No Waiting Time for Charging Supporting India Electric Vehicle Battery Swapping Market
A number of factors, such as the low penetration of electric vehicle (EV) charging stations, no waiting time for charging, and improved run time and remunerative scenarios for shared e-mobility drivers, are aiding the Indian electric vehicle battery swapping market advance. Furthermore, the surging demand for electric rickshaws, rising need for e-scooters and their deployment in sharing services, rising number of electric cars in ride-hailing fleets, and increasing deployment of electric buses for public transportation across the country are offering several opportunities to the market.
The Indian electric vehicle battery swapping market is currently witnessing the trend of collaborations and partnerships among battery swapping station operators, utility providers, battery manufacturing organizations, and vehicle producers. For instance, in November 2019, power distribution companies BSES Yamuna Power Ltd. (BYPL) and BSES Rajdhani Power Ltd. (BRPL) announced that they have collaborated with Ola Electric Mobility Pvt. Ltd. to mount battery swapping stations in Delhi. Likewise, SUN Mobility Pvt. Ltd. has entered into several partnerships with vehicle manufacturers and fleet operators to offer customized battery solutions and battery swapping stations.
Additionally, the Indian electric vehicle battery swapping market is bifurcated into the pay-per-use model and subscription model, based on service type. Between the two, the subscription model category is expected to witness the faster growth during the forecast period. This can be ascribed to the fact that commercial vehicle owners are increasingly adopting the battery swapping technology. Moreover, as electric buses have fixed routes and stops, their drivers have a fair idea of the average distance covered daily. So, they choose the subscription model for battery swapping services.
Thus, the no waiting time for the charging of EVs, improved run time, and bettering remunerative scenarios for shared e-mobility service providers will accelerate the market growth in the foreseeable future in India.
