バッテリースワップ市場 – 2035年までの世界予測

Battery Swapping Market - Global Forecast To 2035

バッテリースワップ市場 - 車両タイプ (二輪車、三輪車、乗用車、商用車)、操作 (手動、操作)、サービスタイプ (サブスクリプション、従量課金)、用途 (乗用車、商用車)、および地域別 - 2035年までの世界予測
Battery Swapping Market by Vehicle Type (2-wheeler, 3-wheeler, Passenger car, Commercial Vehicles), Operation (Manual, Operated), Service Type (Subscription, Pay-per-use), Application (Passenger, Commercial), & Region - Global Forecast to 2035

商品番号 : SMB-26864

出版社MarketsandMarkets
出版年月2025年3月
ページ数249
図表数280
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

世界のバッテリースワップ市場は2025年に14億6,000万米ドルに達することが見込まれ、2025年から2035年にかけて年平均成長率(CAGR)31.5%で成長し、2035年までに227億2,000万米ドルに達するとMarketsandMarketsでは予測しています。バッテリースワップ市場の主な市場成長促進要因としては、標準化されたスケーラブルな交換インフラストラクチャを構築するために、自動車メーカー、バッテリーメーカー、エネルギープロバイダー間のパートナーシップとコラボレーションが増加していることが挙げられます。

これらのコラボレーションは、バッテリーの互換性、高額な初期投資、ネットワークの拡張に関連する課題に対処するのに役立ちます。合弁事業や技術共有契約などの戦略的提携により、企業は広範な可用性とシームレスな統合を確保することで、展開を加速し、コストを削減し、消費者の採用を促進できます。たとえば、2024年6 月には、ElectroRide (インド) が Battery Smart (インド) と提携し、5 年間で 2,500 のバッテリー交換ステーションを設立します。さらに、配車サービスやフリートオペレーターとの提携により、バッテリー交換は最小限のダウンタイムを必要とする商用 EV にとって迅速かつコスト効率の高いソリューションとなるため、需要がさらに高まります。

またMarketsandMarketsでは市場力学として市場成長促進要因と市場機会を下記の通りまとめています。

成長促進要因

  • 自動車メーカーによる、バッテリースワップステーションへの投資増
  • バッテリースワップによる削減できる電気自動車の初期購入コスト
  • 充電時間の短縮

市場機会

  • 革新的なモジュール式バッテリースワップソリューションの導入
  • 革新的・先進的なバッテリースワップモデルとサービスの導入

「バッテリー交換市場 – 車両タイプ (二輪車、三輪車、乗用車、商用車)、操作 (手動、操作)、サービスタイプ (サブスクリプション、従量課金)、用途 (乗用車、商用車)、および地域別 – 2035年までの世界予測 – Battery Swapping Market by Vehicle Type (2-wheeler, 3-wheeler, Passenger car, Commercial Vehicles), Operation (Manual, Operated), Service Type (Subscription, Pay-per-use), Application (Passenger, Commercial), & Region – Global Forecast to 2035」はバッテリースワップの世界市場を調査し、主要セグメント別に分析・予測したMarketsandMarketsの市場調査レポートです。

主な掲載内容

  • 市場概観
    • 市場力学
    • 顧客企業に影響を与える動向/ディスラプション
    • 価格分析
    • エコシステム分析
    • 生成AIの影響
    • サプライチェーン分析
    • ケーススタディ分析
    • 貿易分析
    • 総所有コスト分析
    • バッテリースワップのバリュープロポジション洞察
    • バッテリースワップステーションの所有権分析
    • 主要プレイヤ別バッテリースワップステーション
    • OEM観点での二輪車の比較分析
    • 投資と資金調達シナリオ 2022-2024年
    • 特許分析
    • 法規制環境
    • バッテリースワップのビジネスモデル 2024年
    • 技術分析
    • 主要会議とイベント 2025-2026年
    • 主要ステークホルダーと購入基準
  • バッテリースワップ市場:車両タイプ
    • 二輪車
    • 三輪車
    • 乗用車
    • 商用車
  • バッテリースワップ市場:作動タイプ
    • 自動
    • 手動
  • バッテリースワップ市場:サービスタイプ
    • 従量制
    • 定額制(サブスクリプション)
  • バッテリースワップ市場:用途別
    • 乗用車
    • 商用車
  • バッテリースワップ市場:地域別
    • アジア太平洋地域
      • 中国
      • インド
      • 韓国
      • ベトナム
      • 台湾
      • インドネシア
      • 日本
      • タイ
    • 欧州
      • ドイツ
      • オランダ
      • 英国
      • フランス
    • 北米
      • 米国
      • カナダ
  • 競合勢力図
    • 主要プレイヤの戦略/勝つ権利 2021-2025年
    • 市場シェア分析 2024年
    • 収益分析 2019-2023年
    • 企業評価と財政マトリクス
    • ブランド/製品比較
    • 企業評価マトリクス:主要プレイヤ
    • 企業評価マトリクス:スタートアップ/中小企業
    • 競合シナリオ
  • 企業情報
  • MarketsandMarketsからの提言
  • 付録

Report Overview

The global battery swapping market is estimated to be USD 1.46 Billion in 2025 and is projected to reach USD 22.72 Billion by 2035, at a CAGR of 31.5% from 2025 to 2035. A key driving factor for the battery swapping market is the increasing partnerships and collaborations between automakers, battery manufacturers, and energy providers to create standardized and scalable swapping infrastructure.

バッテリースワップ市場 - 2035年までの世界予測
battery-swapping-market1

These collaborations help address challenges related to battery compatibility, high initial investment, and network expansion. Strategic alliances, such as joint ventures and technology-sharing agreements, enable companies to accelerate deployment, reduce costs, and enhance consumer adoption by ensuring widespread availability and seamless integration. For instance, in June 2024, ElectroRide (India) partners with Battery Smart (India) to establish 2500 battery swapping stations in five years. Additionally, partnerships with ride-hailing and fleet operators further drive demand, as battery swapping offers a quick and cost-effective solution for commercial EVs requiring minimal downtime.

“Automated operation will grow at higher CAGR during the forecast period.”

Automated operation will grow at a higher CAGR during the forecast period in the battery swapping market due to increasing demand for fast, efficient, and contactless battery exchange solutions. Automated battery swapping stations significantly reduce vehicle downtime by enabling quick battery replacement without manual intervention, making them ideal for commercial fleets, and passenger cars. Additionally, advancements in robotics, AI-driven battery management systems, and smart grid integration are driving the adoption of fully automated swapping solutions. For instance, SUN Mobility and Veera Vahana showcased India’s first modular battery swapping technology for Heavy Commercial Vehicles at Prawaas 4.0 held in August 2024. Government incentives and infrastructure investments in regions like China, India, and Europe further support this growth, ensuring scalability and cost-effectiveness compared to manually operated stations.

“Passenger car hold the significant market share in Battery swapping market.”

