Global Battery as a Service Market Report 2022-2030 – Featuring Octillion, Epiroc, NIO, Harding Energy Among Others

CHICAGO, UNITED STATES, October 31, 2022 /EINPresswire.com/ -- The global battery as a service market size was US$ 142.7 million in 2021. The global battery as a service market is expected to grow to US$ 1,097.6 million by 2030 by registering a compound annual growth rate (CAGR) of 25.9% during the study period, i.e., 2022-2030.

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The steadily growing rate of fuel prices, along with the swiftly rising pollution levels, will pave the path for the global battery as a service market. Battery as a service model is a core solution for the concern related to the high cost of fuel. This model allows customers to lease batteries as a distinct component from the OEMs and replace it with the discharged battery.

Market Dynamics:
Drivers:
The global battery as a service market is expected to explore opportunities in the coming years, majorly because of the high battery cost and the new era of the electric vehicle. Electric vehicles (EVs) costs lower than gasoline-based vehicles, in terms of operation. However, the initial purchase price of electric vehicles is higher than gasoline-powered vehicles, majorly due to the high price of batteries installed in EVs. The EV industry is confronting significant obstacles due to the need for high initial investments, which can be solved through battery-as a service model. Battery as a service model can help combat this issue, as it allows users to lease batteries from the OEMs as a distinct component, thereby saving money at the time of purchase.

Further, government mandates in the US, China, and other countries are also playing a significant role in this ongoing transformation in the automobile sector, which will further present attractive prospects for the battery as a service market. The government is emphasizing promoting the use of EVs by offering sustaining incentives, tax rebates, etc. One such example is the effort taken by the government of India. The government of Maharashtra state in India announced its EV policy in 2021, wherein the government will provide US$ 65.20 (INR 5,000) per kilowatt-hour of battery capacity to the purchasers. California government also announced to completely phase out gasoline-powered vehicles by 2035, raising the high scope for electric vehicles and hybrid vehicles.

Restraints:
The lack of uniformity in battery design and compatibility may complicate the growth of the battery as a service market. Additionally, the growing rate of incidences associated with damage to the battery handling and lack of standardization may complicate the growth of the market.

Regional Analysis:
In the North America battery as a service market, the US leads with the highest market share
In the North America battery as a service market, the US leads with the highest market share, majorly due to the growing government support for bringing advancement in battery technology. Additionally, the US is expected to maintain its lead in the battery as a service market even in the coming years due to the growing adoption of electric vehicles. in terms of product type, the stationary segment is leading with the highest market share in the North America battery as a service market.

Western Europe to lead in the Europe Battery as a Service Market in terms of compound annual growth rate
In Europe battery as a service market, Western Europe is expected to exhibit the highest growth rate, majorly due to the growing penetration of electric vehicles in the Netherlands, Norway, Sweden, and other countries. On the basis of service type, the subscription model is leading with the highest market share.

Asia-Pacific is dominating the global Battery as a Service market
The Asia-Pacific battery as a service market is leading with the highest market share in 2021 due to the fact that the region is home to the world's largest producer of EVs, China. Apart from China, Japan and South Korea will also register significant growth in the electric vehicle market because governments in these countries are emphasizing increasing the deployment of EVs and establishing an excellent EV infrastructure. Therefore, it will present attractive prospects for the battery as a service market.

Passenger cars segment to lead in the Middle East & Africa battery as a service market
The passenger cars segment is leading in the Middle East & Africa Battery as a Service market, majorly because of the reasons like the growing focus of governments on promoting the usage of electric vehicles, along with the high per capita income, which presents attractive opportunities for luxury electric vehicles. Saudi Arabia, South Africa, and UAE are having high contributions to the MEA battery as a service market.

Brazil to exhibit the highest CAGR in the South America Battery as a-Service Market
In South America battery as a service market, Brazil is expected to exhibit the highest growth rate because of the escalating demand for batteries from the automotive, energy, and transportation & logistics industry. On the basis of product type, the stationary segment garners the highest market share in the South America battery as a service market.

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Competitive Landscape:
Some of the key industry players analyzed in the battery as a service market include Octillion, Epiroc, Contemporary Amperex Technology Co., Harding Energy, Inc., NIO, Global Technology Systems, Inc., etc.

Segmentation Overview
The following are the different segments of the Global Battery as a Service Market:
By Product Type:
Stationary
Mobile/Portable

By Service Type:
Subscription (Rental)
Pay Per Use

By Vehicle Type:
2 & 3-Wheeler
Passenger Car
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
Others (Telehandler, forklifts and others)

By Region:
North America
The U.S.
Canada
Mexico

Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe

Asia Pacific
China
India
Japan
South Korea
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Argentina
Brazil
Rest of South America

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About Astute Analytica
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