Battery as a Service Market by Leasing Type (Subscription, Pay-per-use), Usage (Private, Commercial), Vehicle Type (Two-wheelers, Three-wheelers, Passenger Cars, Commercial Vehicles), Battery Capacity, and Region - Global Forecast to 2035
The global battery as a service market is projected to reach USD 0.66 billion in 2024 to USD 14.45 billion in 2035, at a CAGR of 32.4% from 2024-2035. The commercial adoption of electric cars is expected to rise, driven by the cost savings and operational efficiency offered by the battery as a service model. This model helps lower operating costs, reduce downtime, and improve fleet performance. In Europe, where 40-60% of EV sales are for fleet use, battery leasing is likely to become a highly attractive option once battery prices stabilize. Additionally, the growing demand for electric three-wheelers in last-mile delivery and public transport, especially in rapidly urbanizing areas, is boosting the adoption of battery leasing services.
'Three-wheelers segment is expected to grow at the fastest rate in the battery as a service market during the forecast period.'
The three-wheelers segment is projected to exhibit the highest growth during the forecast period, primarily driven by the rapid adoption of electric three-wheelers and delivery vehicles in emerging markets such as India. The cost-effectiveness offered by battery leasing service and the need for affordable and sustainable transportation solutions fuel this growth. Mahindra Last Mile Mobility (India) has been offering battery leasing solutions for its Zor Grand and Treo Plus three-wheeler models in India since 2024. In December 2024, the company partnered with VidyutTech (India) to introduce a battery as a service offering for its three-wheeler commercial electric vehicles, with a aim to make EV ownership more affordable by providing a pay-as-you-go battery rental service, starting at just Rs 2.50 per kilometer. Similarly, in September 2024, Neuron Energy (India) partnered with Pointo (India) to lease lithium-ion batteries for commercial e-rickshaws. Neuron Energy to supply up to 12,000 high-capacity 5.1-kWh lithium-ion batteries for L3 category e-rickshaws, replacing lead-acid batteries. Further, in April 2024, Neuron Energy partnered with Urja Mobility (India) to lead the battery leasing model for e-rickshaws, commonly known as ‘toto,’ in Kolkata. Together, the companies aimed to establish a fleet of 5 million e-rickshaws across the country. Likewise, in March 2024, Sun Mobility (India) and Revfin (India) partnered to finance and deploy nearly 100,000 electric two- and three-wheelers under the battery as a service model.
'Commercial segment is expected to grow at the fastest rate in the battery as a service market during the forecast period.'
Battery leasing is witnessing rapid growth in the commercial segment, driven by the cost efficiency and operational flexibility it offers to fleet operators. Using the leasing options, the commercial fleet owners can lower their initial investment costs and reduce concerns regarding battery degradation. Fleet usage for cars is expected to grow faster, as the value proposition is especially beneficial for fleet operators who can capitalize on lower costs and streamlined operations. In Europe, where 40-60% of EVs are sold to fleets, battery leasing solutions presents a strong value proposition for cars, particularly as battery prices stabilize. Similarly, in India, MG introduced a value proposition of USD 11,557 (Rs. 10 lakh) for fleet providers. Further, electric three-wheelers which are mostly used for commercial purposes, are gaining momentum in countries such as India and China. Similarly, in December 2024, Mahindra Last Mile Mobility (India), in partnership with VidyutTech (India), introduced a battery leasing program for Mahindra ZEO (4W), the Zor Grand, and Treo Plus (3Ws). Likewise, Jiangsu Hanbang Vehicle Industry Co., Ltd. (China) offers a battery leasing option for select models of Meidi three-wheeler vehicles.
'Europe is expected to grow at the fastest rate in battery as a service market during the forecast period.'
Europe’s electric vehicle market has grown substantially, driven by environmental awareness, stringent emission regulations, and significant government incentives. With major cities implementing low-emission zones and the EU aiming to meet its 2030 sustainability targets, the region’s demand for electric mobility is accelerating. The UK, Germany, and France are leading this transition, with the UK becoming Europe’s largest EV market in 2024, bolstered by policy shifts like the Zero Emission Vehicle (ZEV) mandate. The challenges of high upfront costs and limited infrastructure create a promising opportunity for the growth of the battery as a service market in Europe. Additionally, as the region pushes for strict emission targets and a shift away from internal combustion engine vehicles, the growth of the battery service market is expected to increase in the coming years. NIO (China), Renault Group (France), Yamaha Motor Co., Ltd. (Japan), and Switch Mobility (UK) are some of the OEMs providing battery as a service solution with their vehicle models. VinFast for instance, is offering battery subscription service in its VF8 and VF9 vehicle models since 2022 in European markets such as Germany, France and Netherlands. Similarly, NIO is offering battery leasing service in its ET5, ET7, EL6, EL7 vehicle models in Germany since 2023.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
Research Coverage:
The report covers the battery as a service market in terms of Leasing Type (Subscription, Pay-per-use), Usage (Private, Commercial), Vehicle Type (Two-wheelers, Three-wheelers, Passenger Cars, Commercial Vehicles), Battery Capacity (Below 5 KWH, 5–10 KWH, 11–50 KWH, 51–100 KWH, above 100 KWH), and Region. It covers the competitive landscape and company profiles of the significant battery as a service market player.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
'Three-wheelers segment is expected to grow at the fastest rate in the battery as a service market during the forecast period.'
