Pune, India., Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global battery as a service market size was valued at USD 1.14 billion in 2022 and market is expected to grow from USD 1.37 billion in 2023 to USD 5.30 billion by 2030, exhibiting a CAGR of 21.4% over the forecast period.
Consumers get the option of leasing batteries or subscribing to the EV battery separately from the vehicle by using the automotive BaaS. The market growth can be attributed to the growing transition toward electric mobility. Moreover, BaaS is in line with the automotive sector’s shift toward sustainable offerings and addresses the concerns of consumers regarding the convenience and affordability of electric vehicles.
Market Drivers & Restraints-
Surging Adoption of Electric Vehicles to Escalate the Market Growth
One of the major factors propelling the battery as a service market growth is a rise in the adoption of electric vehicles. BaaS separates the battery cost from the vehicle’s purchase price and provides a solution to the steep upfront price of electric vehicles. Governments across the globe are implementing tighter emission regulations, and consumers are looking for eco-friendly transportation alternatives; hence, the automotive manufacturers are introducing more EV models. The growing penetration of these vehicles is driving the market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 21.4% |
| 2030 Value Projection | USD 5.30 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 1.37 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Leading Players Focus on Product Innovations to Boost their Position
NIO is serving as a crucial market player due to ongoing innovations in research and development and commitment toward consistent development in the BaaS model. Several players are focusing on strategies such as collaborations, joint ventures, and others. Moreover, leading companies are emphasizing launching enhanced capabilities of battery as a service solutions to reinforce their position.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/battery-as-a-service-market-105795
Segments Analysis-
Government Incentives to Boost the Two-wheeler Segment Growth
By vehicle type, the market is divided into three-wheeler, commercial vehicle, passenger vehicle, and two-wheeler. The two-wheeler segment captured the largest share in 2022. The incentives by the government and concerns about the environment have led to a global shift toward electric two-wheelers. This factor is fostering two-wheeler segment growth.
Flexibility Offered by Battery Subscription Model to Foster Segment Growth
In terms of service, the market is bifurcated into pay-per use and battery subscription. The battery subscription segment accounted for the largest battery as a service market share in 2022. In a battery subscription model, consumers get the flexibility to select from different subscription plans depending on their driving requirements. This factor is bolstering the battery subscription segment growth.
From the regional perspective, the battery as a service market is divided into the Asia Pacific, Europe, North America, and the rest of the world.
| Segmentation | By Vehicle Type
|
By Service
|
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Regional Insights-
Asia Pacific Held Largest Share Due to Growing Promotion of Electric Mobility
The Asia Pacific market for battery as a service captured the largest share in 2022. Several nations in the region are introducing incentives for promoting electric mobility. This factor is driving the regional growth.
Europe market for battery as a service accounts for a substantial share, owing to surging electric vehicle adoption.
Report Coverage:
The report provides detailed insights into the major factors proliferating the market growth. It further encompasses an in-depth analysis of the COVID-19 impact on the market growth, the latest trends, and restraining factors. Other aspects of the report include the key strategies deployed by prominent market players to enhance their position.
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A list of prominent Battery as a Service manufacturers operating in the global market:
- NIO Power (China)
- Gogoro (Taiwan)
- Immotor (China)
- SUN MOBILITY PRIVATE LIMITED (India)
- Upgrid Solutions Private Limited (India)
- Numocity (India)
- Ample (U.S.)
- Bounce Infinity (India)
- Esmito Solutions Pvt Ltd (India)
- Octillion (India)
COVID-19 Impact:
Supply Chain Upheavals Had a Negative Impact on the Market
The COVID-19 pandemic witnessed the scarcity of critical components required for electric vehicles, including batteries, due to the upheavals in supply chains. The reduction in consumer spending on big-ticket items such as electric vehicles was also observed as many consumers faced financial uncertainty. Thus, these factors influenced the market negatively.
Notable Industry Development:
April 2023: Hyundai Motor announced its intent to form a joint venture with SK On for EV battery cell production in the U.S.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Battery as a Service Market
- Key Industry Developments
- Global Battery as a Service Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Service
- Battery Subscription
- Pay-Per-Use
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Battery as a Service Market Analysis, Insights, and Forecast, 2019-2030
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Service
- Battery Subscription
- Pay-Per-Use
- Market Analysis, Insights, and Forecast – By Country
- U.S.
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Canada
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Mexico
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- U.S.
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Europe Battery as a Service Market Analysis, Insights, and Forecast, 2019-2030
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Service
- Battery Subscription
- Pay-Per-Use
- Market Analysis, Insights, and Forecast – By Country
- Germany
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- France
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- U.K.
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Rest of Europe
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Germany
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Asia Pacific Battery as a Service Market Analysis, Insights, and Forecast, 2019-2030
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Service
- Battery Subscription
- Pay-Per-Use
- Market Analysis, Insights, and Forecast – By Country
- China
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Japan
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- India
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- South Korea
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- Rest of Asia Pacific
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Market Analysis, Insights, and Forecast – By Service
- China
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Rest of World Battery as a Service Market Analysis, Insights, and Forecast, 2019-2030
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Two-Wheeler
- Three-Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Service
- Battery Subscription
- Pay-Per-Use
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Competitive Analysis
- Global Market Ranking Analysis (2022)
- Competition Dashboard
- Company Profiles (Overview, Products & Components, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability))
- NIO Power
- Gogoro
- Immotor
- SUN MOBILITY PRIVATE LIMITED
- Upgrid Solutions Private Limited
- Numocity
- Ample
- Bounce infinity
- Esmito Solutions Pvt Ltd
- Octillion
Continued...
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