How is Increasing Adoption of Electric Vehicles in India Driving Demand for Battery Swapping Technology?

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.

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.

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.

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.

Source: P&S Intelligence