Battery swapping industry needs incentives

With the rapidly growing demand for EVs, the market for battery swapping vehicles is also constantly expanding, especially in the 2W and 3W vehicle segments. As of 2024, the size of battery swapping market stands at around $500 million in India and around $4.18 billion worldwide. It is projected to grow at a CAGR of around 47 per cent by 2036 across the world.