Battery as a Service (BaaS) provides three services including separation of automobile and electricity, battery renting, and rechargeable, replaceable, and upgradation of batteries. Customers can lease batteries as a stand-alone component from automobiles under the Battery-as-a-Service business. The upfront cost of an electric car can be reduced by leasing the battery. This innovative business offers battery changing solutions to alleviate an EV’s short range difficulties. In comparison to a charging station, battery swapping takes less time and requires fewer infrastructures.
Key Drivers and Emerging Trends
The factors driving the global Battery as a Service market include increasing electric vehicle sale due to favourable government schemes and funding along with increasing consumer awareness towards the environment friendly transportation. For instance, according to the International Energy Agency Organization in 2020, the global electric vehicle sale registered more than 7 Million which is increasing at 2 Million annually. It created massive demand for the Battery as a service market in developing and developed countries. Instead of purchasing a battery pack with an electric car, the owner of the car can lease or subscribe to a battery subscription plan, which is a more cost-effective option. The consumer has more negotiating power with the Battery-as-a-Service method since they can buy simply the car shell entirely and simply pay the rental rates for the batteries.
Furthermore, leasing and renting battery packs offers additional benefits such as free/warrantied replacements, timely assessment of battery residual values by the service provider, and service provider help in the case of a breakdown. With such leasing models spanning service, shared logistics, mobility, and delivery organisations with big fleets are projected to save money. Further, increasing energy demand in the industries due to industrialization and rising investment for increasing the production have propelled the battery as a service market.
Restraint in the Battery as a Service Market
From a production standpoint, batteries must be checked to ensure optimal safety by avoiding a range of defects. The battery housing of LIBs, for example, must be completely sealed since the electrolyte creates extremely toxic hydrofluoric acid when it reacts with water, which is dangerous to both humans and the environment. Metallic contaminants that might occur during the housing’s welding process might result in a shoddy product. Thus, the damage of the battery during handling from the consumers and service providers along with high cost of battery production may hinder the battery as a service market growth.
Top Market Players
Various notable players operating in the market, include NIO, Epiroc, Global Technology Systems, Inc., Contemporary Amperex Technology Co., KST Mobility Co., Ltd., Octillion, Rock Clean Energy, and among others.
The battery-as-a-service market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
The global battery-as-a-service market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of battery-as-a-service market for the base year 2021 and the forecast between 2022 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global battery-as-a-service market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the battery-as-a-service market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted battery-as-a-service market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
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- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
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