Massive Growth in India Electric Vehicle Battery Swapping Market by Forecast 2030 | SUN Mobility Pvt. Ltd., Lithion Power Pvt. Ltd., Ola Electric Mobility Pvt. Ltd

The demand for electric vehicles across the globe, including India, is growing rapidly, ascribed to the surging pollution levels and increasing awareness among people regarding the deteriorating condition of the environment. Initially, people were reluctant to buy electric vehicles, since their performance was not as good as conventional fuel-based vehicles. However, as the need for electric vehicles increased, automakers started focusing on improving the fuel efficiency of these vehicles. Because of these advancements, the life of electric vehicles has increased significantly and a larger number of people are now opting for these vehicles.

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These factors are, in turn, leading to the growth of the Indian electric vehicle battery swapping market. One of the most important things to consider when it comes to electric vehicles is the charging time. The electric vehicle technology is still in the developing phase in India and slow charge systems are utilized for recharging the battery overnight. This takes up to 8 hours and even the on-board chargers take about 5–6 hours to charge an electric vehicle battery. Since this is a time-consuming ordeal, the battery swapping technology can significantly aid in solving this problem.

The waiting time is considerably decreased, since the user can just interchange the batteries instead of recharging it. The user has to go to a swapping station and get a newly charged battery as replacement for the depleted one. This technology further aids in reducing the cost of electric vehicles, which is incredibly helpful for a country where the disposable income of people is low. The battery is the most costly component of an electric vehicle and buying a vehicle without it will reduce the cost significantly. Owing to these factors, the adoption of the battery swapping technology in India is increasing.

The Indian electric vehicle battery swapping market is predicted to generate a revenue of $6.1 million by 2030, exhibiting a 31.3% CAGR during the forecast period (2020–2030). When service type is taken into consideration, the market is divided into subscription model and pay-per-use model, between which, the subscription model division is predicted to advance at a faster pace in the years to come, as the growing utilization of battery swapping technology in commercial vehicles would result in the growing adoption of the subscription model in the country.

On the basis of vehicles type, the Indian electric vehicle battery swapping market is categorized into commercial vehicle, two-wheeler, and three-wheeler, as per a report by P&S Intelligence. Out of these, the three-wheeler category is expected to dominate the market during the forecast period and is predicted to hold over 90.0% share of the market in 2020. This can primarily be ascribed to the fact that the daily operational hours of these vehicles is rising, why is why, their batteries need to be recharged quickly for further use.

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Hence, the penetration of the battery swapping technology in India is growing due to the increasing adoption of electric vehicles and the reduction of the upfront cost of vehicles because of this technology.

The research offers market size of the Indian electric vehicle (EV) battery swapping for the period 2020–2030.
Market Segmentation by Vehicle Type
• Two-Wheeler
o Pay-per-use model
o Subscription model
• Three-Wheeler
o Pay-per-use model
o Subscription model
• Commercial Vehicle
o Pay-per-use model
o Subscription model
Market Segmentation by Service Type
• Pay-Per-Use Model
• Subscription Model

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