Passenger car hold the significant market share in material extraction of Battery swapping market. OEMs are actively expanding their presence in the battery-swapping market for passenger cars through strategic collaborations, proprietary swapping networks, and technological advancements to enhance convenience and reduce vehicle downtime. Companies like NIO have pioneered the market with extensive battery-swapping stations across China and are expanding internationally, offering Battery-as-a-Service (BaaS) to lower the upfront cost of EVs. For instance, in May 2024, NIO signed a strategic cooperation agreement with GAC Group on battery swap business. The two parties will engage in comprehensive and multi-level strategic cooperation in various areas related to the battery swap industry, including battery standards, R&D and customization of battery-swappable vehicles, battery asset management and operation, and the construction and operation of battery swap service networks.  Further, Geely, through its subsidiary E-Energee, is deploying swapping stations to support its battery-swappable EV models, while SAIC Motor is investing in modular battery designs to integrate swapping into its ecosystem. Honda has introduced its Mobile Power Pack for compact EVs and aims to scale its battery-swapping business globally, particularly in urban mobility solutions. Such development will boost the market growth in the forecast period.

バッテリースワップ市場 - 2035年までの世界予測 region
battery-swapping-market-region1

“India hold the prominent market share in Asia Pacific battery swapping market.”

India holds a prominent market share in the Asia Pacific battery swapping market, driven by the rapid adoption of electric two-wheelers and three-wheelers, government incentives, and the presence of key battery-swapping providers such as Sun Mobility, Battery Smart, Gogoro. In January 2025, The ministry of power has issued comprehensive guidelines to promote battery swapping and charging infrastructure for electric vehicles across the country. The initiative aims to establish a robust framework for battery swapping, enhancing the efficiency and convenience of EV operations and supporting India’s transition to sustainable mobility. Companies like Sun Mobility have introduced interoperable battery-swapping networks, while startups such as Battery Smart have expanded their reach by collaborating with vehicle manufacturers and fleet operators to ensure widespread accessibility. For instance, in June 2024, ElectroRide, an electric vehicles retail chain in India, has announced a partnership with Battery Smart, India’s battery swapping network for electric two and three-wheelers. This collaboration will begin with Battery Smart establishing 50 swap stations at ElectroRide locations in Delhi and Uttar Pradesh. Additionally, global players like Gogoro have entered the Indian market through partnerships, bringing advanced swapping technologies and scalable infrastructure. With increasing investments and a growing push towards electrification, India continues to dominate the battery-swapping ecosystem in Asia-Pacific, outpacing other regional markets in adoption and expansion.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.

  • By Company Type: Tier I – 35%, Tier II – 30%, and OEMs – 35%
  • By Designation: C Level Executives – 45%, Directors – 35%, and Others – 20%
  • By Region: Asia Pacific-52%, Europe-20%, North America-28%

The battery swapping market is dominated by major players such as Nio (China), Gogoro (Taiwan), Ample (US), Sun Mobility (India), Contemporary Amperex Technology Co., Limited. (China).

バッテリースワップ市場 - 2035年までの世界予測 ecosystem
battery-swapping-market-ecosystem1

Research Coverage:

The Market Study Covers the Battery Swapping Market by Vehicle Type (Two-wheeler, Three-wheeler, Passenger car, Commercial Vehicles), Operation type (Manual, Operated), Service Type (Subscription, Pay-per-use), Application (Passenger, Commercial) & Region (Asia Pacific, Europe, and North America). It also covers the competitive landscape and company profiles of the major battery swapping market ecosystem players.

Key Benefits of the Report

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall battery Swapping market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Rise in investments in battery swapping infrastructure by OEMs, Battery swapping reduces the initial purchase cost of electric vehicles, Reduce charging time drive the battery swapping market, Increasing government initiative and investment towards battery swapping), restraints (Lack of standardization of batteries used in different vehicles, Limited vehicle compatibility impacting the market growth), opportunities (Introduction of innovative modular battery swapping solutions, Introduction of innovative and advanced battery swapping models and services), and challenges (Battery Ownership and Business Model Challenges, Battery Degradation & Lifecycle Management).
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, in the battery swapping market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the battery swapping market across varied regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the battery swapping market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Nio (China), Gogoro (Taiwan), Ample (US), Sun Mobility (India), Contemporary Amperex Technology Co., Limited. (China) and among others in the battery swapping market Page 20 of 30 strategies. The report also helps stakeholders understand the pulse of the adjacent reports such Battery as a Service Market, and provides them with information on key market drivers, restraints, challenges, and opportunities.

Table of Contents

1               INTRODUCTION              23

1.1           STUDY OBJECTIVES       23

1.2           MARKET DEFINITION   23

1.2.1        INCLUSIONS AND EXCLUSIONS 26

1.3           MARKET SCOPE                26

1.3.1        YEARS CONSIDERED      27

1.4           CURRENCY CONSIDERED            27

1.5           UNIT CONSIDERED        27

1.6           STAKEHOLDERS               28

1.7           SUMMARY OF CHANGES               28

2               RESEARCH METHODOLOGY       30

2.1           RESEARCH DATA              30

2.1.1        SECONDARY DATA          31

2.1.1.1    Secondary sources                32

2.1.1.2    Key data from secondary sources       33

2.1.2        PRIMARY DATA 33

2.1.2.1    Primary interviews: Demand and supply sides                34

2.1.2.2    Breakdown of primary interviews      34

2.1.2.3    Primary participants             34

2.1.2.4    Objectives of primary research           35

2.2           MARKET SIZE ESTIMATION         35

2.2.1        BOTTOM-UP APPROACH              36

2.2.2        TOP-DOWN APPROACH                37

2.3           DATA TRIANGULATION                40

2.4           FACTOR ANALYSIS          42

2.5           RESEARCH ASSUMPTIONS           42

2.6           RESEARCH LIMITATIONS             43

2.7           RISK ASSESSMENT           44

3               EXECUTIVE SUMMARY  46

4               PREMIUM INSIGHTS       50

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BATTERY SWAPPING MARKET   50

