What are Major Factors Contributing to Boom of EV Battery Swapping For Two- and Three-Wheeler Market?

Around the world, governments are promoting electric vehicles (EVs) because of the increasing level of air pollution and growing problem of road congestion in major urban areas. In this regard, not only have stringent emission reduction targets been imposed on conventional gasoline and diesel vehicles, but the manufacturers and buyers of EVs are being offered financial incentives, such as subsidies, tax rebates, and registration fee concessions. For instance, the Californian government offered a 10% federal tax credit in 2017 on the purchase of electric motorcycles costing up to $2,500.

Further, in whichever places charging stations do exist in substantial numbers, most are AC slow chargers, which can take 6–12 hours to fully charge an EV battery. This becomes a problem for two- and three-wheelers, as such automobiles, especially those used for shared mobility services, must be operational round the clock, for the service provider to make enough money. Grounding the automobile for half a day would lead to massive revenue losses, thereby making EVs more expensive than conventional vehicles, operationally, in the long run.

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Presently, more lithium-ion (Li-ion) batteries are swapped than sealed lead–acid (SLA) batteries, simply because most of the two-wheelers around the world have Li-ion batteries. In 2019, 65%,97%,and 92% of total EVs sold in Asia-Pacific (APAC), Europe, and North America, respectively, had Li-ion batteries. These batteries are not only less toxic to the environment when disposed of, but they also boast a higher energy density, which results in a longer driving range for the same amount of charge as an SLA battery.

APAC has been the largest EV battery swapping market for two- and three-wheeler till now by a huge margin. India and China account for the highest sales of such EVs in the world, while Taiwan is the only country to have successfully commercialized the battery swapping model for these automobiles. Moreover, countries in the region are also promoting the integration of the battery swapping technology in EVs. For instance, China will not offer any incentives for EVs priced above $42,362.7 (RMB 300,000) unless they have a swappable battery.

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Therefore, with the persisting range anxiety with EVs, which must be adopted on a massive scale to clean up the environment, the battery swapping technology, especially for electric two- and three-wheelers, is garnering widespread interest around the world.