The three-wheelers segment is projected to exhibit the highest growth during the forecast period, primarily driven by the rapid adoption of electric three-wheelers and delivery vehicles in emerging markets such as India. The cost-effectiveness offered by battery leasing service and the need for affordable and sustainable transportation solutions fuel this growth. Mahindra Last Mile Mobility (India) has been offering battery leasing solutions for its Zor Grand and Treo Plus three-wheeler models in India since 2024. In December 2024, the company partnered with VidyutTech (India) to introduce a battery as a service offering for its three-wheeler commercial electric vehicles, with a aim to make EV ownership more affordable by providing a pay-as-you-go battery rental service, starting at just Rs 2.50 per kilometer. Similarly, in September 2024, Neuron Energy (India) partnered with Pointo (India) to lease lithium-ion batteries for commercial e-rickshaws. Neuron Energy to supply up to 12,000 high-capacity 5.1-kWh lithium-ion batteries for L3 category e-rickshaws, replacing lead-acid batteries. Further, in April 2024, Neuron Energy partnered with Urja Mobility (India) to lead the battery leasing model for e-rickshaws, commonly known as ‘toto,’ in Kolkata. Together, the companies aimed to establish a fleet of 5 million e-rickshaws across the country. Likewise, in March 2024, Sun Mobility (India) and Revfin (India) partnered to finance and deploy nearly 100,000 electric two- and three-wheelers under the battery as a service model.
'Commercial segment is expected to grow at the fastest rate in the battery as a service market during the forecast period.'
Battery leasing is witnessing rapid growth in the commercial segment, driven by the cost efficiency and operational flexibility it offers to fleet operators. Using the leasing options, the commercial fleet owners can lower their initial investment costs and reduce concerns regarding battery degradation. Fleet usage for cars is expected to grow faster, as the value proposition is especially beneficial for fleet operators who can capitalize on lower costs and streamlined operations. In Europe, where 40-60% of EVs are sold to fleets, battery leasing solutions presents a strong value proposition for cars, particularly as battery prices stabilize. Similarly, in India, MG introduced a value proposition of USD 11,557 (Rs. 10 lakh) for fleet providers. Further, electric three-wheelers which are mostly used for commercial purposes, are gaining momentum in countries such as India and China. Similarly, in December 2024, Mahindra Last Mile Mobility (India), in partnership with VidyutTech (India), introduced a battery leasing program for Mahindra ZEO (4W), the Zor Grand, and Treo Plus (3Ws). Likewise, Jiangsu Hanbang Vehicle Industry Co., Ltd. (China) offers a battery leasing option for select models of Meidi three-wheeler vehicles.
'Europe is expected to grow at the fastest rate in battery as a service market during the forecast period.'
Europe’s electric vehicle market has grown substantially, driven by environmental awareness, stringent emission regulations, and significant government incentives. With major cities implementing low-emission zones and the EU aiming to meet its 2030 sustainability targets, the region’s demand for electric mobility is accelerating. The UK, Germany, and France are leading this transition, with the UK becoming Europe’s largest EV market in 2024, bolstered by policy shifts like the Zero Emission Vehicle (ZEV) mandate. The challenges of high upfront costs and limited infrastructure create a promising opportunity for the growth of the battery as a service market in Europe. Additionally, as the region pushes for strict emission targets and a shift away from internal combustion engine vehicles, the growth of the battery service market is expected to increase in the coming years. NIO (China), Renault Group (France), Yamaha Motor Co., Ltd. (Japan), and Switch Mobility (UK) are some of the OEMs providing battery as a service solution with their vehicle models. VinFast for instance, is offering battery subscription service in its VF8 and VF9 vehicle models since 2022 in European markets such as Germany, France and Netherlands. Similarly, NIO is offering battery leasing service in its ET5, ET7, EL6, EL7 vehicle models in Germany since 2023.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I – 27%, Tier II – 21%, and OEMs – 52%
- By Designation: C-Level – 48%, D-Level – 36%, and Others – 16%
- By Region: Asia Pacific – 42%, North America – 28%, and Europe – 30%
Research Coverage:
The report covers the battery as a service market in terms of Leasing Type (Subscription, Pay-per-use), Usage (Private, Commercial), Vehicle Type (Two-wheelers, Three-wheelers, Passenger Cars, Commercial Vehicles), Battery Capacity (Below 5 KWH, 5–10 KWH, 11–50 KWH, 51–100 KWH, above 100 KWH), and Region. It covers the competitive landscape and company profiles of the significant battery as a service market player.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the battery as a service market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- The report also helps stakeholders understand the current and future pricing trends of the battery as a service market.
