India EV Battery Swapping Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Key Highlights

The Indian EV battery swapping market generated a value of USD 14.2 million in 2023, which will rise to USD 68.8 million, propelling at a 25.4% compound annual growth rate, by 2030.

The decrease in the duration of charging electric vehicles is a key factor driving the growth of this industry. The charging duration is a key reason for the acceptance of EVs, particularly in long hauling usages.

Most electric vehicles in India use a slow charge system for recharging the battery overnight, which often takes around eight hours.

AC chargers take a significantly longer period to recharge an electric vehicle compared to refueling an ICE automobile.

Electric four-wheelers, two-wheelers, and three-wheelers, in this nation have on-board chargers that recharge at a 2.5-3 kW per hour rate. These 2.5 kW/3 kW AC chargers recharge a two-wheeler (for a battery having 2 kWh energy density) in at least an hour.

The surging need for lithium battery-driven e-rickshaws is a key opportunity in this industry.

Major e-rickshaw makers have now been concentrating on Li-ion batteries to power e-rickshaws, as SLA batteries, if not appropriately disposed of, can pose a serious threat to the environment as well as to human health.

Market Insights

Uttar Pradesh is leading the industry. This can be mainly because, in India, the state is the major market for electric two- & three-wheelers.

The acceptance of these automobiles is increasing in the state, mainly in tier-2 & tier-3 cities.

Karnataka is likely to grow at a rapid compound annual growth rate in the years to come. This will be primarily because of the state government's goal to deploy a large count of EVs in a shared fleet.

Delhi is a significant contributor to the industry, primarily because of the acceptance of leading EVs in this nation's capital.

The three-wheeler category was the largest contributor to the industry in 2023, with approximately 55% share. The technique of battery swapping increases electric three-wheelers' battery life.

As these vehicles travel over 100 km a day regularly, they require regular battery charging.

The two-wheeler category is likely to advance at a compound annual growth rate, of approximately 25.3%, in the years to come.

The growth will be mainly because of the advantageous government support in the form of incentives and subsidies, stringent emission rules, and improved environmental awareness in this nation.

The subscription model category will propel at a higher compound annual growth rate in the years to come.

Electric buses generally have usual routes as well as stoppage, therefore, drivers know how many miles they cross every day and choose the subscription model.

The pay-per-use model category is leading the industry. Electric rickshaws have a range between 50 to 70 km per charge, as a result, drivers must regularly swap the batteries.

Most e-rickshaw drivers select the pay-per-use model as they are only required to pay as per their consumption.

The Indian EV battery swapping industry is fragmented, because of the existence of many major companies.

Players are concentrating on strategic steps like product launches, geographical expansion, and merger & acquisition, to enhance their presence.