Battery swapping technology for electric two-wheelers (E2Ws) and three-wheelers (E3Ws) is gaining popularity as a fast, efficient, and sustainable solution for urban mobility.
According to a report from Spherical Insights & Consulting, the global battery swapping market size is expected to grow from USD 1.89 billion in 2023 to USD 28.07 billion by 2033, at a CAGR of 30.97% during the forecast period 2023-2033.
The golden question is, how do you find the top battery swap companies? This article highlights the top 10 global companies leading the way in this innovative sector.
Criteria for Ranking
To identify the top battery swap companies, we consider several key factors:
- Innovation: The uniqueness and advancement of their battery-swapping technology.
- Market Reach: The geographical spread and penetration of their services.
- Scalability: The ability to expand operations and meet growing demand.
- Reliability: Consistency in providing efficient and reliable battery swap services.
- Sustainability: Commitment to environmental sustainability through their operations.
Have a quick look at the top 10 Global Battery Swap Companies:
- Shenzhen Tritek Limited (China)
- Gogoro (China)
- SUN Mobility (India)
- Battery Smart (India)
- Tiger New Energy (Bangladesh)
- Ampersand (Rwanda)
- Kwang Yang Motor Co., Ltd. (China)
- TYCORUN (China)
- Selex Smart Electric Vehicle Joint Stock Company (Vietnam)
- EHuanDian (China)
Shenzhen Tritek Limited
Shenzhen Tritek Limited, founded in 2008, positions itself as a comprehensive solution provider for lithium battery needs, emphasizing customization, quality, and global reach in the electric mobility sector.
Core Business: Specializes in one-stop lithium battery solutions for light electric vehicles, power tools, energy storage systems, etc.
Products:
- Custom lithium battery solutions for various applications including e-bikes, e-motorcycles, electric cargo bikes, portable power, etc.
- Smart BMS (Battery Management System) with app integration
- Battery swapping station
Quality and Certifications:
- Complies with global certification standards: EN15194:2017, EN50604, UL2271, IP67, UN38.3, CE, FCC, etc.
- Strict quality control processes IATF16949
Global Presence
- Headquarters in Shenzhen, China
- Spain and Germany Branch
- 3 production sites in China, Thailand
Gogoro
Gogoro, Inc. is a Taiwanese company founded in 2011 that specializes in electric two-wheeled vehicles and battery swapping technology. Their GoStation® network allows scooter users to swap batteries quickly and conveniently.
Core Business:
- Designs and manufactures electric scooters and motorcycles.
- Develops and operates a battery-swapping network called Gogoro Energy Network.
- Provides smart battery technology and swap-and-go battery swap stations.
Market Presence: Strong presence in Taiwan with plans for international expansion. As of April 2021, had 370,000 riders and 2,000 GoStations in Taiwan, managing over 175 million battery swaps
Partnerships:
- Collaborates with various vehicle manufacturers through the Powered by Gogoro Network (PBGN) program.
- Partners include eMOVING, ePeady, gogoro, YADEA, YAMAHA, AWAYSPEED, Aeonmotor, PGO, etc.
Recent Developments:
- In June 2024, Castrol (BP) announced plans to invest up to $50 million in Gogoro
- Expanding into new markets, including Singapore and India
Sun Mobility
SUN Mobility, founded in 2017, is an innovative electric vehicle energy services company that addresses key barriers to EV adoption, such as high upfront costs and range anxiety. Their battery-swapping technology allows users to purchase electric vehicles without fixed battery packs and subscribe to a battery-swapping service, facilitating faster adoption of electric vehicles across various sectors.
Core Business:
- Develops, manufactures, and operates battery-swapping infrastructure for electric vehicles
- Focuses on two-wheelers, three-wheelers, and larger commercial vehicles
Services: Battery-as-a-Service (BaaS) & Mobility-as-a-Service (MaaS)
Market Presence: Operates over 600 battery swapping points across India, about 50% market share in e-rickshaws in northern India.
Partnerships:
- Collaborates with fleet operators (e.g., Amazon, Zomato, Swiggy)
- Partners with automotive OEMs (e.g., Omega Seiki Mobility, Hero Electric, Piaggio)
- Works with energy infrastructure players and transport corporations
Battery Smart
Battery Smart is an Indian company founded in 2019. It’s one of India’s largest battery-swapping networks for electric vehicles. Battery Smart is playing a significant role in India’s transition to electric mobility, particularly in the last-mile transportation segment, by providing an innovative solution to battery charging challenges.
Core Business:
- Provides battery swapping services primarily for electric three-wheelers (e-rickshaws and e-autos).
- Offers a pay-per-use lithium battery swapping service.
Market Presence: As of 2023, Battery Smart had over 400 swap stations across 15 cities in India, serves more than 7,000 electric three-wheeler drivers.
Future Plans:
- Expanding to more cities across India.
- Working on solutions for other vehicle segments beyond three-wheelers.
Tiger New Energy
Tiger New Energy is a Bangladeshi company founded in 2021. It has introduced Bangladesh’s first Battery Swapping Network. Tiger New Energy is positioning itself as a key player in Bangladesh’s transition to electric mobility, particularly in the two-wheeler and three-wheeler segments, by providing an innovative solution to battery charging challenges.
Core Business:
- Provides battery swapping services for electric two-wheelers and three-wheelers.
- Manufactures and operates battery swapping stations.
