Battery Swapping Market Size

Battery Swapping Market size was over USD 4.22 billion in 2024 and is anticipated to exceed USD 639.39 billion by the end of 2037, growing at over 46.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of battery swapping is evaluated at USD 5.8 billion.

The growth of the market can be attributed to the rising sales of electric vehicles. Battery swapping saves time for the driver to replace the depleted battery with a fully charged battery in a matter of minutes. The demand for electric passenger vehicles is rapidly increasing, the International Energy Agency projects that by 2022, over 13% of all new cars sold will be electric across the globe. Furthermore, in 2020, 35 million electric passenger cars were sold in China, followed by 1.8 million automobiles sold in Europe.

In addition to these, factors that are believed to fuel the growth of battery swapping market include the rising investment to boost the production of the electric vehicle. The Biden Administration announced a USD 2 trillion-dollar plan, "The American Jobs Plan," at the end of March 2021, that proposes a USD 174 billion investment in the US electric vehicle sector. The plan proposes proactively promoting the electric bus industry as part of this investment, assisting the replacement of 50,000 diesel transit buses with zero-emission buses, as well as supporting the effort to electrify at least 20% of the nation's 480,000+ yellow school bus fleet. On the other hand, the rising advancement in battery technology is also expected to drive market growth.