The report identifies battery swapping as a growing trend in India, especially for two- and three-wheelers. Major automotive companies are investing in battery-swapping technologies to make EVs more accessible and affordable for consumers.
The global electric vehicle (EV) charging infrastructure market is set to grow substantially, with revenues forecasted to increase from $25.9 billion in 2023 to $164 billion by 2030, according to the latest report from 1Lattice, a leading market intelligence firm. The report, titled "Electric Vehicles: Charging Market Assessment," reveals a compound annual growth rate (CAGR) of approximately 12% globally, while India's EV charging market is expected to grow at a CAGR of 16%, driven by rising EV adoption due to environmental concerns and volatile fuel prices.