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Report
Battery as a Service Market by Leasing Type (Subscription, Pay-per-use), Usage (Private, Commercial), Vehicle Type (Two-wheelers, Three-wheelers, Passenger Cars, Commercial Vehicles), Battery Capacity, and Region - Global Forecast to 2035
Market Report I 2025-01-30 I 256 Pages I MarketsandMarkets
The global battery as a service market is projected to reach USD 0.66 billion in 2024 to USD 14.45 billion in 2035, at a CAGR of 32.4% from 2024-2035. The commercial adoption of electric cars is expected to rise, driven by the cost savings and operational efficiency offered by the battery as a service model. This model helps lower operating costs, reduce downtime, and improve fleet performance. In Europe, where 40-60% of EV sales are for fleet use, battery leasing is likely to become a highly attractive option once battery prices stabilize. Additionally, the growing demand for electric three-wheelers in last-mile delivery and public transport, especially in rapidly urbanizing areas, is boosting the adoption of battery leasing services.
"Three-wheelers segment is expected to grow at the fastest rate in the battery as a service market during the forecast period."
The three-wheelers segment is projected to exhibit the highest growth during the forecast period, primarily driven by the rapid adoption of electric three-wheelers and delivery vehicles in emerging markets such as India. The cost-effectiveness offered by battery leasing service and the need for affordable and sustainable transportation solutions fuel this growth. Mahindra Last Mile Mobility (India) has been offering battery leasing solutions for its Zor Grand and Treo Plus three-wheeler models in India since 2024. In December 2024, the company partnered with VidyutTech (India) to introduce a battery as a service offering for its three-wheeler commercial electric vehicles, with a aim to make EV ownership more affordable by providing a pay-as-you-go battery rental service, starting at just Rs 2.50 per kilometer. Similarly, in September 2024, Neuron Energy (India) partnered with Pointo (India) to lease lithium-ion batteries for commercial e-rickshaws. Neuron Energy to supply up to 12,000 high-capacity 5.1-kWh lithium-ion batteries for L3 category e-rickshaws, replacing lead-acid batteries. Further, in April 2024, Neuron Energy partnered with Urja Mobility (India) to lead the battery leasing model for e-rickshaws, commonly known as 'toto,' in Kolkata. Together, the companies aimed to establish a fleet of 5 million e-rickshaws across the country. Likewise, in March 2024, Sun Mobility (India) and Revfin (India) partnered to finance and deploy nearly 100,000 electric two- and three-wheelers under the battery as a service model.
"Commercial segment is expected to grow at the fastest rate in the battery as a service market during the forecast period."
Battery leasing is witnessing rapid growth in the commercial segment, driven by the cost efficiency and operational flexibility it offers to fleet operators. Using the leasing options, the commercial fleet owners can lower their initial investment costs and reduce concerns regarding battery degradation. Fleet usage for cars is expected to grow faster, as the value proposition is especially beneficial for fleet operators who can capitalize on lower costs and streamlined operations. In Europe, where 40-60% of EVs are sold to fleets, battery leasing solutions presents a strong value proposition for cars, particularly as battery prices stabilize. Similarly, in India, MG introduced a value proposition of USD 11,557 (Rs. 10 lakh) for fleet providers. Further, electric three-wheelers which are mostly used for commercial purposes, are gaining momentum in countries such as India and China. Similarly, in December 2024, Mahindra Last Mile Mobility (India), in partnership with VidyutTech (India), introduced a battery leasing program for Mahindra ZEO (4W), the Zor Grand, and Treo Plus (3Ws). Likewise, Jiangsu Hanbang Vehicle Industry Co., Ltd. (China) offers a battery leasing option for select models of Meidi three-wheeler vehicles.
"Europe is expected to grow at the fastest rate in battery as a service market during the forecast period."
