As many as three legacy automakers could enter India’s battery-swapping market in the coming years, according to Indofast Energy's new CEO, Kamaldeep Singh. Their participation could bring greater scale to a segment largely driven by specialist swapping companies, emerging EV manufacturers and commercial fleet operators. Singh believes expanding infrastructure and changing vehicle ownership economics will encourage established manufacturers to explore the technology.
“Without taking any names, yes,” Singh told Autocar Professional when asked whether legacy automakers were showing interest in battery swapping. Pressed on the possibility of major launches in the coming years, he indicated that developments involving as many as three manufacturers could emerge, referring to the potential for large-scale production and partnerships. He said interest was coming from major Indian manufacturers as well as multinational automakers operating in the country.
Singh, however, declined to specify when these developments might translate into commercial launches. “There is a very long cycle of testing and everything,” he said, adding that Indofast was having “good discussions”. The company is working with manufacturers to understand how swapping technology, vehicle applications and customer requirements can be brought together.
Network Density Changes the Economics
Singh believes wider availability of swapping infrastructure will encourage more vehicle manufacturers to consider the technology. He compared the development of swapping networks with the expansion of dark stores in quick commerce, where greater network density has helped support new business models. “When you build very deep networks, there are new usages and new unit economics which come into play,” he said.
Indofast aims to establish more than 10,000 battery-swapping stations across over 50 cities by 2030, serving upwards of one million electric vehicle users. The expansion is intended to improve access to swapping infrastructure as demand for electric mobility increases. A denser network could also make swapping-compatible vehicles more practical for manufacturers and customers.
Commercial electric vehicles remain a key application for battery swapping, particularly among delivery riders and fleet operators covering more than 100 kilometres daily. These users often operate on changing routes and cannot afford extended charging downtime. Singh believes the need for quick energy replenishment and lower vehicle acquisition costs will continue to support demand from commercial users.
Private Buyers Could Follow
Singh expects battery swapping to eventually find acceptance among private electric vehicle owners as well. One factor could be the cost of battery replacement as India’s existing electric two-wheeler fleet ages. He pointed out that replacing a battery after several years could involve an expense equivalent to a substantial proportion of the vehicle’s value.
Charging convenience is another consideration, particularly for residents of high-rise apartments without dedicated charging facilities. For such customers, replacing a depleted battery within minutes could offer an alternative to conventional charging. Singh believes these factors, combined with greater network availability, could encourage private buyers to consider swapping-compatible vehicles.
Asked whether the first major battery replacement cycle among electric two-wheelers could become a tipping point for swapping, Singh was cautious about predicting its impact. He expects replacement demand to provide a positive stimulus to the industry but said the extent of that contribution remains uncertain. “What I don’t know is the quantum of it,” he said.
Legacy OEMs Assess the Opportunity
Honda is among the established manufacturers already offering battery swapping in India through its Activa e: electric scooter and Honda e network. However, most major automotive manufacturers continue to rely on conventional charging for their electric vehicle portfolios. Greater participation from established OEMs could expand the range of vehicles available with swappable batteries.
“This is an ecosystem play,” Singh said, referring to the involvement of vehicle manufacturers, fleet operators, delivery companies, battery technology providers and financiers. He believes these participants must work together to develop commercially viable solutions for different customer requirements. For OEMs, the opportunity involves evaluating vehicle technology, infrastructure availability, ownership models and operating economics.
Singh also pointed to differences between India and overseas markets, where battery swapping has seen varying levels of consumer adoption. India’s price sensitivity, vehicle usage patterns and charging requirements could influence how the market develops. “This is a new industry. There are no norms,” he said, referring to the evolving business models and customer applications.
Standardisation Still Evolving
Greater participation from established automakers could increase the importance of common battery standards and interoperability across vehicle platforms. Singh acknowledged the benefits of standardisation but said battery technologies were still evolving and the wider industry had not reached the stage where common standards could be adopted across applications. “We’re not there yet, as an ecosystem,” he said.
Indofast has developed interoperability within its own swapping ecosystem, allowing its battery technology to support different vehicle applications. Singh indicated that broader standardisation would require coordination among manufacturers, infrastructure providers and other participants. He also emphasised that technological development and customer requirements would continue to influence the industry’s direction.
Singh remains confident that battery swapping will extend beyond its current commercial applications as infrastructure expands and more manufacturers evaluate the technology. He expects new ownership models, improved convenience and the cost of battery replacement to influence customer adoption in the coming years. “We are quite bullish,” he said.