- The report will help market leaders/new entrants with information on various trends in battery as a service market based on leasing type, usage, vehicle type, and other parameters.
- Analysis of key drivers (Ease of EV ownership with battery leasing, Integration of battery swapping service), restraints (Limited scope in North America and Europe for two-wheeler & three-wheeler segments, Limited scope in private vehicle segment), opportunities (Increasing reliance on micro-mobility, Second-life battery storage, Expansion of battery leasing in industrial and commercial applications), and challenges (Dependency on battery asset companies, Shortage of lithium for use in EV batteries, Limited standardization in battery technology)
- Service Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new service offerings in the battery as a service market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the battery as a service market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the battery as a service market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like NIO (China), Gogoro (Taiwan), XPENG INC. (China), SAIC Motor Corporation Limited (China), and Vinfast (Vietnam), among others in battery as a service market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 INCLUSIONS & EXCLUSIONS
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 List of secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 List of primary participants
2.1.2.3 Primary interviewees
2.1.2.4 Breakdown of primary interviews
2.1.2.5 Insights from industry experts
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS AND CONSIDERATIONS
2.6 RESEARCH LIMITATIONS
2.7 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BATTERY AS A SERVICE MARKET
4.2 BATTERY AS A SERVICE MARKET, BY LEASING TYPE
4.3 BATTERY AS A SERVICE MARKET, BY USAGE
4.4 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE
4.5 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY
4.6 BATTERY AS A SERVICE MARKET, BY REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Ease of EV ownership with battery leasing
5.2.1.2 Integration of battery swapping service into battery leasing model
5.2.2 RESTRAINTS
5.2.2.1 Limited scope in North America and Europe for two- and three-wheelers
5.2.2.2 Limited scope in private vehicles segment
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing reliance on micromobility
