India apparently must invest around $100 billion to meet its crucial need for approximately 4,50,000 battery-swapping stations.
As of today, the country only has roughly 1,000 electric vehicle infrastructures of such kind. For context, battery swapping enables owners to quickly regain energy by replacing empty batteries with newly charged ones.
Therefore, the industry expects the technology to accelerate the country’s efforts to establish a reliable charging solution. It will also address the prevalence of range anxiety among EV owners due to the lack of sufficient and functional charging infrastructures.
India’s battery-swapping industry
India Energy Storage Alliance (IESA) indicated that the country currently has over 20 operational battery-charging companies. They have already erected approximately 1,000 to 1,000 stations with over 1.5 lakh battery packs.
Prescient and Strategic (P&S) Intelligence also noted that the value of the country’s battery-swapping industry reached $10.2 million last year. It can even expand further to $61.6 million by the decade’s end.
The report also stated that three-wheeler EVs will account for 87% of the country’s battery-swapping market by 2030.
Acumen Research and Consulting revealed that companies had already invested about $40 million to $50 million in the local industry last year. Moreover, other players announced plans to allocate $400 to $500 million in the industry in the following 3-5 years.
“It is crucial to create a supportive and conducive regulatory framework that fosters the growth of the sector and encourages wider adoption. The whole industry is waiting for the final battery swapping policy that will support this emerging sector. By implementing these necessary changes, we can provide a substantial boost to the segment, unlocking its full potential and facilitating a sustainable future for India’s energy storage landscape.”
Rahul Walawalkar, IESA Founder and President
See Also:
- Indian state inks $2.5 billion project for EV battery-swapping
- Ample unveils revolutionary robotic EV battery swapping station, delivers full charge in just 5 minutes
- Regulations and Policies in Indian State are driving EV adoption
- Zypp Electric plans to penetrate 30 Indian cities with fresh funding led by Gogoro
- India’s Budget 2023: EV makers seek to extend FAME II timeline
The Indian Government must indeed act immediately to accelerate the deployment of battery-swapping infrastructures. As mentioned, it needs about 4,50,000 stations to sufficiently support the growing number of EVs on the road.
