Intense Competition In The Electric Vehicle Exchange Market For Two Wheeled Electric Vehicles

In 2022, the order size of China's instant delivery service industry was 38.07 billion, and the number of instant delivery personnel has reached 11.25 million.

Most instant delivery personnel use Electric Bicycle as a means of transportation, while the common electric two wheeled vehicles on the market generally have a range of 50-100 kilometers and a charging time of 8-10 hours. For general household commuting, it is enough for a day to use and can be recharged during work or off duty hours. However, for instant delivery industries such as food delivery workers, which often run hundreds of kilometers a day, a single Lithium Battery becomes stretched out.



So, in order to address the "range anxiety" of delivery personnel, a billion dollar market for electric two wheel vehicle battery swapping has emerged. Frost Sullivan predicts that from 2022 to 2026, the size of China's Electric Bike swapping service market will increase from 4.24 billion yuan to 20.44 billion yuan, with a compound annual growth rate of 48.18%.

In addition, the penetration rate of electric two wheel vehicle swapping in China in 2021 was only 14.9%, and there is still significant room for improvement. It is expected that the penetration rate of the swapping market will increase to 56.2% by 2026.