According to the battery leasing service market report by Future Market Insights (FMI), the market is anticipated to move forward rapidly with a CAGR of 19.6% during the forecast period 2022-2032. Government initiatives that support the market, like the European Union’s CO2 emission regulations, China’s New Energy Vehicles mandate, etc., are boosting the battery leasing service market statistics.
As per the battery leasing service market study, the growing public awareness of climate change initiatives is driving the demand for battery-powered electric vehicles (EVs) and the adoption of battery leasing services. The study also finds that sales of battery leasing services rise as governments in various countries are reducing subsidies on vehicle purchases to close the price gap.
The spike in the number of cases related to vehicle breakdown due to battery issues, combined with rising electric vehicle sales around the world, results in consumer demand for battery leasing services, which is a major factor expected to fuel the global battery leasing service market growth.
Furthermore, battery leasing services adoption trends are bolstered by rising logistics activities in various countries and, increased government spending on transportation service development & the establishment of various service stations.
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Vehicle manufacturers are making significant investments to expand their product portfolios, and the same is anticipated to propel the battery leasing service market opportunities.
With increasing passenger vehicle sales in developing countries, manufacturers are moving toward the introduction of EV battery lease services included in the vehicle purchase, which has a huge impact on the battery leasing service market trends.
Emerging trends in the battery leasing service market include timely inspection of residual battery values by the service provider, free/warranted replacements, and service provider assistance in the event of a breakdown. However, factors such as high battery leasing prices and a lack of required infrastructure for battery charging are expected to stymie the global battery leasing service, negatively impacting the outlook of battery leasing.
Moreover, the high cost of battery leasing service maintenance is expected to limit the battery leasing service market growth to a considerable extent. Taking into account the factors mentioned above, the battery leasing service market size is expected to be worth US$ 248 Mn by 2026.
Key Takeaways:
- Due to the increasing need to reduce the upfront cost of EVs, the battery leasing subscription service segment likely holds a major battery leasing service market share.
- The market for Nickel Metal Hybrid (NiMh) battery leasing services in the United Kingdom is expected to grow by 25% by 2028 as they are rechargeable and widely used in consumer electronics and electric vehicles.
- By increasing its focus on improved vehicle economy and increasing EV sales, Germany’s battery leasing service market from the passenger vehicle segment is likely to dominate the battery leasing service market.
- As the number of vehicle breakdowns on highways in the United States is steadily increasing due to battery failure, the market in North America is expected to account for a significant revenue share.
“By 2028, the Asia Pacific market is expected to generate USD 150 million in revenue. Falling battery prices, rising EV adoption, and significant investments by leading automotive OEMs to secure the battery supply chains for future EVs are all boosting regional business growth. For market competitors in the region, the increased deployment of battery-as-a-service presents various emerging trends in the battery leasing service market.” asserts an FMI analyst.
Competitive Landscape:
Bounce Infinity, E-ChargeUp Solutions Private Limited, Ample, Inc., Contemporary Amperex Technology Co., Ltd., Esmito Solutions Private Limited, Gogoro Inc., NIO NextEV Limited, Numocity Technologies Private Limited, Lithion Power Private Limited, Octillion Power Systems, Renault Group, VoltUp, Sun Mobility Private Limited and Oyika Pte Ltd. are some of the major battery leasing companies in the battery leasing service market.
To support the rapid adoption of battery leasing services, companies emphasize strategic partnerships with various stakeholders, such as electric mobility manufacturers and government authorities.
Other factors expected to boost the battery leasing service market growth include major players expanding their business through acquisitions and expanding their product portfolio.
Recent developments in the battery leasing service market are as follows:
- Kia Motors Corporation, a multinational automaker, is concentrating on increasing the sale of electric vehicles. By 2030, the company wants to have 1,200 dedicated electric vehicle work bays in Korea.
It is also focusing on expanding its product portfolio by launching subscription services to provide customers with a more diverse buying option, as well as EV battery rental programs. This is considered to shape the battery leasing service market future trends to a large extent.
- EV battery leasing had been a joint venture between Hyundai and LG. The agreement covers the long-term electric cars battery lease for use in Energy Storage Systems (ESS). Under the terms of the agreement, Hyundai Motor will oversee overall company operations and sell Battery Electric Vehicles (BEV) to KST Mobility, a car operator.
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Key Segments
By Business Model:
- Subscription Service
- Pay-Per-Use Model
By Battery Type:
- Lithium-ion (Li-ion)
- Nickel Metal Hybrid
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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