TAIPEI (Taiwan News) — Taiwanese electric scooter maker Gogoro was ranked first in the light electric vehicle (EV) battery-swapping market in a recent report.
Market research firm Guidehouse Insights looked at 14 companies in the light EV battery-swapping space and found Gogoro to be a market leader. For the report, light EVs include electric bikes, seated electric scooters, electric motorcycles, and electric rickshaws.
The report pointed out that battery-swapping is turning into a breakthrough technology for the light EV segment. Battery-swapping technology has several advantages over traditional refueling and charging solutions.
Swappable batteries “address the major drawback of recharging speeds being much slower than internal combustion engine vehicle refueling,” according to Guidehouse Insights.
Another important factor is that battery-swapping can help reduce the upfront costs of buying a light EV as the battery alone can account for as much as a third to half of an electric scooter’s price tag, according to Gogoro Network General Manager Alan Pan.
The report points out the success of various battery-swapping systems, including Taiwan’s Gogoro Network, Vietnam’s VinFast, and China’s Immotor.
Gogoro helped mature the segment by going overseas, with its joint venture with India’s Hero MotoCorp, announced on April 21, and its three-way partnership deal with Yadea and DCJ in China reported on May 18. This shows battery-swapping has become an important technology platform solution that is being exported to foreign markets.
The research firm rated the top 14 companies in the space on 10 criteria: vision, go-to-market strategy, partners, production strategy, geographic reach, market presence, product quality and reliability, product portfolio, pricing, and staying power.
Guidehouse ranked Gogoro first, followed by Immotor, Hello, VinFast, SUN Mobility, Honda, Taiwan’s KYMCO, iONEX, Swobbee, Oyika, and ZEWAY.
Gogoro has 2,089 charging stations around Taiwan, with another 55 set to come online soon. According to the company, Gogoro riders have collectively ridden over 38 million kilometers to date.