Indian Electric Vehicle Battery Swapping Market to Register 31.3% CAGR during 2020-2030 | Key Players are Ola Electric Mobility Pvt. Ltd., Exicom Tele-Systems Limited, Twenty Two Motors Pvt Ltd, Panasonic

The adoption of electric vehicles is increasing all across the globe, including India. This is particularly because of the rising awareness of people regarding the rapid degradation of the environment and growing government initiatives for encouraging the adoption of electric vehicles. The sales for electric vehicles in India reached 280,000 units till November 2019, as per the Economic Survey 2019-20. Most of three wheelers sold in India are three-wheeler and two-wheelers. Hence, there is pressing need for offering the people, who make commercial usage of electric vehicles, with better services.

Top Key Players are Electric Vehicle Battery Swapping Market in India:
1- Ola Electric Mobility Pvt. Ltd.
2- Exicom Tele-Systems Limited
3- Twenty Two Motors Pvt Ltd
4- Panasonic

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The charging time for an electric vehicle is about 2-6 hours, which can result in loss for pay for working class consumers of electric vehicles, especially three-wheelers. The concept of battery swapping can help in curbing this problem in the country. Battery swapping eliminates the waiting time for charging, decreases the size of batteries in vehicles, can further provide an increased available run time. Because of these advantages, the adoption of battery swapping is rising in India. As per a P&S Intelligence report, the Indian electric vehicle battery swapping market is expected to generate a revenue of $6.1 million by 2030, progressing at a 31.3% CAGR during the forecast period (2020-2030).

The Indian electric vehicle battery swapping market is further projected to grow significantly because of the rising demand for lithium-ion batteries in the country. A large number of electric rickshaws in the country still run on sealed lead acid batteries, which is because of the lower initial cost of these batteries than lithium-ion (Li-ion) batteries. However, now the manufacturers are increasingly focusing on making use of Li-ion batteries as a power source for electric rickshaws, as they offer relatively high energy density, power-to-weight ratio, and energy-to-weight ratio.

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Market Segmentation by Vehicle Type
o Two-Wheeler
o Pay-per-use model
o Subscription model
o Three-Wheeler
o Pay-per-use model
o Subscription model
o Commercial Vehicle
o Pay-per-use model
o Subscription model
Market Segmentation by Service Type
o Pay-Per-Use Model
o Subscription Model

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This release was published on openPR.