4.2           BATTERY SWAPPING MARKET, BY REGION          51

4.3           BATTERY SWAPPING MARKET, BY OPERATION TYPE                 51

4.4           BATTERY SWAPPING MARKET, BY APPLICATION                 52

4.5           BATTERY SWAPPING MARKET, BY VEHICLE TYPE                 52

4.6           BATTERY SWAPPING MARKET, BY SERVICE TYPE                 53

5               MARKET OVERVIEW       54

5.1           INTRODUCTION              54

5.2           MARKET DYNAMICS       55

5.2.1        DRIVERS               55

5.2.1.1    Rise in investments in battery swapping infrastructure by OEMs                 55

5.2.1.2    Lower initial purchase cost of electric vehicles due to battery swapping  56

5.2.1.3    Reduced charging time        57

5.2.1.4    Increasing government initiatives and investments in battery swapping  58

5.2.2        RESTRAINTS      58

5.2.2.1    Lack of standardization of batteries used in different vehicles                 58

5.2.2.2    Limited vehicle compatibility             59

5.2.3        OPPORTUNITIES              60

5.2.3.1    Introduction of innovative modular battery swapping solutions                 60

5.2.4        CHALLENGES    62

5.2.4.1    Battery ownership and business model challenges          62

5.2.4.2    Battery degradation & lifecycle management  62

5.3           TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            63

5.4           PRICING ANALYSIS          63

5.4.1        AVERAGE SUBSCRIPTION COST OF KEY PLAYERS, BY VEHICLE TYPE, 2024        64

5.4.2        AVERAGE PAY-PER-USE COST BY KEY PLAYERS, BY VEHICLE TYPE, 2024        64

5.4.3        AVERAGE SUBSCRIPTION COST, BY REGION, 2024                 64

5.4.4        AVERAGE PAY-PER-USE COST, BY REGION, 2024                 65

5.5           ECOSYSTEM ANALYSIS  65

5.5.1        VEHICLE MANUFACTURERS (OEMS)       66

5.5.2        INFRASTRUCTURE PROVIDERS 66

5.5.3        COMPONENT PROVIDERS           67

5.5.4        BATTERY SWAPPING OPERATORS           67

5.6           IMPACT OF GENERATIVE AI       68

5.7           SUPPLY CHAIN ANALYSIS             68

5.8           CASE STUDY ANALYSIS 69

5.8.1        MAXWELL REVOLUTIONIZING EV ADOPTION WITH BATTERY SWAPPING     69

5.8.2        GOGORO’S BATTERY SWAPPING STRATEGY FOR INDIAN MARKET              70

5.8.3        AMPLE REVOLUTIONIZING EV BATTERY SWAPPING FOR FASTER AND EFFICIENT CHARGING        70

5.9           TRADE ANALYSIS             71

5.9.1        IMPORT DATA, 2019–2023              71

5.9.2        EXPORT DATA, 2019–2023              72

5.10         TOTAL COST OF OWNERSHIP ANALYSIS               74

5.10.1      COMPARATIVE ANALYSIS OF ULTRA-FAST CHARGING VS. BATTERY SWAPPING               74

5.10.2      TOTAL COST OF OWNERSHIP FOR BATTERY SWAPPING                 75

5.10.3      COST ANALYSIS: INSTALLATION OF BATTERY SWAPPING STATION      76

5.10.3.1  Capital expenditure (CAPEX)            76

5.10.3.2  Operational expenditure (OPEX)     76

5.11         INSIGHTS ON BATTERY SWAPPING VALUE PROPOSITION  77

5.11.1      CUSTOMER VALUE PROPOSITION           77

5.11.2      OEM VALUE PROPOSITION         77

5.12         BATTERY SWAPPING STATION OWNERSHIP ANALYSIS                 78

5.12.1      COMPANY OWN AND COMPANY OPERATED (COCO)                 78

5.12.2      DEALER OWN AND COMPANY OPERATED (DOCO)                 78

5.12.3      DEALER OWN AND DEALER OPERATED (DODO)                 79

5.12.4      FRANCHISING   79

5.13         BATTERY SWAPPING STATION INFRASTRUCTURE BY KEY PLAYERS     80

5.13.1      GOGORO             80

5.13.2      NIO        80

5.13.3      SUN MOBILITY 81

5.13.4      AMPLE  82

5.14         OEM-WISE COMPARATIVE ANALYSIS OF TWO-WHEELERS          83

5.15         INVESTMENT AND FUNDING SCENARIO, 2022–2024                 83

5.16         PATENT ANALYSIS          85

5.17         REGULATORY LANDSCAPE         88

5.17.1      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATION               89

5.18         BATTERY SWAPPING MARKET: BUSINESS MODELS (2024)    92

5.18.1      INTRODUCTION              92

5.18.1.1  Energy-as-a-Service              92

5.18.1.2  Battery-as-a-Service             92

5.19         TECHNOLOGY ANALYSIS             93

5.19.1      KEY TECHNOLOGIES     93

5.19.1.1  Automated battery swapping stations                93

5.19.1.2  Modular battery packs         94

5.19.2      COMPLEMENTARY TECHNOLOGIES       94

5.19.2.1  Battery swapping cloud connect         94

5.19.2.2  Integration of IoT in battery swapping             95

5.19.2.3  Smart charging system         95

5.19.3      ADJACENT TECHNOLOGIES       96

5.19.3.1  Solid-state battery                 96

5.20         KEY CONFERENCES AND EVENTS, 2025–2026        96

5.21         KEY STAKEHOLDERS AND BUYING CRITERIA     97

5.21.1      KEY STAKEHOLDERS IN BUYING PROCESS           97

5.21.2      BUYING CRITERIA           98

6               BATTERY SWAPPING MARKET, BY VEHICLE TYPE                 100

6.1           INTRODUCTION              101

6.2           TWO-WHEELER                 103

6.2.1        COST-EFFICIENCY ADVANTAGE OF BATTERY-SWAPPABLE VEHICLES TO ACCELERATE MARKET GROWTH                 103

6.3           THREE-WHEELER             104

6.3.1        GROWING ADOPTION OF ELECTRIC VEHICLES FOR LAST-MILE DELIVERY AND PUBLIC TRANSPORTATION TO DRIVE MARKET      104

