India is a tech innovator but has lagged behind in adopting new technologies, take EVs and telecom for example. But as soon as the technology entered India with the market disruption, India became the world leader as the largest and cheapest telecom market. Now with cutting-edge infrastructure and connectivity, India, today, is one of the largest telecom markets in the world with more than a billion subscribers and over 80% mobile penetration.
Likewise, EVs picked up in India from 2021 onwards, with support from Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME II). On average, India accounts for more than 1.5 million new 2-wheeler sales every month, which is around 80% of all automotive sales. In terms of fuel dependency, 2-wheelers are accountable for around 62% of fuel demand in India. With concentrated policy interventions and emerging technologies in the field of EVs, inventive business models will lead the way and disrupt standard markets. Fixed and removable battery vehicles can co-exist and have the potential to lead to the accelerated adoption of 2-wheeler EVs.
Currently, EVs sold in the country, battery-swappable vehicles, are limited. Hence, this is a suitable time to bring in a new synergy and provide a level-playing field to proliferate battery swapping in the automobile market. Battery swapping merely means that vehicle and battery ownership is decentralised.
It can reduce the upfront cost of the vehicle, almost by half which means, for the consumer, the price of the vehicle is halved. Additionally, the risk of technology obsolescence is eradicated, and safety is ensured. Consumers have a wider portfolio of models to pick from, one that fits their style and needs.
Clearly, the benefits of battery swapping as an alternative can only be accrued if the industry supports the transition reasonably, and establishes an ecosystem that focuses on consumers’ needs, safety and convenience.
