India Battery Swapping for Electric Two-Wheelers Market Share

Market Share of India Battery Swapping for Electric Two-Wheelers Industry

The market is considered to be fragmented with the market being occupied by several local and global players. As the optimistic electric two-wheeler scenario seems to be encouraging several players are expanding their presence in this new market by adopting various growth strategies such as mergers, acquisitions, collaborations, etc which were earlier dominated by startups. For instance,

• In October 2022, Mooving adopted a platform strategy to become the largest and densest battery-swapping network provider for EVs in the country. Currently, it is one of the leading providers of battery swapping and battery subscriptions (BAAS - Battery as a Service) for electric two-wheelers and three-wheelers in the country.
• In September 2022, Hero Electric, the largest and oldest E2W company, in a strategic move to revolutionize battery swapping in Mumbai, announced a partnership with one-stop battery swapping start-up VoltUp and Adani Electricity. Committed to developing the EV sector, this is a first wherein OEM, infrastructure, last mile partners, and a battery-swapping start-up have come together to boost smart mobility.
• In May 2022, Bounce Infinity announced plans to establish its battery-swapping eco-system soon. The EV manufactured has joined forces with Bharat Petroleum Corporation Ltd (BPCL) for it and will set up 3,000 swap stations. Bounce Infinity offers its e-scooter, the E1, in two formats, with and without the battery. Buyers can bring home the scooter without the battery unit and can rely on the swap stations for their needs. The latter will be available on a subscription basis.

India Battery Swapping for Electric Two-Wheelers Market Leaders

1. Sun Mobility Private Limited

2. Ola Electric Mobility

3. Lithion ion Private Limited

4. Okaya Power Group

5. Voltup.in

*Disclaimer: Major Players sorted in no particular order