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Global Battery as a Service Market Size Study & Forecast, By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Vehicle, and Commercial Vehicle), By Service (Battery Subscription and Pay-Per-Use), and Regional Analysis, 2023-2030

April 2024 | 200 pages | ID: GCA9FB16971EEN
Bizwit Research & Consulting LLP

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Global Battery as a Service Market is valued at approximately USD 1.14 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 21.4% over the forecast period 2023-2030. Battery as a Service (BaaS) in the automotive sector is a novel business model that presents an alternative to traditional electric vehicle (EV) ownership by separating the acquisition and maintenance of EV batteries from the vehicle itself. BaaS offers consumers the flexibility to lease or subscribe to EV batteries independently unlike the conventional EV ownership model where the battery is bundled with the vehicle's purchase price. This innovative approach aims to mitigate common challenges associated with EV adoption, such as high concerns about battery lifespan and degradation (especially for electric cars), and the need for convenient charging infrastructure. Various stakeholders contribute to this evolving market, including automakers, battery manufacturers, energy service providers, startups, and tech giants. The Battery as a Service Market is expanding because of factors such as increasing government initiatives, rising awareness of environmental issues, soaring demand for sustainable solutions, and rising focus on circular economy. BaaS integrates with the automotive sector's overarching transition towards sustainable transportation solutions, addressing consumer apprehensions regarding EV affordability and charging convenience.

In addition, the market is experiencing significant expansion, largely driven by the surging popularity of electric vehicles (EVs). Governments across the globe are implementing stringent emissions standards to combat air pollution and greenhouse gas emissions. EVs, which boast zero tailpipe emissions play a major role in meeting these regulatory mandates. The rapid rise of EVs is directly influencing the market growth. According to the International Energy Agency, China is leading with the highest battery electric vehicles (BEVs) stock followed by Europe and the United States. In 2020, it was estimated that nearly 3.5 million Battery Electric Vehicles (BEVs) were stocked in China, which reached 6.2 million in 2021. Also, approximately 1.8 million BEVs were stocked in Europe and 1.1 million in the United States, which will increase to 3 million in Europe and 1.3 million in the United States by 2021. Various automakers are increasingly focusing on the introduction of effective EV models as governments worldwide enforce stricter emissions regulations and consumers are inclined towards eco-conscious transportation alternatives. Battery as a Service (BaaS) emerges as a solution to mitigate the substantial upfront costs associated with EV ownership by decoupling the battery expense from the vehicle's purchase price. Thus, the rising adoption of electric vehicles is directly fostering the growth of the battery as a service market. Moreover, the rise in the development of advanced battery technologies, as well as the increasing expansion of charging infrastructure present various lucrative opportunities over the forecast years. However, the limited availability of battery swapping infrastructure and the high initial investment are challenging the market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Battery as a Service Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the surge in electric vehicle (EV) adoption, encompassing both passenger EVs and commercial electric vehicles. The growing popularity of EVs has propelled the demand for BaaS solutions, providing a cost-effective solution for range anxiety and lowering upfront costs for consumers and fleet operators. Furthermore, various countries across the Asia Pacific region are implementing policies and incentives to encourage electric mobility and curb emissions. These initiatives include EV subsidies, tax benefits, and regulations promoting the development of charging infrastructure and battery-swapping facilities. Such conducive regulatory environments are fostering the growth of BaaS models in the region. Whereas North America is expected to grow at a substantial CAGR over the forecast years. The rise in the adoption of battery vehicles, favourable government support, and stringent emission standards are significantly propelling the market demand across the region. BaaS models are gaining prominence as a means to overcome the cost barriers associated with EV ownership in the region.

Major market players included in this report are:

NIO Power (China)

Gogoro Inc. (Taiwan)

Immotor Inc. (China)

SUN Mobility Private Limited (India)

Upgrid Solutions Private Limited (India)

Numocity Technologies Private Limited (India)

Ample Inc. (U.S.)

Bounce Infinity Private Limited (India)

Esmito Solutions Private Limited (India)

Octillion Power Systems Pvt Ltd. (India)

Recent Developments in the Market:
  • In July 2023, Nio launched an upgraded battery leasing program that allows drivers to swap their battery packs for higher energy-density ones daily. This marks a departure from the previous practice of waiting months or years for such upgrades. Additionally, the company has expanded its recharging network.
  • In July 2023, Kia Corporation, headquartered in South Korea, announced its collaboration with several local companies to launch a trial electric vehicle (EV) battery subscription program.
  • In April 2023, Gogoro initiated its rapid six-second battery swapping services in India and unveiled a new smart scooter specifically designed for the B2B (business-to-business) market.
  • In February 2023, Magna and Yulu jointly introduced YUMA ENERGY, a battery-swapping network tailored for electric two-wheelers. This battery-as-a-service network is aimed at supporting Yulu's fleet and is available for use by other Original Equipment Manufacturers (OEMs) and mobile operators.
Global Battery as a Service Market Report Scope:
  • Historical Data – 2020 - 2021
  • Base Year for Estimation – 2022
  • Forecast period - 2023-2030
  • Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
  • Segments Covered - Vehicle Type, Service, Region
  • Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope - Free report customization (equivalent to up to 8 analysts’ working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define the market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters to detailed information about the crucial aspects such as driving factors & challenges that will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:

