asian nations. Many customers worldwide anticipate a decline in income; however, consumers in China and India are expected to witness an increase in their income.

Market Segmentation

The Asia-Pacific Battery Swapping Market is segmented By Service Type, By Vehicle Typ, By End User and By Country. Based on Service Type, the market is segmented into Subscription Model and Pay-Per-Use Model. Based on Vehicle Type, the market is segmented into Two-Wheeler, Three-Wheeler, and Others. Based on End User, the market is segmented into Private and Commercial.

Company Profiles

Gogoro, Inc, Nio Inc. Aulton New Energy Group, KYMCO (Ionex Recharge), Sun Mobility. Okaya Power Group, Oyika Pte. Ltd., MO Batteries Singapore Pte Ltd, Lithium Power Pvt. Ltd. and PT SWAP Energi are the leading companies in the Asia- Pacific  and has a good market in battery swapping industry. There are other several start-ups that are planning to develop battery swapping stations for the electric vehicles in the region.

Attribute

Details

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2030

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2030

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Service Type

By Vehicle Type

By End User

By Country

Country Scope

China, India, Japan, Malaysia, Indonesia, Thailand, Vietnam, Singapore, South Korea, Taiwan

Key Companies Profiled

Gogoro Inc, Nio Inc. Aulton New Energy Group, KYMCO (Ionex Recharge), Sun Mobility, Okaya Power Group, Oyika Pte. Ltd., MO Batteries Singapore Pte Ltd, Lithium Power Pvt. Ltd. and PT SWAP Energi

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, Asia-Pacific Battery Swapping Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Asia-Pacific Electric Vehicle Battery Swapping Market, By Service Type:

  • Subscription Model
  • Pay-Per-Use Model

Asia-Pacific Electric Vehicle Battery Swapping Market, By Vehicle Type:

  • Two-Wheeler
  • Three-Wheeler
  • Others

Asia-Pacific Electric Vehicle Battery Swapping Market, By End-User:

  • Private
  • Commercial

Asia-Pacific Electric Vehicle Battery Swapping Market, By Country:

  • China
  • India
  • Japan
  • Malaysia
  • Indonesia
  • Thailand
  • Vietnam
  • Singapore
  • South Korea
  • Taiwan

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Asia-Pacific Battery Swapping Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Asia-Pacific Electric Vehicle Battery Swapping Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Asia-Pacific Electric Vehicle Battery Swapping Market

4.1.  Key Segments Impacted

4.2.  Key Countries Impacted

5.    Voice of Customer

5.1.  Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Challenges/Issues Faced Post Purchase

6.    Asia-Pacific Electric Vehicle Battery Swapping Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Service Type Market Share Analysis (Subscription Model and Pay-Per-Use Model)

6.2.2.     By Vehicle Type Market Share Analysis (Two-Wheeler, Three-Wheeler, and Others)

6.2.3.     By End User Market Share Analysis (Private and Commercial)

6.2.4.     By Country Market Share Analysis

6.3.  Asia Pacific Electric Vehicle Battery Swapping Market Mapping & Opportunity Assessment

6.3.1.     By Service Type Market Mapping & Opportunity Assessment

6.3.2.     By Vehicle Type Mapping & Opportunity Assessment

6.3.3.     By End User Mapping & Opportunity Assessment

6.3.4.     By Country Mapping & Opportunity Assessment

7.    China Electric Vehicle Battery Swapping Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume

7.1.2.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Service Type Market Share Analysis

7.2.2.     By Vehicle Type Market Share Analysis

7.2.3.     By End User Market Share Analysis

8.    India Electric Vehicle Battery Swapping Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume

8.1.2.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Service Type Market Share Analysis

8.2.2.     By Vehicle Type Market Share Analysis

8.2.3.     By End User Market Share Analysis

9.    Japan Electric Vehicle Battery Swapping Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume

9.1.2.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Service Type Market Share Analysis

9.2.2.     By Vehicle Type Market Share Analysis

9.2.3.     By End User Market Share Analysis

10.  Malaysia Electric Vehicle Battery Swapping Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Volume

10.1.2.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Service Type Market Share Analysis

