Electric Vehicle Battery Swapping Market: Partnership Becomes a Prime Strategy for Expansion of Electric Vehicle Battery Swapping Stations

Published : 3 years ago, on 21/09/2021

Transportation dominated by electric vehicles is an inevitable future. The rate at which the demand for electronic vehicles is increasing the need for better supportive infrastructure is bound to rise. The deployment of charging plug points is the foundation of the widespread adoption of electronic vehicles. However, charging stations that offer alternative current (AC) or direct current (DC) are significantly heavy on the budget. The high price presents a challenge for the deployment of electronic vehicles. This offered an opportunity for the electric vehicle battery swapping method.

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The current market for electric vehicle battery swapping

The method of battery swapping is nothing new. The technique had introduced a decade ago, but the lack of supporting infrastructure prevented its popularity. Presently, key market players in the electronic vehicle battery swapping industry such as Gogoro have made considerable development in this approach and the whole deal of swapping the battery with a fully-charged new battery can be done within a couple of minutes.

According to Allied Market Research, the global electric vehicle battery swapping market is expected to hit $852.6 million by 2030, registering a CAGR of 24.4% from 2021 to 2030. Increase in demand for electric vehicles and rise in the adoption of shared e-mobility drive the growth of the market.

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The reason behind the failure of the original battery swapping method lies with the focus on electric cars. However, the current avatar is aiming at two-wheelers and other forms of electric vehicles with micro-mobility. Moreover, India is an ideal country to deploy electric vehicle battery swapping stations as the country shows the staggering number of two-wheelers and three-wheelers. With more than 100 million two-wheelers and over five million three-wheelers, the country is an ideal market. In the coming years, major market players will invest in the Indian electric vehicle market. What’s more, Gogoro has already made a partnership with India’s Hero MotoCorp.

Recent market developments in the electric vehicle battery swapping market

As India is best-suited for deploying electric vehicle battery swapping stations, more and more companies are keen to invest in the Indian electric vehicle market. Recently, a major player in the swappable batteries industry, Gogoro announced its partnership with India’s Hero MotoCorp. Hero MotoCorp is one of the most prominent two-wheeler vehicle manufacturing companies.

Gogoro aims to spread its wings across the globe and the Indian two-wheeler market is an unavoidable opportunity. The partnership with Hero includes the development of a battery-swapping network across the developing country, where Hero has already planned to deploy electric vehicles.

From a bird’s-eye view, the market players in the electric vehicle battery swapping market have a lucrative opportunity in the Asian territory. While Gogoro has focused on the Indian electric vehicle market, a Chinese company, Nia has planned to launch a battery-swapping station in Beijing.

Nia has been a prominent seller of electric vehicles across China and now aims to maintain its foothold in the country with the deployment of the battery swapping stations. This way, the company aims to encourage people to opt for electric vehicles instead of conventional vehicles.

Moreover, the company officially launched its first second-generation battery swap station last month, named Power Swap Station 2.0. This station is deployed in Beijing and was unveiled with its strategic partner Sinopec Group, which is the largest oil and petrochemical product supplier in China. Nio has already performed two million battery swaps and now it aims to deploy around 5,000 swappable batteries and battery charging stations in the coming years.

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Future of electric vehicle battery swapping market

Outside the Asia-Pacific region, the need for a better alternative to electric vehicle charging stations has increased. The companies such as Ample have developed a novel swappable battery that could avoid the failure of the past. While Ample’s swappable battery is quite costly compared to current alternatives, several companies such as Robotaxi prefer Ample’s mid-day swap technology due to its extending battery life.

Such solutions made swappable batteries more desirable than ever. As consumers have become more concerned with the environmental impact of vehicles, the demand for electric vehicles, especially e-buses is expected to increase in the future and the worldwide deployment of electric vehicle battery swapping stations would be the best thing that happened to the industry.