What are Major Factors Responsible for Growth of Global Electric Vehicle (EV) Battery Swapping Market?

Battery swapping significantly reduces the battery charging wait time of the electric vehicles (EVs) and are thus, being increasingly preferred by the users across the world. The wapping of batteries of an electric vehicle lowers the wait time of charging from at least 1.5 to 2 hours (time required for charging in the battery charging stations) to under three minutes (the time taken for battery swapping). In addition to this, the improving battery life of electric vehicles is further boosting the popularity of battery swapping all over the world.

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There are also other major factors which fuel the surge in the requirement of battery swapping such as the ability of the swapped batteries to enhance the performance of the EV and provide higher remunerative opportunities to the shared e-mobility service providers throughout the world. Moreover, the increasing adoption of EVs in several countries is massively pushing the demand for battery swapping. As a result, the global EV battery swapping market is predicted to record huge expansion during the forecast period (2020—2030).

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Across the globe, the electric vehicle (EV) battery swapping market is predicted to register the highest growth in the Asia-Pacific (APAC) region during the forecast period, owing to the increasing number of initiatives being taken by many Chinese electric vehicle producing companies for the evolution of EV battery swapping technologies. For example, NIO Inc., which is a China-based automobile manufacturing company, is developing stations for EV battery swapping in multiple cities across the country, with almost 80 battery swapping stations already installed in the major cities of the country by 2018.

Hence, it can be said with full confidence that the popularity of electric vehicle battery swapping will surge all over the world in the coming years, due to the increasing adoption of EVs around the world and its various advantages such as reduced down-time and the ability to enhance the life spans and performance of electric vehicles.

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Electric Vehicle Battery Swapping Market Developed Rapidly in India

Due to increased run-time and improved remunerative prospects for shared e-mobility drivers, the demand for electric vehicle (EV) battery swapping is rising in India. The market is likely to be dominated by electric three-wheelers as these vehicles are majorly used for passenger carrier and run on an average more than 100 km a day. Since with each full charge these vehicles run less than 100 km, these are required to be charged twice or thrice a day. Battery swapping technology offers best alternative to slow charging and helps the drivers to make optimum use of the operational hours. However, commercial vehicle category is projected to grow at the fastest rate during the forecast period in the Indian EV battery swapping market.

Pay-Per-Use Model Is Expected to Dominate the Market Throughout the Forecast Period
Based on service type, the pay-per-use category is expected to hold the larger share in the Indian EV battery swapping market in 2020, and is further projected to remain the dominant category during the forecast period. This can be buoyed by the preference of the vehicle drivers to pay as per their usage, due to lack of fixed usage pattern of their vehicles. For instance, it is observed that electric two-wheeler riders generally do not prefer driving for longer distances. Since they do not require much battery swaps for running for short distance, majority of the drivers are expected to opt for pay-per-use model.

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Product Launches Is the Strongest Strategic Measure Taken by the Players in the Market
To gain a competitive edge over other players in the Indian EV battery swapping market, the companies are focusing on offering products and services, and working in collaborations with other market leaders to expand their reach. From the competitive landscape view, the Indian EV battery swapping service providers can boost their market share by seizing the growth opportunities presented by:

• Forming partnerships with vehicle manufacturers, battery manufacturers, and utility providers in order to deploy battery swapping technology at faster rate
• Targeting electric autos and electric buses as these holds huge potential for service expansion
• Aiming shared mobility section, including two-wheeler sharing, as majority of electric vehicles will be deployed for shared mobility and drivers would opt for battery swapping to make optimum use of the operational hours
• Focusing on cities where battery swapping service deployment is profitable, such as Bangalore, Delhi, and Nagpur and entering into emerging areas, such as Hyderabad and Ahmedabad, where battery swapping holds significant opportunities

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Some key players operating in the Indian EV battery swapping market are Ola Electric Mobility Pvt. Ltd., Lithion Power Pvt. Ltd., SUN Mobility Pvt. Ltd., Exicom Tele-Systems Ltd., Panasonic India Pvt. Ltd., and Twenty Two Motors Pvt. Ltd. (22KYMCO).

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