Battery swapping involve exchanging of discharged batteries for charged ones and provide method to charge them separately. This reduces the downtime of Electric vehicle on road. It is as equivalent as filling the gas in a vehicle. Currently battery swapping is limited to 2 & 3 Wheel vehicles, yet the research is underway to replicate the same for LMV and Bus.
Battery swapping provides three key benefits compared to the current onboard charging of batteries, time, space, upfront cost. Battery swapping comes under the broader segment of Battery as a Service model where anyone can setup battery swapping station and can rent a battery on subscription basis which can be monthly or yearly, this reduces the upfront cost of electric vehicle by 50-60%