The Indian EV battery swapping market was valued at USD 10.2 million in 2022, and this number is expected to reach USD 61.57 million by 2030, advancing at a CAGR of 25.20% during 2022–2030, according to P&S Intelligence. This can be credited to the decreased upfront prices for electrical vehicles and no wait time for charging.
In 2022, the three-wheeler category generated the gigantic revenue share of approximately 90%. The battery swapping method advances the lifespan of the battery of e-three-wheelers. Mainly because such vehicles travel above 100 km on daily basis on average, demanding regular battery swapping.
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In 2022, the subscription model category had the considerable revenue share in the market. E-buses commonly have decided routes and stoppage, because of this, drivers know how many miles they travel daily and choose the subscription model.
In 2022, Uttar Pradesh generated the largest revenue share in the Indian EV battery swapping market. This can be credited to the fact that this state is the biggest market for e-two-wheelers in the country. The utilization of e-scooters and motorcycles is increasing throughout the state, mainly in tier-2 and tier-3 cities.
in 2022, Delhi is projected to have a considerable revenue share in the industry, because of the existence of a top e-three-wheelers market in the state. In 2021, the state reported for a substantial share of electric three-wheeler sales in the country. E-rickshaw sales have amplified since 2013 because the overall result of high vehicle usage, rising population and high volume of travel.
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