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Electric Vehicle Battery Swapping Business Scope in Indian Market – Exclusive Report Analysis by P&S Intelligence
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.
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.
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).
Indian Electric Vehicle Component Market Size, Demand Outlook and Forecast 2020 due to COVID-19 Impact
The cost of the various components that go into manufacturing an electrically powered automobile is continuously reducing, as a result of economies of scale. For instance, the battery price is expected to fall by more than 30% between 2018 and 2025, thus making electric vehicles (EVs) more affordable.
During the same period, a 24%, 23%, 60%, 9% 6.5%, 8.6%, 8.5%, and 21% drop is predicted in the prices of motors, controllers, electric vehicle supply equipment (EVSE), thermal management systems, power distribution modules (PDMs), vehicle interface control modules (VCIMs), high-voltage cables, and DC–DC converters, respectively. As a result, the Indian electric vehicle component market, which reached $536.1 million in 2019, would advance at a CAGR of 22.1% between 2020 and 2030 (forecast period).
Passenger Car Category To Witness Fastest Growth during 2020–2030
The fastest growth in the Indian electric vehicle component market is predicted to be experienced by the passenger car category during the forecast period, due to the swelling numbers of such automobiles in the fleet of shared mobility firms, as a result of the continued efforts of the government and such companies for transitioning toward clean transportation.
In 2019, the original equipment manufacturer (OEM) bifurcation held larger share in the Indian electric vehicle component market for two-wheelers. This is because, currently, the purchase rate of such automobiles is higher than the part replacement rate, which is why OEMs generate higher demand for two-wheeler components.
Till 2030, the highest CAGR, of 61.7%, would be displayed by the battery management system (BMS) category, in the Indian electric vehicle component market for passenger car battery packs in India. This is because a BMS protects the battery pack, which is the most crucial and expensive component of an electric car, from damage, by making sure it is not operated beyond its safe functional area. Apart from managing and controlling its operations, a BMS also notifies car owners of the current battery status, which is why its integration is swiftly surging in electric cars.
Delhi was the largest Indian electric vehicle component market for commercial vehicles during the historical period, owing to the high pollution levels in the city, which have steadily raised the number of electric buses and trucks in the city in the last few years.
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Market Competitive Landscape Is Characterized by Partnerships
In recent years, partnerships have come to shape the competition in the Indian electric vehicle component market, as part manufacturers are using such collaborations to increase their presence in the industry.
For instance, in January 2019, Panasonic Corp. and Toyota Motor Corp. established a joint venture, with Toyota holding 51% of the stakes. The JV will be used to supply lithium-ion (Li-ion) batteries for the EVs being manufactured by Toyota, with Panasonic hoping to expand its influence in the EV component niche of the county.
Major Indian electric vehicle component market players include Exide Industries Ltd., Okaya Power Pvt. Ltd., Amara Raja Batteries Ltd., Panasonic Corp., Sparco Batteries Pvt. Ltd., Eastman Auto & Power Ltd., Robert Bosch GmbH, DENSO CORP., Contemporary Amperex Technology Co. Ltd., and CY International.
Indian End-of-Life Vehicle and Dismantling Market Will See Strong Expansion Through 2030
India is reeling under high levels of air pollution, which is why the National Green Tribunal (NGT) and Supreme Court have passed stringent regulations, which have considerably reduced the number of years an automobile can be driven for. For instance, in Delhi/NCR, the maximum age of petrol and diesel vehicles has been brought down to 15 and 10 years, respectively.
This factor is predicted to propel the Indian end-of-life vehicle and dismantling market, which generated $3,474.0 million revenue in 2019, at a 17.2% CAGR between 2020 and 2030 (forecast period).
Ferrous-Metal Components To Contribute Highest Revenue to Market till 2030
Till 2030, the ferrous metal category would continue dominating the Indian end-of-life vehicle and dismantling market, because ferrous-metal components make up for around 70% of an average vehicle. These components can be easily extracted by using a strong magnet, and they also remain in high demand due to their easy reusability factor.
The four-wheeler division held a significant share in the Indian end-of-life vehicle and dismantling market in 2019, owing to economic growth. With an increase in their disposable income, a rising number of people in the nation are purchasing four-wheeled automobiles for personal as well as commercial use. Once they reach the end of their life, they will serve as the input for junkyards.
Maharashtra was the most productive state in the Indian end-of-life vehicle and dismantling market in the past, as the high purchasing power in the state results in a heavy sale of automobile, which, over time, are sent for scrapping. In the coming years, the NCT of Delhi division would grow the fastest in the industry, on account of its high air pollution levels, which has impelled the government to reduce the vehicles’ maximum service life.
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Market Players Taking Numerous Steps to Dominate Competition
Seeing the high demand for automobile scrapping and recycling services, in the wake of the shutting down of unorganized salvage yards by government bodies, numerous established companies have entered the Indian end-of-life vehicle and dismantling market, with a number of strategic moves.
Moreover, also in November 2019, a joint venture was founded by Suzuki Motor Corp. and Toyota Motor Corp., for setting up an automobile dismantling facility in Noida. Once operational, the unit will be able to process 2,000 vehicles in a month, after which the two Japanese automakers hope to establish more such recycling plants in the nation.
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