5.2.3.2 Integration of second-life battery storage
5.2.3.3 Expansion of battery leasing model into industrial and commercial applications
5.2.4 CHALLENGES
5.2.4.1 Dependence on battery asset companies
5.2.4.2 Shortage of lithium for use in EV batteries
5.2.4.3 Limited standardization in battery technology
5.3 BUYING CRITERIA
5.3.1 BUYING CRITERIA
5.4 ECOSYSTEM ANALYSIS
5.4.1 BATTERY MANUFACTURERS
5.4.2 OEMS
5.4.3 BATTERY ASSET MANAGEMENT COMPANIES
5.4.4 FINANCIAL INSTITUTIONS
5.5 VALUE CHAIN ANALYSIS
5.6 PRICING ANALYSIS
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS
5.6.2 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE
5.6.3 AVERAGE SELLING PRICE TREND, BY REGION
5.7 BATTERY AS A SERVICE MARKET: BUSINESS MODEL
5.8 TECHNOLOGY ANALYSIS
5.8.1 KEY TECHNOLOGIES
5.8.1.1 GPS technology
5.8.1.2 New battery chemistries
5.8.2 COMPLEMENTARY TECHNOLOGIES
5.8.2.1 IoT in battery swapping
5.8.3 ADJACENT TECHNOLOGIES
5.8.3.1 Super hybrid battery
5.8.3.2 AB battery system
5.9 INVESTMENT SCENARIO
5.10 PATENT ANALYSIS
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.12 CASE STUDY ANALYSIS
5.12.1 GALP PARTNERED WITH SWOBBEE AND BOOST LOGISTICS TO LAUNCH NETWORK OF BATTERY SWAPPING STATIONS
5.12.2 NIO AND TESLA ADOPTED BATTERY AS A SERVICE MODEL TO ADDRESS RANGE ANXIETY AND LONG CHARGING TIME
5.12.3 RENAULT INTRODUCED FLEXIBLE BATTERY LEASING MODEL FOR ELECTRIC VEHICLES
5.12.4 URJA MOBILITY INTRODUCED COST-EFFECTIVE BATTERY LEASING MODEL FOR COMMERCIAL ELECTRIC VEHICLES
5.13 KEY CONFERENCES AND EVENTS, 2025–2026
5.14 REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS
5.15 IMPACT OF AI ON BATTERY AS A SERVICE MARKET
5.16 BATTERY LEASING IN COMMERCIAL FLEETS
5.16.1 TWO-WHEELERS
6 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY
6.1 INTRODUCTION
6.2 BELOW 5 KWH
6.2.1 RISING POPULARITY OF ELECTRIC TWO-WHEELERS IN URBAN AREAS TO DRIVE MARKET
6.3 5–10 KWH
6.3.1 GROWING DEMAND FOR THREE-WHEELERS TO DRIVE MARKET
6.4 11–50 KWH
6.4.1 GROWING DEMAND FOR BUDGET-FRIENDLY EVS TO DRIVE MARKET
6.5 51–100 KWH
6.5.1 RISING POPULARITY OF LUXURY EVS AND COMMERCIAL VEHICLES TO BOOST DEMAND
6.6 ABOVE 100 KWH
6.6.1 DEMAND FOR HEAVY-DUTY COMMERCIAL VEHICLES TO DRIVE MARKET
6.7 KEY INDUSTRY INSIGHTS
7 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE
7.1 INTRODUCTION
7.2 TWO-WHEELERS
7.2.1 GROWING DEMAND FOR LOW-COST DELIVERY VEHICLES TO DRIVE MARKET
7.3 THREE-WHEELERS
7.3.1 GROWING DEMAND FOR THREE-WHEELERS FOR PUBLIC TRANSPORT TO DRIVE GROWTH
7.4 PASSENGER CARS
7.4.1 NEED FOR FLEXIBLE PRICING AND OWNERSHIP MODELS TO BOOST DEMAND
7.5 COMMERCIAL VEHICLES
7.5.1 FOCUS ON REDUCING FLEET EMISSIONS TO SPUR DEMAND
7.6 KEY INDUSTRY INSIGHTS
8 BATTERY AS A SERVICE MARKET, BY LEASING TYPE
8.1 INTRODUCTION
8.2 SUBSCRIPTION
8.2.1 DEMAND FOR COST-EFFECTIVE LEASING OPTIONS TO DRIVE GROWTH
8.3 PAY-PER-USE
8.3.1 GROWTH OF PRIVATE OWNERSHIP OF ELECTRIC VEHICLES TO DRIVE MARKET
8.4 KEY INDUSTRY INSIGHTS
9 BATTERY AS A SERVICE MARKET, BY USAGE
9.1 INTRODUCTION
9.2 PRIVATE
9.2.1 RISE IN NUMBER OF CONSUMERS SEEKING AFFORDABLE OPTIONS TO DRIVE MARKET
9.3 COMMERCIAL
9.3.1 NEED FOR REDUCED COST VALUE PROPOSITION AND OPTIONS FOR BUYBACK OFFERS TO CREATE DEMAND
9.4 KEY INDUSTRY INSIGHTS
10 BATTERY AS A SERVICE MARKET, BY REGION
10.1 INTRODUCTION
10.2 ASIA PACIFIC
10.2.1 MACROECONOMIC OUTLOOK
10.2.2 CHINA
