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Battery as a Service (BaaS) provides three major facilities including separation of automobile and battery renting, electricity, up-gradation and rechargeable and replaceable of batteries. Consumers can easily let batteries as a stand-alone part from automobiles through the battery-as-a-service business. The total overall cost of an electric car can be reduced significantly by leasing the battery. This innovative business provides solves battery charging issues to ease an EV’s short-range difficulties.
The increased demand and sales of electric vehicles due to favourable government regulations and increased prices of fuel in the market. Also due to severe environmental regulations, the adoption of electric vehicles has rapidly increased. The ease provided to the customers by the BaaS providers is one of the major factors driving the growth of the market. However, the damage caused to the batteries while handling by consumers and service providers and the high production cost of the battery is expected to hamper the growth of the market.
Key Market Driver -
The increased sales of electric vehicles and favorable government regulations are expected to drive the growth of the market.
Key Market Restraint -
the increased cost of production of batteries and the damage caused to the batteries while handling them are some of the major factors hampering the growth of the market.
The global battery as a service market is segmented by type, by service, by application and by geography. Based on type the market is further sub-segmented into stationary equipment and mobile equipment. The mobile equipment segment is expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. The increased demand for electric vehicles and rapid adoption of smartphones by users are expected to boot the growth of the market.
Based on service the market is segmented into swappable and upgradable batteries, chargeable, battery subscription, and vehicle-battery separation. Among these, swappable and upgradable batteries accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. the low cost of availability and the battery swapping takes less time and it also requires less infrastructure as compared to charging stations.
Based on application the market is segmented into automotive and transport, energy, industrial and others. The automotive and transport segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. Owing to the increased demand and sales of electric buses, electric two-wheelers and electric cars among the developing countries the market is expected to experience a boost over the forecast period.
Major players operating in the global battery as a service market include NIO, Global Technology Systems, Inc., Epiroc; Contemporary Amperex Technology Co., Limited, KST Mobility Co., Ltd., AND Magna International, Inc, among others. These key players will explore a new innovative business model for electric vehicle battery leasing.
Geographically, the global battery as a service market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Europe held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. This can be attributed due to the presence of major key players in the region and due to the significant rise in the implementation of electric vehicles in the region.
The Asia Pacific is expected to be the second-largest region for the market and it is expected to grow rapidly over the forecast period. Due to the increase in investment in electric cars the market is expected to experience a boost. China is the largest and the fastest-growing market, the high rate of EV adoption is estimated to boost the demand of battery-as-a service market. North America is expected to account for a considerable share in the market over the forecast period the increased adoption of electric vehicles in the region and the presence of major players in the region are some of the major factors driving the growth of the market.
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