Market Presence:
- Pioneering battery swapping networks for clean and affordable mobility in Bangladesh.
- Partnering with local communities to create positive social impact.
Partnerships:
- Works with local partners, including convenience stores, to set up swapping stations.
- Partners include TVS, JMC, RANGS POWER, RUNNER, etc.
Ampersand
Ampersand is a company dedicated to building the future of energy for transport, particularly in Africa, founded in 2016. They specialize in electric motorcycles (e-motos) and battery-swapping technology. Ampersand is positioning itself as a key player in the transition to electric mobility in Africa, offering a comprehensive solution that includes vehicles, batteries, and the infrastructure to support them.
Core Products:
- Electric motorcycles designed for heavy-duty use
- Smart, swappable batteries (Smart HM17)
- Battery swapping stations
- Driver App for managing battery swaps
Business Model:
- Pay-as-you-drive e-moto leasing or purchase options
- Battery-as-a-Service (BaaS) through swap stations
Partnerships: Partners include BLUEHAVEN, TotalEnergies, Shell Foundation, ECOSYSTEM INTEGRITY, Startupbootcamp, etc.
Market Focus: Primarily targeting African markets, particularly for motorcycle taxi services
Kwang Yang Motor Co., Ltd. (KYMCO)
Kwang Yang Motor Co., Ltd. (KYMCO), founded in 1964, is a prominent Taiwanese manufacturer of motorcycles, scooters, and all-terrain vehicles (ATVs). KYMCO is recognized for its high-quality manufacturing and innovation in the two-wheeler industry. The company continues to expand its product range and market presence globally.
Products
- Scooters, Motorcycles, ATVs
- Battery Swapping: In recent years, KYMCO has ventured into battery swapping technology for electric vehicles, partnering with companies like Gogoro.
Market Presence
- Production Facilities: Besides Taiwan, KYMCO has production facilities in Indonesia, Malaysia, the Philippines, and China.
- Global Reach: KYMCO operates in over 100 countries, with a significant presence in Europe, America, Asia, Africa, and Oceania.
- Sales: Annually produces over 570,000 vehicles and has a strong market share in Taiwan, accounting for approximately 40% of the two-wheeler market.
Subsidiaries and Partnerships
- KYMCO USA: Headquartered in Spartanburg, South Carolina, KYMCO USA sells vehicles and products through 600 franchised dealerships.
- Global Partnerships: Collaborates with various companies for manufacturing and technology, including partnerships with BMW and Kawasaki.
TYCORUN
Founded in 2007, TYCORUN positions itself as a comprehensive solution provider in the electric vehicle battery swapping market, with a particular focus on two-wheeled vehicles. The company emphasizes its experience, technological capabilities, and commitment to sustainable transportation solutions.
Core Business:
- Manufacturer and supplier of battery swap cabinets
- Provides integrated solutions including lithium batteries, electric motorcycles, battery management systems, and management platforms
Market Presence: Cooperates with customers from over 20 countries. Owns two manufacturing plants.
Business Model:
- Offers customized solutions for battery swap cabinets
- Provides both product sales and rental/shared solutions
Selex Smart Electric Vehicle Joint Stock Company
Selex Smart Electric Vehicle Joint Stock Company, or Selex Motors, is a Vietnamese startup founded in 2018. It focuses on creating a comprehensive ecosystem for electric mobility, aiming to revolutionize the EV industry in Vietnam and beyond through innovative products and strategic partnerships.
Products and Services
- Electric Scooters: Flagship models like the Selex Camel, designed for commercial uses such as passenger and cargo transport.
- Universal Battery Packs: Swappable battery packs compatible with various electric vehicle models.
- Battery Swapping Stations: Network of stations for quick battery swaps.
- IoT Management Platform: An app for easy management of vehicle and battery status.
Market Presence
- Geographical Reach: Presence in major Vietnamese cities including Hanoi, Ho Chi Minh City, and Hue.
- Partnerships: Collaborations with major delivery companies such as GrabExpress, Lazada Logistics, BAEMIN, and Viettel Post.
EHuanDian
EHuanDian, founded in 2015, is a Chinese company specializing in battery-swapping solutions for electric two-wheelers. EHuanDian is committed to enhancing the electric mobility experience by providing reliable and efficient battery-swapping solutions, thereby supporting the broader adoption of electric vehicles in urban environments.
Core Business: Battery swapping solutions, EHuanDian focuses on providing efficient and convenient battery-swapping services for electric two-wheelers, such as electric scooters and motorcycles.
Market Presence
- Geographical Reach: Primarily operates in China, targeting urban areas where electric two-wheelers are popular for last-mile transportation.
- User Base: Caters to individual consumers as well as commercial fleets, including delivery services and ride-sharing platforms.
FAQ
How does a battery-swapping system work?
A battery swapping system allows electric vehicle users to exchange depleted batteries for fully charged battery packs at designated charging stations, typically in a matter of minutes.
What industries benefit most from battery swap technology?
Battery swap technology is particularly beneficial for industries with high-usage vehicles like delivery fleets, ride-sharing services, and public transportation.
What is the significance of modular battery swapping in electric vehicles?
Compare to a charging station, modular battery swapping allows for quick and efficient replacement of depleted batteries with fully charged ones in a battery swap station, significantly reducing downtime for electric vehicles and enhancing the overall user experience.