10.2.2.1 Focus of premium automakers on providing world-class features in EVs to drive growth
10.2.3 INDIA
10.2.3.1 Emphasis on providing cost-effective EV solutions to drive market
10.2.4 JAPAN
10.2.4.1 Focus of OEMs on developing advanced battery technologies to drive market
10.2.5 SOUTH KOREA
10.2.5.1 Government’s plans to allow battery subscription services to drive growth
10.3 NORTH AMERICA
10.3.1 MACROECONOMIC OUTLOOK
10.3.2 US
10.3.2.1 Demand for cost-effective EVs to drive demand for battery leasing subscriptions
10.3.3 CANADA
10.3.3.1 Government policies encouraging adoption of EVs to boost demand
10.4 EUROPE
10.4.1 MACROECONOMIC OUTLOOK
10.4.2 GERMANY
10.4.2.1 Robust demand for EVs for commercial purposes to drive market
10.4.3 FRANCE
10.4.3.1 Need for strict adherence to emission regulations to drive growth
10.4.4 ITALY
10.4.4.1 Government’s focus on fleet electrification to spur demand
10.4.5 SPAIN
10.4.5.1 Rising investments from key battery manufacturers to drive market
10.4.6 UK
10.4.6.1 Rising demand for BEVs to encourage market expansion
11 COMPETITIVE LANDSCAPE
11.1 INTRODUCTION
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024
11.3 MARKET SHARE ANALYSIS, 2023
11.3.1 MARKET RANKING, 2023
11.4 REVENUE ANALYSIS, 2019–2023
11.5 COMPANY VALUATION AND FINANCIAL METRICS
11.5.1 COMPANY VALUATION
11.5.2 FINANCIAL METRICS
11.6 BRAND/SERVICE COMPARISON
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
11.7.1 STARS
11.7.2 EMERGING LEADERS
11.7.3 PERVASIVE PLAYERS
11.7.4 PARTICIPANTS
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
11.7.5.1 Company footprint
11.7.5.2 Region footprint
11.7.5.3 Usage footprint
11.7.5.4 Vehicle type footprint
11.7.5.5 Leasing type footprint
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
11.8.1 PROGRESSIVE COMPANIES
11.8.2 RESPONSIVE COMPANIES
11.8.3 DYNAMIC COMPANIES
11.8.4 STARTING BLOCKS
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
11.8.5.1 Detailed list of startups/SMEs
11.8.5.2 Competitive benchmarking of startups/SMEs
11.9 COMPETITIVE SCENARIO
11.9.1 SERVICE LAUNCHES/DEVELOPMENTS
11.9.2 DEALS
11.9.3 EXPANSION
12 COMPANY PROFILES
12.1 KEY PLAYERS
12.1.1 NIO
12.1.1.1 Business overview
12.1.1.2 Services offered
12.1.1.3 Recent developments
12.1.1.3.1 Service launches/developments
12.1.1.3.2 Expansion
12.1.1.4 MnM view
12.1.1.4.1 Key strengths
12.1.1.4.2 Strategic choices
12.1.1.4.3 Weaknesses and competitive threats
12.1.2 GOGORO
12.1.2.1 Business overview
12.1.2.2 Services offered
12.1.2.3 Recent developments
12.1.2.3.1 Deals
12.1.2.4 MnM view
12.1.2.4.1 Key strengths
12.1.2.4.2 Strategic choices
12.1.2.4.3 Weaknesses and competitive threats
12.1.3 XPENG INC.
12.1.3.1 Business overview
12.1.3.2 Services offered
12.1.3.3 MnM view
12.1.3.3.1 Key strengths
12.1.3.3.2 Strategic choices
12.1.3.3.3 Weaknesses and competitive threats
12.1.4 SAIC MOTOR CORPORATION LIMITED
12.1.4.1 Business overview
12.1.4.2 Services offered
12.1.4.3 Recent developments
12.1.4.3.1 Deals
12.1.4.4 MnM view
12.1.4.4.1 Key strengths
12.1.4.4.2 Strategic choices
12.1.4.4.3 Weaknesses and competitive threats
12.1.5 VINFAST
12.1.5.1 Business overview
12.1.5.2 Services offered
12.1.5.3 Recent developments
12.1.5.3.1 Expansion
12.1.5.4 MnM view
12.1.5.4.1 Key strengths
12.1.5.4.2 Strategic choices
12.1.5.4.3 Weaknesses and competitive threats
12.1.6 MAHINDRA&MAHINDRA LTD.
12.1.6.1 Business overview