Europe's electric vehicle market has grown substantially, driven by environmental awareness, stringent emission regulations, and significant government incentives. With major cities implementing low-emission zones and the EU aiming to meet its 2030 sustainability targets, the region's demand for electric mobility is accelerating. The UK, Germany, and France are leading this transition, with the UK becoming Europe's largest EV market in 2024, bolstered by policy shifts like the Zero Emission Vehicle (ZEV) mandate. The challenges of high upfront costs and limited infrastructure create a promising opportunity for the growth of the battery as a service market in Europe. Additionally, as the region pushes for strict emission targets and a shift away from internal combustion engine vehicles, the growth of the battery service market is expected to increase in the coming years. NIO (China), Renault Group (France), Yamaha Motor Co., Ltd. (Japan), and Switch Mobility (UK) are some of the OEMs providing battery as a service solution with their vehicle models. VinFast for instance, is offering battery subscription service in its VF8 and VF9 vehicle models since 2022 in European markets such as Germany, France and Netherlands. Similarly, NIO is offering battery leasing service in its ET5, ET7, EL6, EL7 vehicle models in Germany since 2023.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 27%, Tier II - 21%, and OEMs - 52%
- By Designation: C-Level - 48%, D-Level - 36%, and Others - 16%
- By Region: Asia Pacific - 42%, North America - 28%, and Europe - 30%
The battery as a service market is dominated by major players, including NIO (China), Gogoro (Taiwan), XPENG INC. (China), SAIC Motor Corporation Limited (China), and Vinfast (Vietnam) and more. These companies are expanding their portfolios to strengthen their battery as a service market position.
Research Coverage:
The report covers the battery as a service market in terms of Leasing Type (Subscription, Pay-per-use), Usage (Private, Commercial), Vehicle Type (Two-wheelers, Three-wheelers, Passenger Cars, Commercial Vehicles), Battery Capacity (Below 5 KWH, 5-10 KWH, 11-50 KWH, 51-100 KWH, above 100 KWH), and Region. It covers the competitive landscape and company profiles of the significant battery as a service market player.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the battery as a service market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- The report also helps stakeholders understand the current and future pricing trends of the battery as a service market.
- The report will help market leaders/new entrants with information on various trends in battery as a service market based on leasing type, usage, vehicle type, and other parameters.
The report provides insight on the following pointers:
- Analysis of key drivers (Ease of EV ownership with battery leasing, Integration of battery swapping service), restraints (Limited scope in North America and Europe for two-wheeler & three-wheeler segments, Limited scope in private vehicle segment), opportunities (Increasing reliance on micro-mobility, Second-life battery storage, Expansion of battery leasing in industrial and commercial applications), and challenges (Dependency on battery asset companies, Shortage of lithium for use in EV batteries, Limited standardization in battery technology)
- Service Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new service offerings in the battery as a service market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the battery as a service market across varied regions.
- Market Diversification: Exhaustive information about new services, untapped geographies, recent developments, and investments in the battery as a service market.
- Competitive Assessment: In-depth assessment of market share, growth strategies, and service offerings of leading players like NIO (China), Gogoro (Taiwan), XPENG INC. (China), SAIC Motor Corporation Limited (China), and Vinfast (Vietnam), among others in battery as a service market.
