Published: December 2022 | Report Code: 11859 | Available Format: PDF
The Indian EV battery swapping market is estimated to have stood at $10.2 million in 2022, and it is expected to reach $61.57 million by 2030, growing at a CAGR of 25.20% between 2022 and 2030. This is ascribed to the reduced upfront costs for EVs and no wait time for charging.
Moreover, due to the rising deployment of electric rickshaws, the increasing sales of electric scooters and their acceptance in several business-to-business (B2B) services including scooter sharing and moto-taxi, the growing usage of electric cars in ride-hailing services, and the surging deployment of electric buses in public transit, there are many opportunities for infrastructure developers in the Indian market for electric vehicle battery swapping. Furthermore, the government has announced that the registration of vehicles without batteries would be authorized in the country, which will boost the industry development during the forecast period.
The three-wheeler category is estimated to have accounted for the majority of revenue share, of around 90%, in 2022. The battery swapping technique extends the battery life of electric three-wheelers. Because these vehicles travel more than 100 km per day on average, necessitating regular battery charging. The changing batteries result in less downtime than traditional charging methods, which increased the acceptance of this technology among e-rickshaw battery operators in India. Furthermore, a rising number of initiatives undertaken by various firms to incorporate battery-swapping technologies in electric vehicles are driving the market growth in this category.
The two-wheeler category is predicted to grow at a CAGR of around 32% during the forecast period. This growth can be primarily attributed to favorable government assistance in the form of subsidies and incentives, strict emission standards, and increased environmental consciousness across the country. Furthermore, the new-generation two-wheelers being introduced in the Indian electric two-wheeler market, demonstrate high speed and have long-range capabilities on a single charge, comparable to gasoline-powered two-wheelers.
The subscription model category held the significant revenue share, as estimated, in the market in 2022. Electric buses often have set routes and stoppage, as a result, drivers know how many miles they traverse on a daily basis and prefer the subscription model. Furthermore, automobiles utilized for sharing require quick charging throughout their working hours, which necessitates numerous battery swaps. Therefore, drivers are more likely to choose the subscription model because they will not have to pay each time for swapping a battery.
The pay-per-use model is expected to grow at a significant CAGR in the next few years. The typical operating hours of electric rickshaws are 12–15 hours, and the average daily commute distance is more than 100 km. Electric rickshaws have a range of 50–70 km per charge, thus drivers must change batteries on a regular basis. As a result, the majority of electric rickshaw drivers choose the pay-per-use model because they just need to pay based on their consumption.
The adoption of EVs is influenced by the charging time, particularly in long-haul applications. The majority of EVs in the nation use a slow charge technology to recharge batteries over the course of the night, often for up to eight hours. When compared to fueling an ICE car, charging an EV with an alternating current (AC) charger takes far longer. India has onboard chargers for electric two-, three-, and four-wheelers that charge at a rate of 2.5–3 kW per hour. For a battery with a 2-kWh energy density, the 2.5–3 kW AC chargers can fully charge a two-wheeler in no less than an hour.
Additionally, these chargers take no less than 5–6 hours to fully charge a four-wheeler or bigger vehicle with batteries of 12 kWh or more. The current fast-charging technology can assist in reducing the charging time. However, there are relatively few of these fast chargers available, and a 50-kW quick charger takes an average of 30 minutes to charge a four-wheeler's battery to over 80% capacity. In comparison to charging batteries in vehicles, battery swapping takes only around 5 minutes, which, in turn, boosts the growth of the industry.
Report Attribute | Details |
Historical Years |
2017-2022 |
Forecast Years |
2023-2030 |
Market Size in 2022 |
$10.20 Million |
Revenue Forecast in 2030 |
$61.57 Million |
Growth Rate |
25.20% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Segmentation Analysis of Countries; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Offering; By End User |
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With the advent of swapping technology, the driver is now able to replace a drained battery with a charged one at a designated switching facility. This, in turn, significantly enhances vehicle uptime while simultaneously lowering operational expenses, bringing the EV sector closer to profitability. Furthermore, the growth of EV charging infrastructure, helped by deployment objectives for charging and battery swapping stations, legislative adoption, and financial assistance are some of the elements positively impacting the market.
Therefore, increased EV sales are fueling the demand for EV charging and battery switching facilities, which further attracts major investments in the industry. Furthermore, reduced battery prices and better technologies are predicted to enable manufacturers to provide cost-competitive EVs, thus driving the need for advanced battery-swapping solutions in EVs.
Uttar Pradesh accounted for the largest revenue share, as estimated, in 2022. This is because this state is the largest market for electric two-wheelers in India. The use of electric scooters and motorcycles is rising across the state, particularly in tier-2 and tier-3 cities. Furthermore, because of the state's strong development potential, major OEMs are concentrating on increasing their market share by developing dealer networks in the state.
However, the market in Karnataka is expected to expand at a rapid pace in the next few years. This is mostly due to the state government’s plans to deploy a considerable number of electric two-wheelers in a shared fleet.
Furthermore, in 2022, Delhi is estimated to have held a significant revenue share in the market, due to the presence of a leading electric three-wheelers market in the state. In 2021, the state accounted for a significant share of electric three-wheeler sales in India. Electric rickshaw sales have increased since 2013 due to the overall effect of a large population, high vehicle usage, and high volume of travel. Also, Delhi is among the worst states in terms of overall heat-trapping pollution and hazardous emission, which is expected to fuel the demand for electric vehicles in the state.
The Government of Delhi has moved its emphasis to electric vehicles in response to the rising levels of air pollution in the nation's capital and as a result, it has announced a subsidy of $426 (INR 30,000) on the purchase of electric rickshaws. As a result, their demand has multiplied in the city, which is good for the market growth in the future.
This fully customizable report gives a detailed analysis of the market from 2017 to 2030, based on all the relevant segments and geographies.
Based on Vehicle Type
Based on Service Type
The Indian EV battery swapping market size stood at an estimated revenue of $10.20 million in 2022.
During 2022–2030, the growth rate of the Indian EV battery swapping market will be around 25.20%.
Three-wheeler is the largest user by vehicle type in the Indian EV battery swapping market.
The major drivers of the Indian EV battery swapping market include the increasing demand for electric vehicles, the surging focus on reducing the time for charging, the rapid development of shared e-mobility, and the introduction of new and enhanced battery-swapping models and services.
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