6.4           PASSENGER CAR               106

6.4.1        STANDARDIZATION OF BATTERY SIZES AND MODULAR BATTERY DESIGNS TO DRIVE MARKET      106

6.5           COMMERCIAL VEHICLE                107

6.5.1        ADVANTAGE OF QUICK BATTERY REPLACEMENT TO DRIVE MARKET 107

6.6           KEY PRIMARY INSIGHTS                108

7               BATTERY SWAPPING MARKET, BY OPERATION TYPE                 109

7.1           INTRODUCTION              110

7.2           AUTOMATED    112

7.2.1        EXPANSION OF BATTERY SWAPPING IN PASSENGER CARS AND

HEAVY-DUTY VEHICLES TO FUEL MARKET         112

7.3           MANUAL              114

7.3.1        RISING DEMAND FOR BATTERY SWAPPING IN ELECTRIC TWO-WHEELERS TO PROPEL MARKET             114

7.4           KEY PRIMARY INSIGHTS                116

8               BATTERY SWAPPING MARKET, BY SERVICE TYPE                 117

8.1           INTRODUCTION              118

8.2           PAY-PER-USE     119

8.2.1        OEM PUSH FOR VEHICLES USING SWAPPABLE BATTERIES TO INCREASE DEMAND       119

8.3           SUBSCRIPTION 120

8.3.1        MORE SUSTAINABLE AND COST-EFFECTIVE ALTERNATIVE TO PAY-PER-USE SERVICES 120

8.4           KEY PRIMARY INSIGHTS                122

9               BATTERY SWAPPING MARKET, BY APPLICATION                 123

9.1           INTRODUCTION              124

9.2           PASSENGER        125

9.2.1        RISING RIDE-HAILING, LAST-MILE MOBILITY, AND PUBLIC TRANSPORT SERVICES TO DRIVE MARKET          125

9.3           COMMERCIAL   126

9.3.1        INCREASING OPERATIONAL EFFICIENCY AND COST-EFFECTIVE FLEET MANAGEMENT TO DRIVE MARKET   126

9.4           KEY PRIMARY INSIGHTS                128

10            BATTERY SWAPPING MARKET, BY REGION          129

10.1         INTRODUCTION              130

10.2         ASIA PACIFIC     132

10.2.1      MACROECONOMIC OUTLOOK  132

10.2.2      CHINA  137

10.2.2.1  Rapid urban transportation network infrastructure expansion

to drive market      137

10.2.3      INDIA    139

10.2.3.1  Favorable initiatives and investments by battery swapping providers to drive market    139

10.2.4      SOUTH KOREA  140

10.2.4.1  Rising government initiatives to promote electric two-wheelers to drive market      140

10.2.5      VIETNAM             142

10.2.5.1  OEM initiatives in battery swapping business to drive market                 142

10.2.6      TAIWAN               143

10.2.6.1  Increasing adoption of electric two-wheelers to drive market                 143

10.2.7      INDONESIA        144

10.2.7.1  Government initiatives for electric vehicle ecosystem development to drive market              144

10.2.8      JAPAN   146

10.2.8.1  Development of standardized swappable battery solutions to drive market          146

10.2.9      THAILAND          147

10.2.9.1  Partnerships between local and international firms to expand network of swapping stations              147

10.3         EUROPE               148

10.3.1      MACROECONOMIC OUTLOOK  148

10.3.2      GERMANY           153

10.3.2.1  Advancements in automation and AI-driven battery swapping stations to drive market       153

10.3.3      NETHERLANDS 155

10.3.3.1  Expansion of battery swapping stations by key players to drive market    155

10.3.4      UK          156

10.3.4.1  Investment in ultra-low emission vehicles to boost market                 156

10.3.5      FRANCE                157

10.3.5.1  Government strategies to promote EVs to drive market                 157

10.4         NORTH AMERICA             159

10.4.1      MACROECONOMIC OUTLOOK  159

10.4.2      US           163

10.4.2.1  Investment in battery swapping by startups to drive market                 163

10.4.3      CANADA               165

10.4.3.1  Increasing development in EV infrastructure to boost market                 165

11            COMPETITIVE LANDSCAPE         167

11.1         INTRODUCTION              167

11.2         KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2025                 167

11.3         MARKET SHARE ANALYSIS, 2024                 169

11.3.1      NIO        170

11.3.2      GOGORO             171

11.3.3      AMPLE  171

11.3.4      CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.             171

11.3.5      SUN MOBILITY 171

11.4         REVENUE ANALYSIS, 2019–2023  172

11.5         COMPANY VALUATION AND FINANCIAL METRICS                 172

11.6         BRAND/PRODUCT COMPARISON             174

11.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 175

11.7.1      STARS   175

11.7.2      EMERGING LEADERS     175

11.7.3      PERVASIVE PLAYERS      175

11.7.4      PARTICIPANTS 175

11.7.5      COMPANY FOOTPRINT 177

11.7.5.1  Company footprint               177

11.7.5.2  Vehicle type footprint          178

11.7.5.3  Operation type footprint     178

11.7.5.4  Service type footprint           179

11.7.5.5  Application footprint            180

11.7.5.6  Region footprint   180

11.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        181

11.8.1      PROGRESSIVE COMPANIES         181

11.8.2      RESPONSIVE COMPANIES            181

11.8.3      DYNAMIC COMPANIES  181

11.8.4      STARTING BLOCKS         181

11.8.5      COMPETITIVE BENCHMARKING               183

11.8.5.1  List of startups/SMEs          183

11.8.5.2  Competitive benchmarking of startups/SMEs 183

11.9         COMPETITIVE SCENARIO             184

11.9.1      DEALS  184

11.9.2      EXPANSIONS     185

11.9.3      OTHERS                186

12            COMPANY PROFILES      187

12.1         KEY PLAYERS     187

12.1.1      NIO        187

12.1.1.1  Business overview 187

12.1.1.2  Number of swapping stations             188

12.1.1.3  Products/Solutions/Services offered 188

12.1.1.4  Recent developments           189

12.1.1.4.1                Service launches/developments         189

12.1.1.4.2                Deals      189

12.1.1.4.3                Expansions             190

12.1.1.4.4                Others    191

12.1.1.5  Insights on third- vs. fourth-gen battery swapping stations                 191

12.1.1.6  MnM view              192

12.1.1.6.1                Key strengths        192

12.1.1.6.2                Strategic choices   192

12.1.1.6.3                Weaknesses and competitive threats 193

12.1.2      GOGORO             194

12.1.2.1  Business overview 194

12.1.2.2  Number of swapping stations             195

12.1.2.3  Products/Solutions/Services offered 195

12.1.2.4  Recent developments           196

12.1.2.4.1                Deals      196

12.1.2.4.2                Expansions             197

12.1.2.5  Insights on solid-state swappable batteries      198

12.1.2.6  MnM view              198

12.1.2.6.1                Key strengths        198

12.1.2.6.2                Strategic choices   198

12.1.2.6.3                Weaknesses and competitive threats 198

12.1.3      AMPLE  199

12.1.3.1  Business overview 199

12.1.3.2  Products/Solutions/Services offered 200

12.1.3.3  Recent developments           200

12.1.3.3.1                Deals      200

12.1.3.4  Insights on modular battery swapping               200

12.1.3.5  MnM view              201

12.1.3.5.1                Key strengths        201

12.1.3.5.2                Strategic choices   201

12.1.3.5.3                Weaknesses and competitive threats 201

12.1.4      CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.             202

12.1.4.1  Business overview 202

12.1.4.2  Products/Solutions/Services offered 203

12.1.4.3  Recent developments           203

12.1.4.3.1                Service launches/developments         203

12.1.4.3.2                Deals      204