1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 26
1.3 STUDY SCOPE 27
1.3.1 MARKET SEGMENTATION 27
1.3.2 INCLUSIONS & EXCLUSIONS 28
1.4 YEARS CONSIDERED 28
1.5 CURRENCY CONSIDERED 28
1.6 STAKEHOLDERS 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
2.1.1 SECONDARY DATA 31
2.1.1.1 List of secondary sources 32
2.1.1.2 Key data from secondary sources 33
2.1.2 PRIMARY DATA 33
2.1.2.1 Key data from primary sources 34
2.1.2.2 List of primary participants 34
2.1.2.3 Primary interviewees 35
2.1.2.4 Breakdown of primary interviews 35
2.1.2.5 Insights from industry experts 36
2.2 MARKET SIZE ESTIMATION 36
2.2.1 BOTTOM-UP APPROACH 38
2.2.2 TOP-DOWN APPROACH 39
2.3 DATA TRIANGULATION 40
2.4 FACTOR ANALYSIS 41
2.5 RESEARCH ASSUMPTIONS AND CONSIDERATIONS 43
2.6 RESEARCH LIMITATIONS 44
2.7 RISK ASSESSMENT 44
3 EXECUTIVE SUMMARY 45
4 PREMIUM INSIGHTS 49
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BATTERY AS A SERVICE MARKET 49
4.2 BATTERY AS A SERVICE MARKET, BY LEASING TYPE 49
4.3 BATTERY AS A SERVICE MARKET, BY USAGE 50
4.4 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE 50
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4.5 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY 51
4.6 BATTERY AS A SERVICE MARKET, BY REGION 51
5 MARKET OVERVIEW 52
5.1 INTRODUCTION 52
5.2 MARKET DYNAMICS 53
5.2.1 DRIVERS 54
5.2.1.1 Ease of EV ownership with battery leasing 54
5.2.1.2 Integration of battery swapping service into battery leasing model 54
5.2.2 RESTRAINTS 55
5.2.2.1 Limited scope in North America and Europe for two- and three-wheelers 55
5.2.2.2 Limited scope in private vehicles segment 55
5.2.3 OPPORTUNITIES 56
5.2.3.1 Increasing reliance on micromobility 56
5.2.3.2 Integration of second-life battery storage 56
5.2.3.3 Expansion of battery leasing model into industrial and commercial applications 57
5.2.4 CHALLENGES 58
5.2.4.1 Dependence on battery asset companies 58
5.2.4.2 Shortage of lithium for use in EV batteries 58
5.2.4.3 Limited standardization in battery technology 59
5.3 BUYING CRITERIA 61
5.3.1 BUYING CRITERIA 61
5.4 ECOSYSTEM ANALYSIS 62
5.4.1 BATTERY MANUFACTURERS 62
5.4.2 OEMS 62
5.4.3 BATTERY ASSET MANAGEMENT COMPANIES 62
5.4.4 FINANCIAL INSTITUTIONS 63
5.5 VALUE CHAIN ANALYSIS 64
5.6 PRICING ANALYSIS 66
5.6.1 AVERAGE SELLING PRICE OF KEY PLAYERS 66
5.6.2 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE 67
5.6.3 AVERAGE SELLING PRICE TREND, BY REGION 68
5.7 BATTERY AS A SERVICE MARKET: BUSINESS MODEL 69
5.8 TECHNOLOGY ANALYSIS 70
5.8.1 KEY TECHNOLOGIES 70
5.8.1.1 GPS technology 70
5.8.1.2 New battery chemistries 70
5.8.2 COMPLEMENTARY TECHNOLOGIES 72
5.8.2.1 IoT in battery swapping 72
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5.8.3 ADJACENT TECHNOLOGIES 72
5.8.3.1 Super hybrid battery 72
5.8.3.2 AB battery system 72
5.9 INVESTMENT SCENARIO 73
5.10 PATENT ANALYSIS 74
5.11 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 78
5.12 CASE STUDY ANALYSIS 79
