Battery swapping, particularly for two- and three-wheelers, is emerging as a popular solution in India, with major auto companies investing in battery-swapping technologies to make EVs more affordable and accessible, says market intelligence firm 1Lattice. For instance, big players like Honda (Honda Power Pack Energy India), Hero MotoCorp and Canada’s Magna are investing to expand battery swapping centres and technologies for e-rickshaws, light EVs, etc. across India.
Abhishek Maiti, Director (Industrial Goods and Services) at 1Lattice, said with India’s EV market set to reach $ 3.7 billion by 2030, fast-charging technologies and battery-swapping solutions are key to addressing range anxiety and making EV adoption more practical for everyday users.
States such as Uttar Pradesh, Kerala, Rajasthan, and Haryana provide various subsidies/ incentives for development of EV charging and swapping infrastructure.
Globally, the EV charging infrastructure market is poised to expand significantly, with revenues projected to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of around 12 per cent.
In India, the growth is expected at a CAGR of 16 per cent, 1Lattice expects.
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