12.1.4.3.3                Expansions             205

12.1.4.4  Insights on Choco-Swap ecosystem and its target           205

12.1.4.5  MnM view              206

12.1.4.5.1                Key strengths        206

12.1.4.5.2                Strategic choices   206

12.1.4.5.3                Weaknesses and competitive threats 206

12.1.5      SUN MOBILITY 207

12.1.5.1  Business overview 207

12.1.5.2  Number of swapping stations             208

12.1.5.3  Products/Solutions/Services offered 208

12.1.5.4  Recent developments           208

12.1.5.4.1                Service launches/developments         208

12.1.5.4.2                Deals      209

12.1.5.5  Insights on Quick Interchange Station              210

12.1.5.6  MnM view              211

12.1.5.6.1                Key strengths        211

12.1.5.6.2                Strategic choices   212

12.1.5.6.3                Weaknesses and competitive threats 212

12.1.6      RACE ENERGY LTD.        213

12.1.6.1  Business overview 213

12.1.6.2  Products/Solutions/Services offered 213

12.1.6.3  Recent developments           214

12.1.6.3.1                Deals      214

12.1.7      ESMITO SOLUTIONS PVT LTD   215

12.1.7.1  Business overview 215

12.1.7.2  Products/Solutions/Services offered 215

12.1.7.3  Recent developments           215

12.1.7.3.1                Deals      215

12.1.8      KWANG YANG MOTOR CO., LTD.              216

12.1.8.1  Business overview 216

12.1.8.2  Products/Solutions/Services offered 216

12.1.8.3  Recent developments           217

12.1.8.3.1                Deals      217

12.1.9      E-CHARGEUP SOLUTIONS PVT LTD.       218

12.1.9.1  Business overview 218

12.1.9.2  Products/Solutions/Services offered 218

12.1.9.3  Recent developments           219

12.1.9.3.1                Deals      219

12.1.10   AMPUP ENERGY PRIVATE LIMITED         220

12.1.10.1                 Business overview 220

12.1.10.2                 Products/Solutions/Services offered 220

12.1.10.3                 Recent developments           221

12.1.10.3.1             Deals      221

12.1.11   BATTERY SMART              222

12.1.11.1                 Business overview 222

12.1.11.2                 Products/Solutions/Services offered 222

12.1.11.3                 Recent developments           223

12.1.11.3.1             Deals      223

12.1.12   IMMOTOR           224

12.1.12.1                 Business overview 224

12.1.12.2                 Products/Solutions/Services offered 224

12.1.12.3                 Recent developments           225

12.1.12.3.1             Others    225

12.1.13   TUAL TECHNOLOGY LTD.           226

12.1.13.1                 Business overview 226

12.1.13.2                 Products/Solutions/Services offered 226

12.1.13.3                 Recent developments           227

12.1.13.3.1             Service launches/developments         227

12.1.13.3.2             Others    227

12.1.14   QIYUAN GREEN POWER                228

12.1.14.1                 Business overview 228

12.1.14.2                 Products/Solutions/Services offered 228

12.1.14.3                 Recent developments           229

12.1.14.3.1             Deals      229

12.2         OTHER PLAYERS              230

12.2.1      NUMOCITY         230

12.2.2      BATTSWAP         231

12.2.3      BATTERYPOOL 232

12.2.4      OKAYA EV PVT. LTD.      232

12.2.5      AMARA RAJA ENERGY & MOBILITY LIMITED.      233

12.2.6      KOOROO             234

12.2.7      SWAP ENERGI INDONESIA           234

12.2.8      BLUESHARK ASEAN        235

12.2.9      SHELL   235

12.2.10   JANUS ELECTRIC              236

12.2.11   SWOBBEE            237

12.2.12   E-HAUL GMBH  237

12.2.13   CONTIGO MOBILITY      238

13            RECOMMENDATIONS BY MARKETSANDMARKETS                 239

13.1         CHINA, TAIWAN, VIETNAM, AND INDIA TO EMERGE AS KEY MARKETS

FOR BATTERY SWAPPING            239

13.2         TECHNOLOGICAL INNOVATIONS TO ACCELERATE BATTERY SWAPPING MARKET GROWTH   240

13.3         BATTERY-AS-A-SERVICE               240

13.4         CONCLUSION    240

14            APPENDIX           241

14.1         KEY INSIGHTS FROM INDUSTRY EXPERTS            241

14.2         DISCUSSION GUIDE        242

14.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                245

14.4         CUSTOMIZATION OPTIONS        247

14.4.1      BATTERY SWAPPING MARKET, BY OPERATION TYPE AT COUNTRY LEVEL             247

14.4.2      BATTERY SWAPPING MARKET, BY SERVICE TYPE AT COUNTRY LEVEL             247

14.4.3      COMPANY PROFILES      247

14.4.3.1  Profiling of additional market players (Up to 3)              247

14.5         RELATED REPORTS         247

14.6         AUTHOR DETAILS           248

LIST OF TABLES

TABLE 1                BATTERY SWAPPING MARKET DEFINITION, BY SERVICE TYPE   24

TABLE 2                BATTERY SWAPPING MARKET DEFINITION, BY VEHICLE TYPE  24

TABLE 3                BATTERY SWAPPING MARKET DEFINITION, BY OPERATION TYPE            25

TABLE 4                BATTERY SWAPPING MARKET DEFINITION, BY APPLICATION   25

TABLE 5                INCLUSIONS AND EXCLUSIONS 26

TABLE 6                USD EXCHANGE RATES, 2019–2024            27

TABLE 7                INVESTMENTS BY KEY OEMS, 2024–2025                 56

TABLE 8                COMPARISON OF TRADITIONAL ELECTRIC VEHICLE OWNERSHIP VS.

BATTERY SWAPPING MODEL     57

TABLE 9                COMPARISON OF ELECTRIC VEHICLE CHARGING TIME AND BATTERY

SWAPPING TIME ACROSS DIFFERENT SCENARIOS            57

TABLE 10              KEY ELECTRIC VEHICLE BATTERY STANDARDIZATION PARAMETERS

RELEVANT TO BATTERY SWAPPING       59

TABLE 11              VEHICLE MODELS WITH SWAPPABLE BATTERIES         60

TABLE 12              BATTERY SWAPPING MARKET: IMPACT OF MARKET DYNAMICS       62

TABLE 13              AVERAGE SUBSCRIPTION COST BY KEY PLAYERS FOR VEHICLE TYPES, 2024         64

TABLE 14              AVERAGE PAY-PER-USE COST BY KEY PLAYERS FOR VEHICLE TYPES, 2024            64

TABLE 15              AVERAGE SUBSCRIPTION COST, BY REGION, 2024 (USD)          64

TABLE 16              AVERAGE PAY-PER-USE COST, BY REGION, 2024 (USD)    65

TABLE 17              BATTERY SWAPPING MARKET: ROLE OF COMPANIES IN ECOSYSTEM       67

TABLE 18              IMPORT DATA FOR HS CODE 850650-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)            71

TABLE 19              EXPORT DATA FOR HS CODE 850650-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)            73

TABLE 20              COMPARATIVE ANALYSIS OF ULTRA-FAST CHARGING VS. BATTERY SWAPPING      74

TABLE 21              TOTAL COST OF OWNERSHIP FOR BATTERY SWAPPING          75

TABLE 22              CAPITAL EXPENDITURE (CAPEX)             76

TABLE 23              OPERATIONAL EXPENDITURE (OPEX)   76

TABLE 24              CUSTOMER VALUE PROPOSITION           77

TABLE 25              OEM VALUE PROPOSITION         77

TABLE 26              BATTERY SWAPPING: CLASSIFICATION BY OWNERSHIP AND OPERATIONS                79

TABLE 27              FUNDRAISING BY KEY OEMS, 2023–2024 84

TABLE 28              BATTERY SWAPPING MARKET: PATENT ANALYSIS            86

TABLE 29              BATTERY SWAPPING REGULATIONS AND INITIATIVES       89

TABLE 30              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  89

TABLE 31              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  90

TABLE 32              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  91

TABLE 33              BATTERY SWAPPING MARKET: KEY CONFERENCES AND EVENTS, 2025–2026                 96

TABLE 34              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS (%)     98