Two-Wheeler

Three-Wheeler

Passenger Vehicle

Commercial Vehicle

By Service:

Battery Subscription

Pay-Per-Use

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Middle East & Africa

Saudi Arabia

South Africa

Rest of Middle East & Africa
CHAPTER 1. EXECUTIVE SUMMARY

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
  1.2.1. Battery as a Service Market, by Region, 2020-2030 (USD Billion)
  1.2.2. Battery as a Service Market, by Vehicle Type, 2020-2030 (USD Billion)
  1.2.3. Battery as a Service Market, by Service, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

CHAPTER 2. GLOBAL BATTERY AS A SERVICE MARKET DEFINITION AND SCOPE

2.1. Objective of the Study
2.2. Market Definition & Scope
  2.2.1. Industry Evolution
  2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

CHAPTER 3. GLOBAL BATTERY AS A SERVICE MARKET DYNAMICS

3.1. Battery as a Service Market Impact Analysis (2020-2030)
  3.1.1. Market Drivers
    3.1.1.1. Increasing government initiatives
    3.1.1.2. Surging popularity of electric vehicles (EVs)
  3.1.2. Market Challenges
    3.1.2.1. Limited availability of battery-swapping infrastructure
    3.1.2.2. High initial investment
  3.1.3. Market Opportunities
    3.1.3.1. Rise in development of advanced battery technologies
    3.1.3.2. Increasing expansion of charging infrastructure

CHAPTER 4. GLOBAL BATTERY AS A SERVICE MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
  4.3.1. Political
  4.3.2. Economical
  4.3.3. Social
  4.3.4. Technological
  4.3.5. Environmental
  4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE

5.1. Market Snapshot
5.2. Global Battery as a Service Market by Vehicle Type, Performance - Potential Analysis
5.3. Global Battery as a Service Market Estimates & Forecasts by Vehicle Type 2020-2030 (USD Billion)
5.4. Battery as a Service Market, Sub Segment Analysis
  5.4.1. Two-Wheeler
  5.4.2. Three-Wheeler
  5.4.3. Passenger Vehicle
  5.4.4. Commercial Vehicle

CHAPTER 6. GLOBAL BATTERY AS A SERVICE MARKET, BY SERVICE

6.1. Market Snapshot
6.2. Global Battery as a Service Market by Service, Performance - Potential Analysis
6.3. Global Battery as a Service Market Estimates & Forecasts by Service 2020-2030 (USD Billion)
6.4. Battery as a Service Market, Sub Segment Analysis
  6.4.1. Battery Subscription
  6.4.2. Pay-Per-Use

CHAPTER 7. GLOBAL BATTERY AS A SERVICE MARKET, REGIONAL ANALYSIS

7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Battery as a Service Market, Regional Market Snapshot
7.4. North America Battery as a Service Market
  7.4.1. U.S. Battery as a Service Market
    7.4.1.1. Vehicle Type breakdown estimates & forecasts, 2020-2030
    7.4.1.2. Service breakdown estimates & forecasts, 2020-2030
  7.4.2. Canada Battery as a Service Market
7.5. Europe Battery as a Service Market Snapshot
  7.5.1. U.K. Battery as a Service Market
  7.5.2. Germany Battery as a Service Market
  7.5.3. France Battery as a Service Market
  7.5.4. Spain Battery as a Service Market
  7.5.5. Italy Battery as a Service Market
  7.5.6. Rest of Europe Battery as a Service Market
7.6. Asia-Pacific Battery as a Service Market Snapshot
  7.6.1. China Battery as a Service Market
  7.6.2. India Battery as a Service Market
  7.6.3. Japan Battery as a Service Market
  7.6.4. Australia Battery as a Service Market
  7.6.5. South Korea Battery as a Service Market
  7.6.6. Rest of Asia Pacific Battery as a Service Market
7.7. Latin America Battery as a Service Market Snapshot
  7.7.1. Brazil Battery as a Service Market
  7.7.2. Mexico Battery as a Service Market
7.8. Middle East & Africa Battery as a Service Market
  7.8.1. Saudi Arabia Battery as a Service Market
  7.8.2. South Africa Battery as a Service Market
  7.8.3. Rest of Middle East & Africa Battery as a Service Market