12.1.6.2 Services offered
12.1.6.3 Recent developments
12.1.6.3.1 Deals
12.1.7 BOUNCE INFINITY
12.1.7.1 Business overview
12.1.7.2 Services offered
12.1.7.3 Recent developments
12.1.7.3.1 Deals
12.1.8 YINSON GREEN TECHNOLOGIES
12.1.8.1 Business overview
12.1.8.2 Services offered
12.1.8.3 Recent developments
12.1.8.3.1 Expansion
12.1.9 LECTRIX E-VEHICLE PVT. LTD.
12.1.9.1 Business overview
12.1.9.2 Services offered
12.1.10 HYUNDAI MOTOR COMPANY
12.1.10.1 Business overview
12.1.10.2 Recent developments
12.1.10.2.1 Service launches/developments
12.1.10.2.2 Deals
12.1.11 YAMAHA MOTOR CO., LTD.
12.1.11.1 Business overview
12.1.11.2 Recent developments
12.1.11.2.1 Service launches/developments
12.1.11.2.2 Deals
12.1.12 NISSAN MOTOR CO., LTD.
12.1.12.1 Business overview
12.2 OTHER KEY PLAYERS
12.2.1 OEMS
12.2.1.1 Hero Electric Vehicles Pvt Ltd.
12.2.1.2 KYMCO
12.2.1.3 Renault Group
12.2.1.4 Beijing Automotive Group Co., Ltd.
12.2.1.5 Kinetic Green
12.2.1.6 Switch Mobility
12.2.1.7 Honda Power Pack Energy India Private Limited
12.2.1.8 ARC Ride
12.2.1.9 Basigo
12.2.2 BATTERY ASSET MANAGEMENT COMPANIES
12.2.2.1 Urja Mobility
12.2.2.2 Sun Mobility
12.2.2.3 Octillion
12.2.2.4 Battery Smart
12.2.2.5 Movio Technologies Private Limited
12.2.2.6 Contemporary Amperex Energy Service Technology Limited
13 RECOMMENDATIONS BY MARKETSANDMARKETS
13.1 RISING ADOPTION OF EVS FOR COMMERCIAL PURPOSES TO IMPACT DEMAND FOR BATTERY LEASING SERVICES IN ASIA PACIFIC
13.2 USE OF BATTERY SWAPPING SUBSCRIPTION FOR CUSTOMER EASE AND CONVENIENCE
13.3 PROVIDING VEHICLE BUYBACK OPTION TO PRIVATE EV USERS
13.4 CONCLUSION
14 APPENDIX
14.1 KEY INSIGHTS FROM INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE
14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.4 CUSTOMIZATION OPTIONS
14.4.1 ADDITIONAL COMPANY PROFILES (UP TO FIVE)
14.4.2 ADDITIONAL COUNTRIES (UP TO THREE)
14.4.3 DETAILED ANALYSIS OF BATTERY AS A SERVICE MARKET, BY VEHICLE RANGE
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 STUDY SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 INCLUSIONS & EXCLUSIONS
1.4 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 STAKEHOLDERS
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 List of secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 List of primary participants
2.1.2.3 Primary interviewees
2.1.2.4 Breakdown of primary interviews
2.1.2.5 Insights from industry experts
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
2.3 DATA TRIANGULATION
2.4 FACTOR ANALYSIS
2.5 RESEARCH ASSUMPTIONS AND CONSIDERATIONS
2.6 RESEARCH LIMITATIONS
2.7 RISK ASSESSMENT
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BATTERY AS A SERVICE MARKET
4.2 BATTERY AS A SERVICE MARKET, BY LEASING TYPE
4.3 BATTERY AS A SERVICE MARKET, BY USAGE
4.4 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE
4.5 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY
4.6 BATTERY AS A SERVICE MARKET, BY REGION
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
5.2.1 DRIVERS
5.2.1.1 Ease of EV ownership with battery leasing
5.2.1.2 Integration of battery swapping service into battery leasing model
5.2.2 RESTRAINTS
5.2.2.1 Limited scope in North America and Europe for two- and three-wheelers
5.2.2.2 Limited scope in private vehicles segment
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing reliance on micromobility