TABLE 35              KEY BUYING CRITERIA, BY APPLICATION                 99

TABLE 36              BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)     102

TABLE 37              BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2025–2030 (THOUSAND UNITS)     102

TABLE 38              BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2031–2035 (THOUSAND UNITS)     102

TABLE 39              TWO-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2021–2024 (UNITS)  103

TABLE 40              TWO-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2025–2030 (UNITS)  103

TABLE 41              TWO-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2031–2035 (UNITS)  104

TABLE 42              THREE-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2021–2024 (UNITS)               105

TABLE 43              THREE-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2025–2030 (UNITS)               105

TABLE 44              THREE-WHEELER: BATTERY SWAPPING MARKET, BY REGION, 2031–2035 (UNITS)               105

TABLE 45             PASSENGER CAR: BATTERY SWAPPING MARKET, BY REGION, 2021–2024 (UNITS)  106

TABLE 46             PASSENGER CAR: BATTERY SWAPPING MARKET, BY REGION, 2025–2030 (UNITS)  106

TABLE 47             PASSENGER CAR: BATTERY SWAPPING MARKET, BY REGION, 2031–2035 (UNITS)  107

TABLE 48              COMMERCIAL VEHICLE: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (UNITS)            107

TABLE 49              COMMERCIAL VEHICLE: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (UNITS)            107

TABLE 50              COMMERCIAL VEHICLE: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (UNITS)            108

TABLE 51              BATTERY SWAPPING MARKET, BY OPERATION TYPE, 2021–2024 (USD MILLION)                111

TABLE 52              BATTERY SWAPPING MARKET, BY OPERATION TYPE, 2025–2030 (USD MILLION)                111

TABLE 53              BATTERY SWAPPING MARKET, BY OPERATION TYPE, 2031–2035 (USD MILLION)                111

TABLE 54              MAJOR PLAYERS IN BATTERY SWAPPING MARKET, BY OPERATION TYPE 112

TABLE 55              AUTOMATED: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (USD MILLION)            113

TABLE 56              AUTOMATED: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (USD MILLION)            113

TABLE 57              AUTOMATED: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (USD MILLION)            114

TABLE 58              MANUAL: BATTERY SWAPPING MARKET, BY REGION, 2021–2024 (USD MILLION)          115

TABLE 59              MANUAL: BATTERY SWAPPING MARKET, BY REGION, 2025–2030 (USD MILLION)          115

TABLE 60              MANUAL: BATTERY SWAPPING MARKET, BY REGION, 2031–2035 (USD MILLION)          115

TABLE 61              BATTERY SWAPPING MARKET, BY SERVICE TYPE, 2021–2024 (USD MILLION)                118

TABLE 62              BATTERY SWAPPING MARKET, BY SERVICE TYPE, 2025–2030 (USD MILLION)                119

TABLE 63              BATTERY SWAPPING MARKET, BY SERVICE TYPE, 2031–2035 (USD MILLION)                119

TABLE 64              PAY-PER-USE: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (USD MILLION)            119

TABLE 65              PAY-PER-USE: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (USD MILLION)            120

TABLE 66              PAY-PER-USE: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (USD MILLION)            120

TABLE 67              SUBSCRIPTION: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (USD MILLION)            121

TABLE 68              SUBSCRIPTION: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (USD MILLION)            121

TABLE 69              SUBSCRIPTION: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (USD MILLION)            121

TABLE 70              BATTERY SWAPPING MARKET, BY APPLICATION, 2021–2024 (USD MILLION)              124

TABLE 71              BATTERY SWAPPING MARKET, BY APPLICATION, 2025–2030 (USD MILLION)              124

TABLE 72              BATTERY SWAPPING MARKET, BY APPLICATION, 2031–2035 (USD MILLION)              125

TABLE 73              PASSENGER: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (USD MILLION)            125

TABLE 74              PASSENGER: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (USD MILLION)            126

TABLE 75              PASSENGER: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (USD MILLION)            126

TABLE 76              COMMERCIAL: BATTERY SWAPPING MARKET, BY REGION,

2021–2024 (USD MILLION)            127

TABLE 77              COMMERCIAL: BATTERY SWAPPING MARKET, BY REGION,

2025–2030 (USD MILLION)            127

TABLE 78              COMMERCIAL: BATTERY SWAPPING MARKET, BY REGION,

2031–2035 (USD MILLION)            127

TABLE 79              BATTERY SWAPPING MARKET, BY REGION, 2021–2024 (USD MILLION)            131

TABLE 80              BATTERY SWAPPING MARKET, BY REGION, 2025–2030 (USD MILLION)            131

TABLE 81              BATTERY SWAPPING MARKET, BY REGION, 2031–2035 (USD MILLION)            131

TABLE 82              ASIA PACIFIC: BATTERY SWAPPING MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            135

TABLE 83              ASIA PACIFIC: BATTERY SWAPPING MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            136

TABLE 84              ASIA PACIFIC: BATTERY SWAPPING MARKET, BY COUNTRY,

2031–2035 (USD MILLION)            136

TABLE 85              CHINA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            138

TABLE 86              CHINA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            138

TABLE 87              CHINA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            138

TABLE 88              INDIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            139

TABLE 89              INDIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            139

TABLE 90              INDIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            140

TABLE 91              SOUTH KOREA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            141

TABLE 92              SOUTH KOREA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            141

TABLE 93              SOUTH KOREA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            141

TABLE 94              VIETNAM: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            142

TABLE 95              VIETNAM: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            142

TABLE 96              VIETNAM: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            143

TABLE 97              TAIWAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            143

TABLE 98              TAIWAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            144

TABLE 99              TAIWAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            144

TABLE 100            INDONESIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            145

TABLE 101            INDONESIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            145

TABLE 102            INDONESIA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            145

TABLE 103            JAPAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            146

TABLE 104            JAPAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            146

TABLE 105            JAPAN: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            146

TABLE 106            THAILAND: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            147

TABLE 107            THAILAND: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            147

TABLE 108            THAILAND: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            148

TABLE 109            EUROPE: BATTERY SWAPPING MARKET, BY COUNTRY, 2021–2024 (USD MILLION)     152

TABLE 110            EUROPE: BATTERY SWAPPING MARKET, BY COUNTRY, 2025–2030 (USD MILLION)     153

TABLE 111            EUROPE: BATTERY SWAPPING MARKET, BY COUNTRY, 2031–2035 (USD MILLION)     153

TABLE 112            GERMANY: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            154

TABLE 113            GERMANY: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            154

TABLE 114            GERMANY: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            154

TABLE 115            NETHERLANDS: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            155

TABLE 116            NETHERLANDS: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            155

TABLE 117            NETHERLANDS: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            156

TABLE 118            UK: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)                156

TABLE 119            UK: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2025–2030 (USD MILLION)                157

