Guidehouse Insights Report Shows EV Battery Swap Station Deployments Are Expected to Experience a 40% Compound Annual Growth Rate between 2021 and 2030
A new report from Guidehouse Insights analyzes the global market for battery swapping, focusing on light EVs, light duty (LD) EVs, and heavy duty (HD) EVs. Forecasts are provided for the installed base of battery swap station deployments, batteries used in battery swapping programs, and vehicles participating in battery as a service (BaaS) through 2030. Annual revenue forecasts for BaaS and battery swapping equipment are also provided.
Although electrification appears poised to take over as the primary means to power vehicles, several key barriers, such as high upfront purchase prices and long charging times, continue to hinder mass EV adoption. Battery swapping is an emerging technology that shows strong potential to address these key barriers and greatly accelerate the adoption of EVs. According to a new report from Guidehouse Insights, battery swap station deployments are expected to grow at a compound annual growth rate (CAGR) of 40% during the next decade, with more than 454,000 stations expected to be deployed globally by 2030.
"In select markets, consumers can now purchase EVs without owning the battery and participate in a battery as a service (BaaS) monthly subscription program," says Ryan Citron, senior research analyst with Guidehouse Insights. "Separating battery ownership from EVs could be one of the keys to accelerating the transition toward large-scale electrification of transportation markets."
While battery swapping has tremendous potential to transform the EV industry due to the myriad of improvements it offers over existing EV ownership and operation models, the technology also faces substantial barriers to adoption. These barriers largely stem from EV manufacturers developing proprietary battery technologies, which limits industry standardization. However, several suppliers are working to address this barrier by developing modular battery swapping solutions that can be adapted to different vehicle types.
The report, Battery Swapping Markets for Transportation Applications, analyzes the global market for battery swapping, focusing on light EVs, light duty (LD) EVs, and heavy duty (HD) EVs. The study provides a detailed analysis of the market opportunities, key drivers and barriers of growth, and technology trends associated with battery swapping programs. Forecasts are provided for the installed base of battery swap station deployments, installed base of batteries used in battery swapping programs, and the installed base of vehicles participating in battery as a service (BaaS). Annual revenue forecasts for BaaS and battery swapping equipment are also provided. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Battery Swapping Markets for Transportation Applications, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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