Global Battery as a Service Market Report 2022-2030 – Featuring Octillion, Epiroc, NIO, Harding Energy among others – EIN News | CarTailz

CHICAGO, UNITED STATES, Oct. 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 projected 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, ie 2022-2030.

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Ever increasing fuel prices along with rapidly increasing pollution levels will pave the way for the global battery-as-a-service market. The Battery-as-a-Service model is a core solution to concerns about high fuel costs. This model allows customers to lease batteries as a standalone component from the OEMs and replace them with the depleted battery.

Market Dynamics:
Driver:
The global battery-as-a-service market is expected to explore opportunities in the coming years, mainly due to the high battery cost and the new electric vehicle era. Electric vehicles (EVs) cost less than gasoline-based vehicles in terms of operation. However, the purchase price of electric vehicles is higher than that of gasoline-powered vehicles, which is mainly due to the high price of batteries installed in electric vehicles. The EV industry faces significant obstacles due to the high initial investment required, which can be solved by the Battery-as-a-Service model. The Battery-as-a-Service model can help combat this issue by allowing users to lease batteries from the OEMs as a standalone component, saving money on purchase.

In addition, government mandates in the US, China and other countries are playing a significant role in this ongoing transformation in the automotive sector, which will provide further attractive prospects for the battery-as-a-service market. The government emphasizes promoting the use of electric vehicles by offering sustainable incentives, tax breaks, etc. One such example is the efforts of the Indian government. The Maharashtra state government in India announced its EV policy in 2021, according to which the government will provide buyers with US$65.20 (INR 5,000) per kilowatt hour of battery capacity. The California government also announced that it would phase out gasoline-powered vehicles entirely by 2035, increasing the high margin for electric and hybrid vehicles.

Limitations:
The lack of consistency in battery design and compatibility can complicate the growth of the battery-as-a-service market. Additionally, the increasing number of incidents related to battery handling damage and lack of standardization may complicate the growth of the market.

Regional Analysis:
In the North American Battery-as-a-Service market, the USA leads with the highest market share
In the North American Battery-as-a-Service market, the US leads with the highest market share, largely due to growing government support for battery technology advances. Furthermore, due to the increasing adoption of electric vehicles, the US is expected to maintain its leading position in the battery-as-a-service market in the coming years as well. In terms of product type, the stationary segment is leading with the highest market share in the North American Battery-as-a-Service market.

Western Europe is projected to lead the European Battery-as-a-Service market in terms of compound annual growth rate
In the European battery-as-a-service market, Western Europe is expected to show the highest growth rate, mainly due to the increasing adoption of electric vehicles in the Netherlands, Norway, Sweden and other countries. Based on service type, the subscription model with the highest market share leads.

The Asia-Pacific region dominates the global Battery-as-a-Service market
The Asia-Pacific battery-as-a-service market leads with the highest market share in 2021 as the region is home to the world’s largest electric vehicle manufacturer, China. Besides China, Japan and South Korea will also see significant growth in the EV market as governments in these countries emphasize increasing EV deployment and building excellent EV infrastructure. Therefore, it offers attractive prospects for the Battery-as-a-Service market.

Passenger car segment becomes the leader in the battery-as-a-service market in the Middle East and Africa
The passenger car segment is a leader in the battery-as-a-service market in the Middle East and Africa, mainly due to reasons such as governments’ growing focus on encouraging the use of electric vehicles and the high per capita income that offers attractive opportunities for luxury electric vehicles. Saudi Arabia, South Africa and UAE are major contributors to the MEA battery as a service market.

Brazil has the highest CAGR in the South American Battery-as-a-Service market
In the South American battery-as-a-service market, Brazil is expected to show the highest growth rate due to increasing demand for batteries from the automotive, energy, transportation and logistics industries. Based on product type, the stationary segment captures the highest market share in the South American battery-as-a-service market.

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Competitive landscape:
Some of the major industry players analyzed in Battery as a Service market are Octillion, Epiroc, Contemporary Amperex Technology Co., Harding Energy, Inc., NIO, Global Technology Systems, Inc. etc.

Segmentation overview
The following are the various segments of the global battery as a service market:
By product type:
Stationary
Mobile/Portable

By service type:
subscription (rent)
Pay per use

By vehicle type:
2 & 3 wheel
passenger cars
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
Other (telehandlers, forklifts and others)

By region:
North America
The USA
Canada
Mexico

Europe
Western Europe
The United Kingdom
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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