5.2.3.2 Integration of second-life battery storage
5.2.3.3 Expansion of battery leasing model into industrial and commercial applications
5.2.4 CHALLENGES
5.2.4.1 Dependence on battery asset companies
5.2.4.2 Shortage of lithium for use in EV batteries
5.2.4.3 Limited standardization in battery technology
5.3 BUYING CRITERIA
5.3.1 BUYING CRITERIA
5.4 ECOSYSTEM ANALYSIS
5.4.1 BATTERY MANUFACTURERS
5.4.2 OEMS
5.4.3 BATTERY ASSET MANAGEMENT COMPANIES
5.4.4 FINANCIAL INSTITUTIONS
5.5 VALUE CHAIN ANALYSIS
5.6 PRICING ANALYSIS
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS
5.6.2 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE
5.6.3 AVERAGE SELLING PRICE TREND, BY REGION
5.7 BATTERY AS A SERVICE MARKET: BUSINESS MODEL
5.8 TECHNOLOGY ANALYSIS
5.8.1 KEY TECHNOLOGIES
5.8.1.1 GPS technology
5.8.1.2 New battery chemistries
5.8.2 COMPLEMENTARY TECHNOLOGIES
5.8.2.1 IoT in battery swapping
5.8.3 ADJACENT TECHNOLOGIES
5.8.3.1 Super hybrid battery
5.8.3.2 AB battery system
5.9 INVESTMENT SCENARIO
5.10 PATENT ANALYSIS
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS
5.12 CASE STUDY ANALYSIS
5.12.1 GALP PARTNERED WITH SWOBBEE AND BOOST LOGISTICS TO LAUNCH NETWORK OF BATTERY SWAPPING STATIONS
5.12.2 NIO AND TESLA ADOPTED BATTERY AS A SERVICE MODEL TO ADDRESS RANGE ANXIETY AND LONG CHARGING TIME
5.12.3 RENAULT INTRODUCED FLEXIBLE BATTERY LEASING MODEL FOR ELECTRIC VEHICLES
5.12.4 URJA MOBILITY INTRODUCED COST-EFFECTIVE BATTERY LEASING MODEL FOR COMMERCIAL ELECTRIC VEHICLES
5.13 KEY CONFERENCES AND EVENTS, 2025–2026
5.14 REGULATORY LANDSCAPE
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS
5.15 IMPACT OF AI ON BATTERY AS A SERVICE MARKET
5.16 BATTERY LEASING IN COMMERCIAL FLEETS
5.16.1 TWO-WHEELERS
6 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY
6.1 INTRODUCTION
6.2 BELOW 5 KWH
6.2.1 RISING POPULARITY OF ELECTRIC TWO-WHEELERS IN URBAN AREAS TO DRIVE MARKET
6.3 5–10 KWH
6.3.1 GROWING DEMAND FOR THREE-WHEELERS TO DRIVE MARKET
6.4 11–50 KWH
6.4.1 GROWING DEMAND FOR BUDGET-FRIENDLY EVS TO DRIVE MARKET
6.5 51–100 KWH
6.5.1 RISING POPULARITY OF LUXURY EVS AND COMMERCIAL VEHICLES TO BOOST DEMAND
6.6 ABOVE 100 KWH
6.6.1 DEMAND FOR HEAVY-DUTY COMMERCIAL VEHICLES TO DRIVE MARKET
6.7 KEY INDUSTRY INSIGHTS
7 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE
7.1 INTRODUCTION
7.2 TWO-WHEELERS
7.2.1 GROWING DEMAND FOR LOW-COST DELIVERY VEHICLES TO DRIVE MARKET
7.3 THREE-WHEELERS
7.3.1 GROWING DEMAND FOR THREE-WHEELERS FOR PUBLIC TRANSPORT TO DRIVE GROWTH
7.4 PASSENGER CARS
7.4.1 NEED FOR FLEXIBLE PRICING AND OWNERSHIP MODELS TO BOOST DEMAND
7.5 COMMERCIAL VEHICLES
7.5.1 FOCUS ON REDUCING FLEET EMISSIONS TO SPUR DEMAND
7.6 KEY INDUSTRY INSIGHTS
8 BATTERY AS A SERVICE MARKET, BY LEASING TYPE
8.1 INTRODUCTION
8.2 SUBSCRIPTION
8.2.1 DEMAND FOR COST-EFFECTIVE LEASING OPTIONS TO DRIVE GROWTH
8.3 PAY-PER-USE
8.3.1 GROWTH OF PRIVATE OWNERSHIP OF ELECTRIC VEHICLES TO DRIVE MARKET
8.4 KEY INDUSTRY INSIGHTS
9 BATTERY AS A SERVICE MARKET, BY USAGE
9.1 INTRODUCTION
9.2 PRIVATE
9.2.1 RISE IN NUMBER OF CONSUMERS SEEKING AFFORDABLE OPTIONS TO DRIVE MARKET
9.3 COMMERCIAL
9.3.1 NEED FOR REDUCED COST VALUE PROPOSITION AND OPTIONS FOR BUYBACK OFFERS TO CREATE DEMAND
9.4 KEY INDUSTRY INSIGHTS
10 BATTERY AS A SERVICE MARKET, BY REGION
10.1 INTRODUCTION
10.2 ASIA PACIFIC
10.2.1 MACROECONOMIC OUTLOOK
10.2.2 CHINA
10.2.2.1 Focus of premium automakers on providing world-class features in EVs to drive growth
10.2.3 INDIA
10.2.3.1 Emphasis on providing cost-effective EV solutions to drive market
10.2.4 JAPAN
10.2.4.1 Focus of OEMs on developing advanced battery technologies to drive market
10.2.5 SOUTH KOREA
10.2.5.1 Government’s plans to allow battery subscription services to drive growth
10.3 NORTH AMERICA
10.3.1 MACROECONOMIC OUTLOOK
10.3.2 US
10.3.2.1 Demand for cost-effective EVs to drive demand for battery leasing subscriptions
10.3.3 CANADA
10.3.3.1 Government policies encouraging adoption of EVs to boost demand
10.4 EUROPE
10.4.1 MACROECONOMIC OUTLOOK
10.4.2 GERMANY
10.4.2.1 Robust demand for EVs for commercial purposes to drive market
10.4.3 FRANCE
10.4.3.1 Need for strict adherence to emission regulations to drive growth
10.4.4 ITALY
10.4.4.1 Government’s focus on fleet electrification to spur demand
10.4.5 SPAIN
10.4.5.1 Rising investments from key battery manufacturers to drive market
10.4.6 UK
