The central government on Tuesday proposed to introduce a battery swapping policy to encourage buyers to opt for such vehicles.
Finance Minister Nirmala Sitharaman, while presenting the Union Budget, stated that the private sector will be encouraged to develop sustainable and innovative business models for â€˜Battery or Energy as a Serviceâ€™.
The government said it will soon bring an EV battery swapping policy and interoperability standards will be formulated for EV automakers.
Electric vehicle battery swapping is a place at which an electric vehicle’s discharged battery or battery pack can be immediately swapped for a fully charged one, eliminating the delay involved in waiting for a vehicle’s battery to charge.
The global electric vehicle battery swapping market was valued at $100.1 million in 2020, and is projected to reach $852.6 million by 2030, registering a CAGR of 24.4 per cent, according to Allied Market Research.
With battery swapping, an owner can simply pull out a depleted battery and replace it with a fully charged unit and, thus, not have to contend with a recharging wait time. Currently, removable battery technology already exists with a few manufacturers like Hero Electric, Revolt, Bounce and Simple Energy, other than a few other Chinese origin vehicle brands. Others like Bajaj, TVS, Ather and OLA do not have removable batteries.