Reduced upfront cost of electric vehicles (EVs), no wait time for charging, increased run-time and improved remunerative prospects for shared e-mobility drivers, and low penetration of EV charging stations are the key factors boosting the growth of EV battery swapping technology in the country. Due to these factors, the Indian EV battery swapping market is expected to generate $6.1 million revenue by 2030, advancing at a CAGR of 31.3% during the forecast period (2020–2030).
Electric Three-Wheelers to Hold the Largest Share in the Market Throughout the Forecast Period
The Indian EV battery swapping market on the basis of vehicle type is categorized into two-wheeler, three-wheeler, and commercial vehicle. Of these, the three-wheeler category is expected to lead the market in coming years. This can be due to high operational hours of these vehicles on daily basis. These vehicles are majorly used to transport passengers and generally covers an average distance of more than 100 km per day. To drive further, drivers are required to charge the batteries, and many times more than twice a day. This makes the requirement of quick charging of these vehicles so that the operational hours do not get hampered. Battery swapping technology thereby offers the best alternative to counter the problem of recharging of these vehicles during operational hours.
The Indian EV battery swapping market in terms of service type is categorized into pay-per-use model and subscription model. Between the two, the subscription model is projected to grow at a faster rate during the forecast period. This is majorly due to increasing utilization of battery swapping services by commercial vehicles that prefer to opt subscription models.
Partnership is the Strongest Strategic Measure Taken by Market Players
Key players in the Indian EV battery swapping market are building partnerships with each other to enhance their market presence. For instance, in November 2019, electricity distribution company BSES signed a three-year MoU with Ola Electric Mobility Pvt. Ltd. for setting-up battery swapping and charging stations for EVs in Delhi, India. While BSES Rajdhani Power Ltd. (BRPL) will set up the charging station in South and West Delhi, BSES Yamuna Power Ltd. (BYPL) will do the same in East and Central Delhi. These EV battery swapping stations will be set up at mutually identified locations and will offer the services for two- and three-wheelers and electric rickshaws. Furthermore, as part of the agreement, Ola Electric Mobility Pvt. Ltd. will operate and manage these stations through a cloud-based software system.
Browse report overview with detailed TOC on "India Electric Vehicle Battery Swapping Market Research Report: By Vehicle Type (Two-Wheeler, Three-Wheeler, Commercial Vehicle), Service Type (Pay-Per-Use Model, Subscription Model) - Industry Size, Trend, Growth and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/india-electric-vehicle-battery-swapping-market
Furthermore, key players are also involved in product launches. For instance, in May 2019, Panasonic India Pvt. Ltd. announced the launch of Nymbus, a charging service that includes swap stations, charging stations, telematics systems, on-board charging, as well as virtual components, such as data analytics, cloud platform, intuitive dashboard, and AI, in order to deliver a one-stop solution.
Some of the major players operating in the Indian EV battery swapping market are SUN Mobility Pvt. Ltd., Ola Electric Mobility Pvt. Ltd., Twenty Two Motors Pvt. Ltd. (22KYMCO), Lithion Power Pvt. Ltd., Exicom Tele-Systems Ltd., and Panasonic India Pvt. Ltd.