5.12.1 GALP PARTNERED WITH SWOBBEE AND BOOST LOGISTICS TO LAUNCH NETWORK OF BATTERY SWAPPING STATIONS 79
5.12.2 NIO AND TESLA ADOPTED BATTERY AS A SERVICE MODEL TO ADDRESS RANGE ANXIETY AND LONG CHARGING TIME 79
5.12.3 RENAULT INTRODUCED FLEXIBLE BATTERY LEASING MODEL FOR ELECTRIC VEHICLES 80
5.12.4 URJA MOBILITY INTRODUCED COST-EFFECTIVE BATTERY LEASING MODEL FOR COMMERCIAL ELECTRIC VEHICLES 81
5.13 KEY CONFERENCES AND EVENTS, 2025-2026 82
5.14 REGULATORY LANDSCAPE 83
5.14.1 REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 83
5.15 IMPACT OF AI ON BATTERY AS A SERVICE MARKET 90
5.16 BATTERY LEASING IN COMMERCIAL FLEETS 91
5.16.1 TWO-WHEELERS 91
6 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY 92
6.1 INTRODUCTION 93
6.2 BELOW 5 KWH 94
6.2.1 RISING POPULARITY OF ELECTRIC TWO-WHEELERS IN URBAN AREAS TO DRIVE MARKET 94
6.3 5-10 KWH 96
6.3.1 GROWING DEMAND FOR THREE-WHEELERS TO DRIVE MARKET 96
6.4 11-50 KWH 97
6.4.1 GROWING DEMAND FOR BUDGET-FRIENDLY EVS TO DRIVE MARKET 97
6.5 51-100 KWH 98
6.5.1 RISING POPULARITY OF LUXURY EVS AND COMMERCIAL VEHICLES TO BOOST DEMAND 98
6.6 ABOVE 100 KWH 100
6.6.1 DEMAND FOR HEAVY-DUTY COMMERCIAL VEHICLES TO DRIVE MARKET 100
6.7 KEY INDUSTRY INSIGHTS 101
7 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE 102
7.1 INTRODUCTION 103
7.2 TWO-WHEELERS 105
7.2.1 GROWING DEMAND FOR LOW-COST DELIVERY VEHICLES TO DRIVE MARKET 105
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7.3 THREE-WHEELERS 108
7.3.1 GROWING DEMAND FOR THREE-WHEELERS FOR PUBLIC TRANSPORT TO DRIVE GROWTH 108
7.4 PASSENGER CARS 110
7.4.1 NEED FOR FLEXIBLE PRICING AND OWNERSHIP MODELS TO BOOST DEMAND 110
7.5 COMMERCIAL VEHICLES 114
7.5.1 FOCUS ON REDUCING FLEET EMISSIONS TO SPUR DEMAND 114
7.6 KEY INDUSTRY INSIGHTS 116
8 BATTERY AS A SERVICE MARKET, BY LEASING TYPE 117
8.1 INTRODUCTION 118
8.2 SUBSCRIPTION 120
8.2.1 DEMAND FOR COST-EFFECTIVE LEASING OPTIONS TO DRIVE GROWTH 120
8.3 PAY-PER-USE 123
8.3.1 GROWTH OF PRIVATE OWNERSHIP OF ELECTRIC VEHICLES TO DRIVE MARKET 123
8.4 KEY INDUSTRY INSIGHTS 125
9 BATTERY AS A SERVICE MARKET, BY USAGE 126
9.1 INTRODUCTION 127
9.2 PRIVATE 129
9.2.1 RISE IN NUMBER OF CONSUMERS SEEKING AFFORDABLE OPTIONS TO DRIVE MARKET 129
9.3 COMMERCIAL 131
9.3.1 NEED FOR REDUCED COST VALUE PROPOSITION AND OPTIONS FOR BUYBACK OFFERS TO CREATE DEMAND 131
9.4 KEY INDUSTRY INSIGHTS 133
10 BATTERY AS A SERVICE MARKET, BY REGION 134
10.1 INTRODUCTION 135
10.2 ASIA PACIFIC 137
10.2.1 MACROECONOMIC OUTLOOK 141
10.2.2 CHINA 143
10.2.2.1 Focus of premium automakers on providing world-class features in EVs to drive growth 143
10.2.3 INDIA 146
10.2.3.1 Emphasis on providing cost-effective EV solutions to drive market 146
10.2.4 JAPAN 149
10.2.4.1 Focus of OEMs on developing advanced battery technologies to drive market 149
10.2.5 SOUTH KOREA 152
10.2.5.1 Government's plans to allow battery subscription services to drive growth 152
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10.3 NORTH AMERICA 156
10.3.1 MACROECONOMIC OUTLOOK 158
10.3.2 US 161
