Battery-Swapping For Electric Two-Wheeler Market Size (2024 - 2029)

Market Overview

The Battery-Swapping For Electric Two-Wheeler Market size is estimated at USD 387.58 million in 2024, and is expected to reach USD 912.15 million by 2029, growing at a CAGR of 18.67% during the forecast period (2024-2029).

In the long run, the global rise of electric two-wheelers, advancements in battery technology, and their increasing use in delivery and ride-hailing services are pivotal drivers for the battery-swapping market. Battery swapping allows consumers to quickly exchange a depleted battery for a fully charged one, often at a reduced cost. This saves money and significantly cuts down on time, a crucial factor for riders in delivery and ride-hailing services who need quick charging solutions.

• In December 2023, Amazon rolled out electric cargo bikes in Croydon, UK, aiming to curb carbon emissions and ease the city's traffic woes. The retail giant has earmarked a substantial investment of GBP 300 million (USD 383.1 million) by 2028, championing the shift to clean energy vehicles for its UK delivery fleet.

As global carbon emissions rise, governments are crafting policies to boost electric two-wheeler adoption. This push is bolstering the battery-swapping market for these vehicles. Recognizing the potential, manufacturers like Yamaha are investing significantly into launching battery-swapping ventures to meet consumer demand. Yet, the industry grapples with challenges: the steep costs of setting up and maintaining battery swapping stations and the absence of standardization among two-wheeler batteries. This lack of uniformity hampers riders' ability to swap batteries at various stations. 

• India's Ministry of Road Transport and Highways highlights that Delhi, Uttar Pradesh, and Haryana lead in retail outlets for oil marketing companies (OMC) equipped with battery swapping stations. In 2022, Delhi topped the list with 12 stations, followed by Uttar Pradesh's eight and Haryana's seven.

The battery-swapping market for electric two-wheelers is poised for growth, fueled by the global pivot towards new energy vehicles for daily commutes and cargo transport. Nations like India, Vietnam, and China are at the forefront, with numerous service providers launching battery-swapping initiatives to draw in consumers. Since e-two-wheelers are more affordable than electric passenger cars, they cater well to middle-income consumers, especially in Asia-Pacific.

Scope of the Report

Battery swapping for electric two-wheelers is a technology that allows the replacement of a discharged battery pack with a fully charged pack without the need to wait, as in the case of charging stations. The process of battery swapping is comparatively advantageous for consumers since it is less time-consuming and also attracts a lower price compared to replacing a battery.

The battery-swapping for electric two-wheelers market is segmented by service type, battery type, station type, battery capacity, two-wheeler type, and geography. By service type, the market is segmented into pay-per-use model and subscription model. By battery type, the market is segmented into lithium-ion batteries and lead-acid batteries. By station type, the market is segmented into manual and automated. By battery capacity, the market is segmented into up to 1.5 kWh, 1.6 to 3 kWh, and more than 3 kWh. By two-wheeler type, the market is segmented into e-scooters/mopeds and e-motorcycles. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.

The report offers market sizes and forecasts for battery swapping in value (USD) for all the above segments.