10.4.6.1 Rising demand for BEVs to encourage market expansion
11 COMPETITIVE LANDSCAPE
11.1 INTRODUCTION
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024
11.3 MARKET SHARE ANALYSIS, 2023
11.3.1 MARKET RANKING, 2023
11.4 REVENUE ANALYSIS, 2019–2023
11.5 COMPANY VALUATION AND FINANCIAL METRICS
11.5.1 COMPANY VALUATION
11.5.2 FINANCIAL METRICS
11.6 BRAND/SERVICE COMPARISON
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
11.7.1 STARS
11.7.2 EMERGING LEADERS
11.7.3 PERVASIVE PLAYERS
11.7.4 PARTICIPANTS
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023
11.7.5.1 Company footprint
11.7.5.2 Region footprint
11.7.5.3 Usage footprint
11.7.5.4 Vehicle type footprint
11.7.5.5 Leasing type footprint
11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023
11.8.1 PROGRESSIVE COMPANIES
11.8.2 RESPONSIVE COMPANIES
11.8.3 DYNAMIC COMPANIES
11.8.4 STARTING BLOCKS
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023
11.8.5.1 Detailed list of startups/SMEs
11.8.5.2 Competitive benchmarking of startups/SMEs
11.9 COMPETITIVE SCENARIO
11.9.1 SERVICE LAUNCHES/DEVELOPMENTS
11.9.2 DEALS
11.9.3 EXPANSION
12 COMPANY PROFILES
12.1 KEY PLAYERS
12.1.1 NIO
12.1.1.1 Business overview
12.1.1.2 Services offered
12.1.1.3 Recent developments
12.1.1.3.1 Service launches/developments
12.1.1.3.2 Expansion
12.1.1.4 MnM view
12.1.1.4.1 Key strengths
12.1.1.4.2 Strategic choices
12.1.1.4.3 Weaknesses and competitive threats
12.1.2 GOGORO
12.1.2.1 Business overview
12.1.2.2 Services offered
12.1.2.3 Recent developments
12.1.2.3.1 Deals
12.1.2.4 MnM view
12.1.2.4.1 Key strengths
12.1.2.4.2 Strategic choices
12.1.2.4.3 Weaknesses and competitive threats
12.1.3 XPENG INC.
12.1.3.1 Business overview
12.1.3.2 Services offered
12.1.3.3 MnM view
12.1.3.3.1 Key strengths
12.1.3.3.2 Strategic choices
12.1.3.3.3 Weaknesses and competitive threats
12.1.4 SAIC MOTOR CORPORATION LIMITED
12.1.4.1 Business overview
12.1.4.2 Services offered
12.1.4.3 Recent developments
12.1.4.3.1 Deals
12.1.4.4 MnM view
12.1.4.4.1 Key strengths
12.1.4.4.2 Strategic choices
12.1.4.4.3 Weaknesses and competitive threats
12.1.5 VINFAST
12.1.5.1 Business overview
12.1.5.2 Services offered
12.1.5.3 Recent developments
12.1.5.3.1 Expansion
12.1.5.4 MnM view
12.1.5.4.1 Key strengths
12.1.5.4.2 Strategic choices
12.1.5.4.3 Weaknesses and competitive threats
12.1.6 MAHINDRA&MAHINDRA LTD.
12.1.6.1 Business overview
12.1.6.2 Services offered
12.1.6.3 Recent developments
12.1.6.3.1 Deals
12.1.7 BOUNCE INFINITY
12.1.7.1 Business overview
12.1.7.2 Services offered
12.1.7.3 Recent developments
12.1.7.3.1 Deals
12.1.8 YINSON GREEN TECHNOLOGIES
12.1.8.1 Business overview
12.1.8.2 Services offered
12.1.8.3 Recent developments
12.1.8.3.1 Expansion
12.1.9 LECTRIX E-VEHICLE PVT. LTD.
12.1.9.1 Business overview
12.1.9.2 Services offered
12.1.10 HYUNDAI MOTOR COMPANY
12.1.10.1 Business overview
12.1.10.2 Recent developments
12.1.10.2.1 Service launches/developments
12.1.10.2.2 Deals
12.1.11 YAMAHA MOTOR CO., LTD.
12.1.11.1 Business overview
12.1.11.2 Recent developments
12.1.11.2.1 Service launches/developments
12.1.11.2.2 Deals
12.1.12 NISSAN MOTOR CO., LTD.
12.1.12.1 Business overview
12.2 OTHER KEY PLAYERS
12.2.1 OEMS
12.2.1.1 Hero Electric Vehicles Pvt Ltd.
12.2.1.2 KYMCO
12.2.1.3 Renault Group
12.2.1.4 Beijing Automotive Group Co., Ltd.
12.2.1.5 Kinetic Green
12.2.1.6 Switch Mobility
12.2.1.7 Honda Power Pack Energy India Private Limited
12.2.1.8 ARC Ride
12.2.1.9 Basigo
12.2.2 BATTERY ASSET MANAGEMENT COMPANIES
12.2.2.1 Urja Mobility
12.2.2.2 Sun Mobility
12.2.2.3 Octillion
12.2.2.4 Battery Smart
12.2.2.5 Movio Technologies Private Limited
12.2.2.6 Contemporary Amperex Energy Service Technology Limited
13 RECOMMENDATIONS BY MARKETSANDMARKETS
13.1 RISING ADOPTION OF EVS FOR COMMERCIAL PURPOSES TO IMPACT DEMAND FOR BATTERY LEASING SERVICES IN ASIA PACIFIC
13.2 USE OF BATTERY SWAPPING SUBSCRIPTION FOR CUSTOMER EASE AND CONVENIENCE
13.3 PROVIDING VEHICLE BUYBACK OPTION TO PRIVATE EV USERS
13.4 CONCLUSION
14 APPENDIX
14.1 KEY INSIGHTS FROM INDUSTRY EXPERTS
14.2 DISCUSSION GUIDE
14.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
14.4 CUSTOMIZATION OPTIONS
14.4.1 ADDITIONAL COMPANY PROFILES (UP TO FIVE)
14.4.2 ADDITIONAL COUNTRIES (UP TO THREE)
14.4.3 DETAILED ANALYSIS OF BATTERY AS A SERVICE MARKET, BY VEHICLE RANGE
14.5 RELATED REPORTS
14.6 AUTHOR DETAILS
