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3. Gogoro(Taiwan), Immotor (China) and Aulton (China) are leading players in Battery Swapping Market

The battery swapping market is projected to grow from USD 1.7 billion in 2022 to USD 11.8 billion by 2027, at a CAGR of 46.9% during the forecast period. Battery swap systems come with integrated CAN (Controller Area Network) and IoT that make continuous tracking of batteries possible. BSOs (Battery swapping operators) utilize these tracking data to calculate current demand and distribute battery stock as efficiently as possible to their swap stations. The BSO can also record driver behavior and identify driving styles thanks to IoT patterns that affect the battery's rate of discharge. Additionally, this information can be used to create specialized subscription plans, insurance policies, and financial items about the vehicle.

Battery-as-a-Service (BaaS) enables users to lease batteries apart from the vehicle, eliminating the need for an upfront battery along with vehicle purchase. The battery would be leased from a provider of charging infrastructure under the BaaS model, and every time it would need to be recharged, it would be swapped out at a station. Key equipment manufacturers have invested in R&D for the electrification of heavy equipment. The battery swapping market is dominated by players such as NIO Power (China), Gogoro(Taiwan), Immotor (China), Aulton (China), and Sun Mobility (India).

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New product development, partnerships and supply contract strategy have been the most dominating strategy adopted by major players from 2019 to 2022, which helped them to innovate their offerings and broaden their customer base. For instance, in January 2022In October 2021, Shell and NIO Power announced a collaboration to develop battery swapping solutions for the global market. By 2025, the firms intend to construct about 100 battery-swapping facilities in China. In 2019, the two companies also introduced battery-swapping stations on a trial basis in Europe. Customers of NIO EV will also have access to the charging stations of Shell in Europe thanks to this agreement. NIO Power is a market innovator and dominant player in the market for high-end smart electric vehicles. It is one of the key players in the development of next-generation technologies for autonomous driving, digital technologies, electric powertrains, and batteries. It designs, develops, collaboratively manufactures, and distributes premium smart electric vehicles. Through constant technological advancements and innovations, the company sets itself apart from the competition. Examples include its exclusive autonomous driving technologies and Autonomous Driving-as-a-Service as well as its market-leading battery swapping technology Battery-as-a-Service, or BaaS

Gogoro (Taiwan) offers battery swapping and vehicle platforms that are smart and proven, as well as a sustainable long-term ecosystem for urban mobility. The company has expertise in vehicle design, electric propulsion, battery swapping, smart battery design, and advanced cloud services, which utilize artificial intelligence for managing battery availability as well as safety. The company, founded in 2011 and headquartered in Taoyuan, Taiwan, supports 10 brands along with 47 different vehicle models. In November 2022, Gogoro and the Indian company Zypp Electric began a strategic partnership. With 100 electric scooters, both businesses started a B2B pilot program in New Delhi in December 2022. Zypp Electric will receive Smart Scooters from Gogoro with Smart Batteries as well as Go Stations from the Gogoro Network for battery swapping.

Aulton (China), a solution provider for EV transportation, is engaged in battery-swap services, full-life battery management, and swap station business operations. It is a market-leading high-tech firm that manufactures battery-swap equipment for electric commercial vehicles and passenger vehicles in addition to operating battery-swap stations. In 2000, Aulton started developing the energy model for electric commercial vehicles, advancing the concept of "vehicle-battery separation, quick battery-swap,". The Chinese government, automakers, battery producers, and the state grid corporation of China all supported this strategy. In November 2021, British oil giant BP secured a contract with Aulton to offer battery-swapping services in Guangzhou, Guangdong province. The joint venture Guangzhou Aulton will offer battery swap services for taxis, ride-hailing cars, and other passenger vehicles in Guangzhou, according to the agreement.

Immotor (China) is a prominent player in the green energy network for electric two-wheel cars and a national high-tech firm. In December 2017, it unveiled the first Intelligent Green Energy Platform in the world, integrating super batteries, intelligent battery exchange stations, energy management systems, APPs, and big data platforms. Immotor is committed to utilizing the combined power of cutting-edge battery technology and AI big data analytics to serve the Chinese market for electric two-wheel vehicles. In July 2022, Immotor received USD 28 million in a series C financing headed by PTT, a Petronas affiliate, and PIVL, a Thai state-owned corporation. Immotor stated that it will examine the Southeast Asian market using links with its two conglomerate financiers, PTT and Petronas.

Related Reports:

Battery Swapping Market by Station Type (Automated and Manual), Service Type, Application (Passenger and Commercial), Battery capacity, Vehicle Type (2-wheeler, 3-wheeler, 4-wheeler), Application and Region - Global Forecast to 2027

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