CHAPTER 8. COMPETITIVE INTELLIGENCE

8.1. Key Company SWOT Analysis
  8.1.1. Company
  8.1.2. Company
  8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
  8.3.1. NIO Power (China)
    8.3.1.1. Key Information
    8.3.1.2. Overview
    8.3.1.3. Financial (Subject to Data Availability)
    8.3.1.4. Product Summary
    8.3.1.5. Recent Developments
  8.3.2. Gogoro Inc. (Taiwan)
  8.3.3. Immotor Inc. (China)
  8.3.4. SUN Mobility Private Limited (India)
  8.3.5. Upgrid Solutions Private Limited (India)
  8.3.6. Numocity Technologies Private Limited (India)
  8.3.7. Ample Inc. (U.S.)
  8.3.8. Bounce Infinity Private Limited (India)
  8.3.9. Esmito Solutions Private Limited (India)
  8.3.10. Octillion Power Systems Pvt Ltd (India)

CHAPTER 9. RESEARCH PROCESS

9.1. Research Process
  9.1.1. Data Mining
  9.1.2. Analysis
  9.1.3. Market Estimation
  9.1.4. Validation
  9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

12 .LIST OF TABLES

TABLE 1. Global Battery as a Service Market, report scope
TABLE 2. Global Battery as a Service Market estimates & forecasts by Region 2020-2030 (USD Billion)
TABLE 3. Global Battery as a Service Market estimates & forecasts by Vehicle Type 2020-2030 (USD Billion)
TABLE 4. Global Battery as a Service Market estimates & forecasts by Service 2020-2030 (USD Billion)
TABLE 5. Global Battery as a Service Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 6. Global Battery as a Service Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 7. Global Battery as a Service Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 8. Global Battery as a Service Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 9. Global Battery as a Service Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 10. Global Battery as a Service Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 11. Global Battery as a Service Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 12. Global Battery as a Service Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 13. Global Battery as a Service Market by segment, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 14. Global Battery as a Service Market by region, estimates & forecasts, 2020-2030 (USD Billion)
TABLE 15. U.S. Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 16. U.S. Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 17. U.S. Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 18. Canada Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 19. Canada Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 20. Canada Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 21. UK Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 22. UK Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 23. UK Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 24. Germany Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 25. Germany Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 26. Germany Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 27. France Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 28. France Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 29. France Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 30. Italy Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 31. Italy Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 32. Italy Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 33. Spain Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 34. Spain Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 35. Spain Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 36. RoE Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 37. RoE Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 38. RoE Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 39. China Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 40. China Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 41. China Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 42. India Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 43. India Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 44. India Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 45. Japan Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 46. Japan Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 47. Japan Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 48. South Korea Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 49. South Korea Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 50. South Korea Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 51. Australia Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 52. Australia Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 53. Australia Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 54. RoAPAC Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 55. RoAPAC Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 56. RoAPAC Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 57. Brazil Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 58. Brazil Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 59. Brazil Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 60. Mexico Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 61. Mexico Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 62. Mexico Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 63. RoLA Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 64. RoLA Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 65. RoLA Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 66. Saudi Arabia Battery as a Service Market estimates & forecasts, 2020-2030 (USD Billion)
TABLE 67. South Africa Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 68. RoMEA Battery as a Service Market estimates & forecasts by segment 2020-2030 (USD Billion)
TABLE 69. List of secondary sources, used in the study of global Battery as a Service Market
TABLE 70. List of primary sources, used in the study of global Battery as a Service Market
TABLE 71. Years considered for the study
TABLE 72. Exchange rates considered
List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Battery as a Service Market, research methodology
FIG 2. Global Battery as a Service Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Battery as a Service Market, key trends 2022
FIG 5. Global Battery as a Service Market, growth prospects 2023-2030
FIG 6. Global Battery as a Service Market, porters 5 force model
FIG 7. Global Battery as a Service Market, pest analysis
FIG 8. Global Battery as a Service Market, value chain analysis
FIG 9. Global Battery as a Service Market by segment, 2020 & 2030 (USD Billion)
FIG 10. Global Battery as a Service Market by segment, 2020 & 2030 (USD Billion)
FIG 11. Global Battery as a Service Market by segment, 2020 & 2030 (USD Billion)
FIG 12. Global Battery as a Service Market by segment, 2020 & 2030 (USD Billion)
FIG 13. Global Battery as a Service Market by segment, 2020 & 2030 (USD Billion)
FIG 14. Global Battery as a Service Market, regional snapshot 2020 & 2030
FIG 15. North America Battery as a Service Market 2020 & 2030 (USD Billion)
FIG 16. Europe Battery as a Service Market 2020 & 2030 (USD Billion)
FIG 17. Asia Pacific Battery as a Service Market 2020 & 2030 (USD Billion)
FIG 18. Latin America Battery as a Service Market 2020 & 2030 (USD Billion)
FIG 19. Middle East & Africa Battery as a Service Market 2020 & 2030 (USD Billion)
List of tables and figures and dummy in nature, final lists may vary in the final deliverable


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