EV battery rental and swapping is a battery leasing or renting service for electric vehicles. Electric vehicle customers have the option to rent the battery at a charging base, as the time to recharge an electric vehicle ranges between half an hour to two hours for full charging, if it is a fast charging station that has higher power output. EV battery rental and swapping provides easy recharging, as the vehicle does not require to recharge the electric vehicles for long time and can swap the battery instantly with an already charged battery. A few major auto manufacturers have started to offer two battery rental and swapping option.
Rise in production and sales of electric vehicles around the world owing to environment and emission concerns and surge in awareness to curb vehicular pollution are major factors driving the EV battery rental and swapping market. Buyers are grappling with the problem of rising fuel prices; however, sales of automobiles are increasing at a steady pace, supplemented by government support to encourage consumers to opt for electric vehicle through tax credit, incentives, and lucrative grants. This is likely to boost the EV battery rental and swapping market during the forecast period. Additionally, the EV battery rental and swapping market is likely to expand at a healthy growth rate, as it decreases the electric vehicle owners’ anxiety over discharge of battery.
Furthermore, extensive usage of fossil fuel-powered automobiles is the leading cause contributing toward global pollution. This is anticipated to offer lucrative opportunities to the electric vehicle market, which in turn is projected to boost the EV battery rental and swapping market during the forecast period. However, EV battery rental and swapping services require high maintenance, leading to high cost. Additionally, EV battery rental and swapping service providers can stuck with poor economic depreciation over battery usage and its life span. This is expected to hamper the EV battery rental and swapping market during the forecast period.
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The global EV battery rental and swapping market can be segmented based on battery type, vehicle type, and region. In terms of battery type, the EV battery rental and swapping market can be bifurcated into lithium-ion (Li-ion), Nickel Metal Hybrid (NiMh), and others. The lithium-ion segment leads the EV battery rental and swapping market and is projected to maintain its position during the forecast period. This is majorly due to higher preference for lithium-ion battery, as it is quite safe to use and less toxic as compared to other battery types. Most automakers are opting for lithium-ion batteries, as they are ideal for automobiles owing to their need for small space and capability to store more energy. This is projected to boost the segment during the forecast period.
Based on vehicle type, the EV battery rental and swapping market can be classified into passenger vehicle and commercial vehicle. Commercial vehicle was a highly attractive segment of the market. This is primarily attributed to the extensive utilization of electric vehicles commercially, and its necessity to swap and rent the battery in order to achieve its power for its commercial purpose and application. However, higher rate of adoption of electric vehicles for commercial purposes is anticipated to propel the commercial vehicle segment of the EV rental and swapping market during the forecast period.
In terms of region, the EV battery rental and swapping market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, Latin America, and Rest of the World. Europe leads the global EV battery rental and swapping market owing to high electric vehicles sales, especially in Germany, France, Spain, Italy, and the U.K. However, surge in adoption of electric vehicles in Asia Pacific coupled with improved charging point infrastructure is likely to boost the share held by the region in the global market during the forecast period.
Key players operating in the EV battery rental and swapping market include Groupe