Published: February 2020 | Report Code: AT11859 | Available Format: PDF | Pages: 108
Increasing number of electric rickshaw on road, increasing electric scooter sales and their incorporation into business to business (B2B) services such as scooter sharing and moto taxi, deployment of electric buses in public transit agencies, and adoption of electric cars in ride hailing services creates an ample opportunity for battery swapping infrastructure providers in the market. The government recent decision to allow registration of the vehicle without batteries is set to provide thrust to the Indian electric vehicle battery swapping market.
Fundamentals Governing Indian Electric Vehicle Battery Swapping Market
The key trend observed in the Indian electric vehicle battery swapping market is collaborations and partnerships of battery swapping station operators with several battery manufacturers, vehicle manufactures, and utility providers. For instance, in November 2019, electricity distribution companies (DISCOMs), which include BSES Rajdhani Power Ltd. (BRPL) and BSES Rajdhani Power Ltd. (BRPL), collaborated with Ola Electric Mobility Pvt. Ltd. for installing battery swapping stations in Delhi. Also, Bengaluru-based venture SUN Mobility Pvt. Ltd. has secured at least 10 partnerships, working with different vehicle manufacturers as well as fleet operators to offer tailor-made battery solutions and a network of battery swapping stations. Therefore, collaborations and partnerships are observed to be a trend in the market.
One of the major factors for the growth of the Indian electric vehicle battery swapping market is no wait time for EV charging. The charging time is an important factor for the uptake of EVs, especially in the long-hauling applications. Most of the EVs in the country employ a slow charge system to recharge the battery overnight, usually up to eight hours. Electric two-wheelers, three-wheelers, and four-wheelers in India have on-board chargers that charge the vehicle at the rate of 2.5–3 kW per hour. These 2.5 kW or 3 kW AC chargers charge a two-wheeler (for a battery with an energy density of 2 kWh) in no less than an hour time. Also, these chargers charge a four-wheeler or larger vehicles with batteries of 12 kWh or more in no less than five to six hours.
Here, battery swapping technology plays a vital role by eliminating such issues. It drastically decreases the waiting time through interchange of batteries within three minutes. For this, user just need to go to a swapping station and get the depleted battery replaced with fully charged one. This also improves utilization characteristics of vehicles. Such factors are boosting the growth of the Indian EV battery swapping market.
Growing demand for Li-ion battery–based electric rickshaws is an opportunity for the Indian EV battery swapping market players. Majority of the electric rickshaws in India continue to run on the sealed lead acid (SLA) battery. This is because the initial cost of SLA batteries is much lower than that of Li-ion batteries. However, key electric rickshaw manufacturers have now been focusing on Li-ion batteries as a power source for electric rickshaws.
The Li-ion batteries offer relatively high energy density, energy-to-weight ratio, and power-to-weight ratio. These batteries are lighter and smaller and are more reliable and durable. Therefore, original equipment manufacturers (OEMs) are increasingly focusing on the use of Li-ion batteries, as an alternate to SLA batteries, which is resulting in the increased demand for Li-ion-based electric rickshaws in the market. This, in turn, is creating ample opportunities for the growth of the Indian electric vehicle battery swapping market players as the battery swapping operators are primarily focusing to offer Li-ion battery swapping stations.
Structural Analysis of Indian Electric Vehicle Battery Swapping Market
The Indian EV battery swapping market is estimated to be largely held by the three-wheeler category under vehicle type during the forecast period. In 2020, the category is expected to hold a share of more than 90% in the market. The popularity of battery swapping usage in the electric three-wheelers is subject to increase daily operational hours of these vehicles. Electric three-wheeler is generally used for passenger carriage and on an average runs for over 100 km, daily. This requires the vehicles to recharge the discharged batteries quickly to utilize further. Battery swapping technique thereby offers the best alternative to counter the problem of slow recharging of these batteries.
The subscription model category in terms of service type is expected to grow at a faster rate during the forecast period in the Indian EV battery swapping market. The increasing usage of battery swapping technology in commercial vehicles would enable the upsurge in subscription category. Electric buses generally have fixed routes and stops. Therefore, drivers have understanding of the total distance covered per day, and hence are expected to prefer subscription model. Such factors will further boost the growth of the subscription category in the Indian market.
Competitive Landscape of Indian Electric Vehicle Battery Swapping Market
The Indian electric vehicle battery swapping market is fragmented in nature, characterized by the presence of key players, such as SUN Mobility Pvt. Ltd., Lithion Power Pvt. Ltd., Ola Electric Mobility Pvt. Ltd., Exicom Tele-Systems Ltd., Twenty Two Motors Pvt. Ltd. (22KYMCO), and Panasonic India Pvt. Ltd.
Recent Strategic Developments of Major Indian Electric Vehicle Battery Swapping Market Players
In recent years, major players in the Indian electric vehicle battery swapping market have taken several strategic measures, such as service launches, partnerships, and investments. For instance, in December 2019, E-ChargeUp Solutions set up two electric three-wheeler battery swapping stations at Noida. The company has plans to open 500 more battery swap stations across the country in order to support over 50,000 EVs. Also, the company is targeting 1.7 million e-rickshaws through this model in coming years, where it will offer battery swapping and related services to the vehicle owners.
Also, in January 2020, EVI Technologies Pvt. Ltd. (EVIT) entered into a partnership with Bharat Sanchar Nigam Ltd. (BSNL) for installing battery swapping and charging stations. Under this 10-year memorandum of understanding (MoU) signed between the two companies, EVIT would set up charging infrastructure at 5,000 locations of BSNL across the country, covering major cities. EVIT will make the entire upfront investment on services, operation, and maintenance of battery swapping and charging infrastructure. On the other hand, BSNL would be responsible for providing the necessary power connections and space for installing the battery swapping stations.
India Electric Vehicle Battery Swapping Market Size Breakdown by Segment
The India electric vehicle battery swapping market report offers comprehensive market segmentation analysis along with market estimation for the period 2020–2030.
Based on Vehicle Type
Based on Service Type
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