TABLE 120            UK: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2031–2035 (USD MILLION)                157

TABLE 121            FRANCE: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            158

TABLE 122            FRANCE: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            158

TABLE 123            FRANCE: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            158

TABLE 124            NORTH AMERICA: BATTERY SWAPPING MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            162

TABLE 125            NORTH AMERICA: BATTERY SWAPPING MARKET, BY COUNTRY,

2025–2030 (USD MILLION)            163

TABLE 126            NORTH AMERICA: BATTERY SWAPPING MARKET, BY COUNTRY,

2031–2035 (USD MILLION)            163

TABLE 127            US: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)                164

TABLE 128            US: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2025–2030 (USD MILLION)                164

TABLE 129            US: BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2031–2035 (USD MILLION)                164

TABLE 130            CANADA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            165

TABLE 131            CANADA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2025–2030 (USD MILLION)            165

TABLE 132            CANADA: BATTERY SWAPPING MARKET, BY VEHICLE TYPE,

2031–2035 (USD MILLION)            165

TABLE 133            KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2025        167

TABLE 134            TWO-WHEELER BATTERY SWAPPING PROVIDER, MARKET SHARE ANALYSIS, 2024         169

TABLE 135            BATTERY SWAPPING MARKET: VEHICLE TYPE FOOTPRINT       178

TABLE 136            BATTERY SWAPPING MARKET: OPERATION TYPE FOOTPRINT            178

TABLE 137            BATTERY SWAPPING MARKET: SERVICE TYPE FOOTPRINT       179

TABLE 138            BATTERY SWAPPING MARKET: APPLICATION FOOTPRINT       180

TABLE 139            BATTERY SWAPPING MARKET: REGION FOOTPRINT       180

TABLE 140            BATTERY SWAPPING MARKET: KEY STARTUPS/SMES              183

TABLE 141            BATTERY SWAPPING MARKET: COMPETITIVE BENCHMARKING

OF KEY STARTUPS/SMES              183

TABLE 142            BATTERY SWAPPING MARKET: DEALS, JANUARY 2021–JANUARY 2025         184

TABLE 143            BATTERY SWAPPING MARKET: EXPANSIONS, JANUARY 2021–DECEMBER 2024 185

TABLE 144            BATTERY SWAPPING MARKET: OTHER DEVELOPMENTS,

JANUARY 2022–DECEMBER 2024 186

TABLE 145            NIO: COMPANY OVERVIEW         187

TABLE 146            NIO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             188

TABLE 147            NIO: SERVICE LAUNCHES/DEVELOPMENTS                 189

TABLE 148            NIO: DEALS        189

TABLE 149            NIO: EXPANSIONS           190

TABLE 150            NIO: OTHERS     191

TABLE 151            GOGORO: COMPANY OVERVIEW              194

TABLE 152            GOGORO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             195

TABLE 153            GOGORO: DEALS             196

TABLE 154            GOGORO: EXPANSIONS                197

TABLE 155            AMPLE: COMPANY OVERVIEW  199

TABLE 156            AMPLE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             200

TABLE 157            AMPLE: DEALS  200

TABLE 158            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: COMPANY OVERVIEW              202

TABLE 159            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: PRODUCTS/SOLUTIONS/SERVICES OFFERED                 203

TABLE 160            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.:

SERVICE LAUNCHES/DEVELOPMENTS  203

TABLE 161            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: DEALS              204

TABLE 162            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: EXPANSIONS 205

TABLE 163            SUN MOBILITY: COMPANY OVERVIEW  207

TABLE 164            SUN MOBILITY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    208

TABLE 165            SUN MOBILITY: SERVICE LAUNCHES/DEVELOPMENTS    208

TABLE 166            SUN MOBILITY: DEALS  209

TABLE 167            RACE ENERGY LTD.: COMPANY OVERVIEW                 213

TABLE 168            RACE ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    213

TABLE 169            RACE ENERGY LTD.: DEALS        214

TABLE 170            ESMITO SOLUTIONS PVT LTD: COMPANY OVERVIEW          215

TABLE 171            ESMITO SOLUTIONS PVT LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED    215

TABLE 172            ESMITO SOLUTIONS PVT LTD: DEALS   215

TABLE 173            KWANG YANG MOTOR CO., LTD.: COMPANY OVERVIEW          216

TABLE 174            KWANG YANG MOTOR CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    216

TABLE 175            KWANG YANG MOTOR CO., LTD.: DEALS                 217

TABLE 176            E-CHARGEUP SOLUTIONS PVT LTD.: COMPANY OVERVIEW          218

TABLE 177            E-CHARGEUP SOLUTIONS PVT LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    218

TABLE 178            E-CHARGEUP SOLUTIONS PVT LTD.: DEALS                 219

TABLE 179            AMPUP ENERGY PRIVATE LIMITED: COMPANY OVERVIEW          220

TABLE 180            AMPUP ENERGY PRIVATE LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED    220

TABLE 181            AMPUP ENERGY PRIVATE LIMITED: DEALS                 221

TABLE 182            BATTERY SMART: COMPANY OVERVIEW                 222

TABLE 183            BATTERY SMART: PRODUCTS/SOLUTIONS/SERVICES OFFERED    222

TABLE 184            BATTERY SMART: DEALS              223

TABLE 185            IMMOTOR: COMPANY OVERVIEW            224

TABLE 186            IMMOTOR: PRODUCTS/SOLUTIONS/SERVICES OFFERED             224

TABLE 187            IMMOTOR: OTHERS       225

TABLE 188            TUAL TECHNOLOGY LTD.: COMPANY OVERVIEW          226

TABLE 189            TUAL TECHNOLOGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    226