10.2.2.  By Vehicle Type Market Share Analysis

10.2.3.  By End User Market Share Analysis

11.  Thailand Electric Vehicle Battery Swapping Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Volume

11.1.2.  By Value

11.2.              Market Share & Forecast

11.2.1.  By Service Type Market Share Analysis

11.2.2.  By Vehicle Type Market Share Analysis

11.2.3.  By End User Market Share Analysis

12.  Indonesia Electric Vehicle Battery Swapping Market Outlook

12.1.              Market Size & Forecast

12.1.1.  By Volume

12.1.2.  By Value

12.2.              Market Share & Forecast

12.2.1.  By Service Type Market Share Analysis

12.2.2.  By Vehicle Type Market Share Analysis

12.2.3.  By End User Market Share Analysis

13.  Singapore Electric Vehicle Battery Swapping Market Outlook

13.1.              Market Size & Forecast

13.1.1.  By Volume

13.1.2.  By Value

13.2.              Market Share & Forecast

13.2.1.  By Service Type Market Share Analysis

13.2.2.  By Vehicle Type Market Share Analysis

13.2.3.  By End User Market Share Analysis

14.  Vietnam Electric Vehicle Battery Swapping Market Outlook

14.1.              Market Size & Forecast

14.1.1.  By Volume

14.1.2.  By Value

14.2.              Market Share & Forecast

14.2.1.  By Service Type Market Share Analysis

14.2.2.  By Vehicle Type Market Share Analysis

14.2.3.  By End User Market Share Analysis

15.  South Korea Electric Vehicle Battery Swapping Market Outlook

15.1.              Market Size & Forecast

15.1.1.  By Volume

15.1.2.  By Value

15.2.              Market Share & Forecast

15.2.1.  By Service Type Market Share Analysis

15.2.2.  By Vehicle Type Market Share Analysis

15.2.3.  By End User Market Share Analysis

16.  Overall Developments in the Industry

16.1.              EV and Battery Swapping Developments

16.2.              Battery Swapping Standards

16.3.              New Players in the Market

16.4.              Key Investments in the Market

16.5.              Technological Developments

16.6.              Key Takeaways

17.  Market Dynamics

17.1.              Market Drivers

17.2.              Market Challenges

18.  Market Trends & Developments

19.  SWOT Analysis

19.1.              Strength

19.2.              Weakness

19.3.              Opportunities

19.4.              Threats

20.  Porter’s Five Forces Model

20.1.              Competitive Rivalry

20.2.              Bargaining Power of Buyers

20.3.              Bargaining Power of Suppliers

20.4.              Threat of New Entrants

20.5.              Threat of Substitutes

21.  Competitive Landscape (Up to Top 10 Leading Companies)

21.1.              Company Profiles

21.1.1.  Gogoro Inc.

21.1.1.1.      Company Details

21.1.1.2.      Products & Services

21.1.1.3.      Financial (As Reported)

21.1.1.4.      Recent Development

21.1.1.5.      Key Management Personnel

21.1.2.  Nio Inc.

21.1.2.1.      Company Details

21.1.2.2.      Products & Services

21.1.2.3.      Financial (As Reported)

21.1.2.4.      Recent Development

21.1.2.5.      Key Management Personnel

21.1.3.  Aulton New Energy Group

21.1.3.1.      Company Details

21.1.3.2.      Products & Services

21.1.3.3.      Financial (As Reported)

21.1.3.4.      Recent Development

21.1.3.5.      Key Management Personnel

21.1.4.  KYMCO (Ionex Recharge)

21.1.4.1.      Company Details

21.1.4.2.      Products & Services

21.1.4.3.      Financial (As Reported)

21.1.4.4.      Recent Development

21.1.4.5.      Key Management Personnel

21.1.5.  Sun Mobility

21.1.5.1.      Company Details

21.1.5.2.      Products & Services

21.1.5.3.      Financial (As Reported)

21.1.5.4.      Recent Development

21.1.5.5.      Key Management Personnel

21.1.6.  Okaya Power Group

21.1.6.1.      Company Details

21.1.6.2.      Products & Services

21.1.6.3.      Financial (As Reported)

21.1.6.4.      Recent Development

21.1.6.5.      Key Management Personnel

21.1.7.  Oyika Pte Ltd

21.1.7.1.      Company Details

21.1.7.2.      Products & Services

21.1.7.3.      Financial (As Reported)

21.1.7.4.      Recent Development

21.1.7.5.      Key Management Personnel

21.1.8.  MO Batteries Singapore Pte Ltd

21.1.8.1.      Company Details

21.1.8.2.      Products & Services

21.1.8.3.      Financial (As Reported)

21.1.8.4.      Recent Development

21.1.8.5.      Key Management Personnel

21.1.9.  Lithium Power Pvt. Ltd.

21.1.9.1.      Company Details

21.1.9.2.      Products & Services

21.1.9.3.      Financial (As Reported)

21.1.9.4.      Recent Development

21.1.9.5.      Key Management Personnel

21.1.10.                PT SWAP Energi

21.1.10.1.    Company Details

21.1.10.2.    Products & Services

21.1.10.3.    Financial (As Reported)

21.1.10.4.    Recent Development

21.1.10.5.    Key Management Personnel

22.  Strategic Recommendations

22.1.              Key Focus Areas

22.2.              Target Regions & Countries

22.3.              Target Service Type

22.4.              Target Vehicle Type

23. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The increase in the adoption of electric vehicles and rising carbon emission concerns in the region are leading to the growth of the Battey Swapping Industry as it reduces the time involved in charging.

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Asia-Pacific Battery Swapping Market by service type is segmented into Subscription Model (rental)and Pay-Per-Use Model.

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The major players in the Asia-Pacific Battery Swapping Market are Gogoro, Inc, Nio Inc. Aulton New Energy Group, KYMCO (Ionex Recharge), Sun Mobility, Okaya Power Group, Oyika Pte. Ltd etc.

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China leads the market as it is developing battery swapping stations on large scale and introducing passenger car battery swapping technology, similarly India is also developing and deploying battery swapping stations across the country.

Related Reports

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Srishti Verma

Business Consultant
Press Release

Asia-Pacific Electric Vehicle Battery Swapping Market to be Led by China

Dec, 2022

Low maintenance cost of electric vehicles and elimination of the charging time by using battery swapping is driving the Asia-Pacific Electric Vehicle Battery Swapping Market.

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