TABLE 190            TUAL TECHNOLOGY LTD.: SERVICE LAUNCHES/DEVELOPMENTS    227

TABLE 191            TUAL TECHNOLOGY LTD.: OTHERS       227

TABLE 192            QIYUAN GREEN POWER: COMPANY OVERVIEW                 228

TABLE 193            QIYUAN GREEN POWER: PRODUCTS/SOLUTIONS/SERVICES OFFERED    228

TABLE 194            QIYUAN GREEN POWER: DEALS                229

TABLE 195            NUMOCITY: COMPANY OVERVIEW          230

TABLE 196            BATTSWAP: COMPANY OVERVIEW          231

TABLE 197            BATTERYPOOL: COMPANY OVERVIEW 232

TABLE 198            OKAYA EV PVT. LTD.: COMPANY OVERVIEW                 232

TABLE 199            AMARA RAJA ENERGY & MOBILITY LIMITED.: COMPANY OVERVIEW   233

TABLE 200            KOORO: COMPANY OVERVIEW 234

TABLE 201            SWAP ENERGI INDONESIA: COMPANY OVERVIEW          234

TABLE 202            BLUESHARK ASEAN: COMPANY OVERVIEW                 235

TABLE 203            SHELL: COMPANY OVERVIEW    235

TABLE 204            JANUS ELECTRIC: COMPANY OVERVIEW                 236

TABLE 205            SWOBBEE: COMPANY OVERVIEW             237

TABLE 206            E-HAUL GMBH: COMPANY OVERVIEW   237

TABLE 207            CONTIGO MOBILITY: COMPANY OVERVIEW                 238

LIST OF FIGURES

FIGURE 1              MARKETS COVERED AND REGIONAL SCOPE                 26

FIGURE 2              RESEARCH DESIGN         30

FIGURE 3              RESEARCH DESIGN MODEL         31

FIGURE 4              RESEARCH METHODOLOGY: HYPOTHESIS BUILDING           36

FIGURE 5              BATTERY SWAPPING MARKET: BOTTOM-UP APPROACH         37

FIGURE 6              BATTERY SWAPPING MARKET: TOP-DOWN APPROACH         38

FIGURE 7              BATTERY SWAPPING MARKET ESTIMATION NOTES  38

FIGURE 8              BATTERY SWAPPING MARKET: DEMAND-SIDE ANALYSIS            39

FIGURE 9              DATA TRIANGULATION METHODOLOGY                 40

FIGURE 10            MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE

DRIVERS AND OPPORTUNITIES                41

FIGURE 11            FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES    42

FIGURE 12            BATTERY SWAPPING MARKET OVERVIEW                 47

FIGURE 13            ASIA PACIFIC TO BE DOMINANT MARKET DURING FORECAST PERIOD       47

FIGURE 14            SUBSCRIPTION TO BE LEADING SERVICE TYPE DURING FORECAST PERIOD       48

FIGURE 15            AUTOMATED SEGMENT TO GROW AT HIGHER CAGR THAN MANUAL SEGMENT DURING FORECAST PERIOD                 49

FIGURE 16            INCREASING FOCUS ON MICROMOBILITY TO DRIVE BATTERY SWAPPING MARKET     50

FIGURE 17            ASIA PACIFIC TO BE DOMINANT MARKET IN 2025        51

FIGURE 18            AUTOMATED SEGMENT TO DOMINATE MARKET FROM 2025 TO 2035       51

FIGURE 19            PASSENGER SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       52

FIGURE 20            TWO-WHEELER SEGMENT TO LEAD MARKET IN 2025        52

FIGURE 21            SUBSCRIPTION SEGMENT TO LEAD MARKET DURING FORECAST PERIOD       53

FIGURE 22            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN

BATTERY SWAPPING MARKET   55

FIGURE 23            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS IN

BATTERY SWAPPING MARKET   63

FIGURE 24            ECOSYSTEM ANALYSIS OF BATTERY SWAPPING MARKET               66

FIGURE 25            SUPPLY CHAIN ANALYSIS OF BATTERY SWAPPING MARKET       69

FIGURE 26            IMPORT DATA FOR HS CODE 850650-COMPLIANT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)            72

FIGURE 27            EXPORT DATA FOR HS CODE 850650-COMPLAINT PRODUCTS, BY COUNTRY, 2019–2023 (USD MILLION)            73

FIGURE 28            ELECTRIC TWO-WHEELERS WITH SWAPPABLE VARIANT              83

FIGURE 29            INVESTMENT AND FUNDING SCENARIO, 2022–2024        83

FIGURE 30            BATTERY SWAPPING MARKET: PATENT ANALYSIS            85

FIGURE 31            BATTERY SWAPPING MARKET BUSINESS MODEL 93

FIGURE 32            SMART ELECTRIC VEHICLE CHARGING SYSTEM                 95

FIGURE 33            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS              97

FIGURE 34            KEY BUYING CRITERIA, BY APPLICATION                 98

FIGURE 35            BATTERY SWAPPING MARKET, BY VEHICLE TYPE, 2025–2035                 101

FIGURE 36            BATTERY SWAPPING MARKET, BY OPERATION TYPE, 2025–2035                 110

FIGURE 37            FLOW FIGURE FOR AUTOMATED BATTERY SWAPPING          111

FIGURE 38            AUTOMATED ELECTRIC VEHICLE BATTERY SWAPPING STATION      113

FIGURE 39            BATTERY SWAPPING MARKET, BY SERVICE TYPE, 2025–2035                 118

FIGURE 40            BATTERY SWAPPING MARKET, BY APPLICATION, 2025–2035               124

FIGURE 41            BATTERY SWAPPING MARKET, BY REGION, 2025–2035              130

FIGURE 42            ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026      133

FIGURE 43            ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2024–2026              133

FIGURE 44            ASIA PACIFIC: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026                133

FIGURE 45            ASIA PACIFIC: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, 2024  134

FIGURE 46            ASIA PACIFIC: BATTERY SWAPPING MARKET SNAPSHOT          135

FIGURE 47            CHINA: COMPANIES ENGAGED IN BATTERY SWAPPING          137

FIGURE 48            EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026      150

FIGURE 49            EUROPE: GDP PER CAPITA, BY COUNTRY, 2024–2026        150

FIGURE 50            EUROPE: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026                150

FIGURE 51            EUROPE: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, 2024  151

FIGURE 52            EUROPE: BATTERY SWAPPING MARKET SNAPSHOT          152

FIGURE 53            NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026                160

FIGURE 54            NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2024–2026      160

FIGURE 55            NORTH AMERICA: CPI INFLATION RATE, BY COUNTRY, 2024–2026      161

FIGURE 56            NORTH AMERICA: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, 2024            161

FIGURE 57            NORTH AMERICA: BATTERY SWAPPING MARKET SNAPSHOT       162

FIGURE 58            TWO-WHEELER BATTERY SWAPPING PROVIDER, MARKET SHARE ANALYSIS, 2024         170

FIGURE 59            PASSENGER CAR BATTERY SWAPPING PROVIDER, MARKET

RANKING ANALYSIS, 2024              170

FIGURE 60            REVENUE ANALYSIS OF TOP 5 PLAYERS, 2019–2023        172

FIGURE 61            COMPANY VALUATION OF KEY PLAYERS, 2024                 172

FIGURE 62            FINANCIAL METRICS OF KEY PLAYERS, 2024                 173

FIGURE 63            BRAND/PRODUCT COMPARISON             174

FIGURE 64            BATTERY SWAPPING MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       176

FIGURE 65            BATTERY SWAPPING MARKET: COMPANY FOOTPRINT       177

FIGURE 66            BATTERY SWAPPING MARKET: COMPANY EVALUATION MATRIX

(STARTUPS/SMES), 2024                182

FIGURE 67            NIO: COMPANY SNAPSHOT         188

FIGURE 68            NIO: FOURTH-GENERATION SWAP STATIONS                 192

FIGURE 69            GOGORO: COMPANY SNAPSHOT              195

FIGURE 70            AMPLE: COMPANY SNAPSHOT  199

FIGURE 71            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: COMPANY SNAPSHOT              202

FIGURE 72            SUN MOBILITY: COMPANY SNAPSHOT  207

FIGURE 73            SUN MOBILITY: QUICK INTERCHANGE STATION              211