10.3.2.1 Demand for cost-effective EVs to drive demand for battery leasing subscriptions 161
10.3.3 CANADA 163
10.3.3.1 Government policies encouraging adoption of EVs to boost demand 163
10.4 EUROPE 166
10.4.1 MACROECONOMIC OUTLOOK 168
10.4.2 GERMANY 171
10.4.2.1 Robust demand for EVs for commercial purposes to drive market 171
10.4.3 FRANCE 173
10.4.3.1 Need for strict adherence to emission regulations to drive growth 173
10.4.4 ITALY 175
10.4.4.1 Government's focus on fleet electrification to spur demand 175
10.4.5 SPAIN 178
10.4.5.1 Rising investments from key battery manufacturers to drive market 178
10.4.6 UK 180
10.4.6.1 Rising demand for BEVs to encourage market expansion 180
11 COMPETITIVE LANDSCAPE 183
11.1 INTRODUCTION 183
11.2 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021-2024 183
11.3 MARKET SHARE ANALYSIS, 2023 185
11.3.1 MARKET RANKING, 2023 186
11.4 REVENUE ANALYSIS, 2019-2023 188
11.5 COMPANY VALUATION AND FINANCIAL METRICS 188
11.5.1 COMPANY VALUATION 188
11.5.2 FINANCIAL METRICS 189
11.6 BRAND/SERVICE COMPARISON 190
11.7 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 190
11.7.1 STARS 190
11.7.2 EMERGING LEADERS 191
11.7.3 PERVASIVE PLAYERS 191
11.7.4 PARTICIPANTS 191
11.7.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 192
11.7.5.1 Company footprint 192
11.7.5.2 Region footprint 193
11.7.5.3 Usage footprint 193
11.7.5.4 Vehicle type footprint 194
11.7.5.5 Leasing type footprint 194
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11.8 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 195
11.8.1 PROGRESSIVE COMPANIES 195
11.8.2 RESPONSIVE COMPANIES 195
11.8.3 DYNAMIC COMPANIES 195
11.8.4 STARTING BLOCKS 195
11.8.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 197
11.8.5.1 Detailed list of startups/SMEs 197
11.8.5.2 Competitive benchmarking of startups/SMEs 198
11.9 COMPETITIVE SCENARIO 199
11.9.1 SERVICE LAUNCHES/DEVELOPMENTS 199
11.9.2 DEALS 200
11.9.3 EXPANSION 202
12 COMPANY PROFILES 203
12.1 KEY PLAYERS 203
12.1.1 NIO 203
12.1.1.1 Business overview 203
12.1.1.2 Services offered 205
12.1.1.3 Recent developments 205
12.1.1.3.1 Service launches/developments 205
12.1.1.3.2 Expansion 205
12.1.1.4 MnM view 206
12.1.1.4.1 Key strengths 206
12.1.1.4.2 Strategic choices 206
12.1.1.4.3 Weaknesses and competitive threats 206
12.1.2 GOGORO 207
12.1.2.1 Business overview 207
12.1.2.2 Services offered 208
12.1.2.3 Recent developments 209
12.1.2.3.1 Deals 209
12.1.2.4 MnM view 209
12.1.2.4.1 Key strengths 209
12.1.2.4.2 Strategic choices 209
12.1.2.4.3 Weaknesses and competitive threats 209
12.1.3 XPENG INC. 210
12.1.3.1 Business overview 210
12.1.3.2 Services offered 211
12.1.3.3 MnM view 211
12.1.3.3.1 Key strengths 211
12.1.3.3.2 Strategic choices 211
12.1.3.3.3 Weaknesses and competitive threats 211
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12.1.4 SAIC MOTOR CORPORATION LIMITED 212
12.1.4.1 Business overview 212
12.1.4.2 Services offered 214
12.1.4.3 Recent developments 214
12.1.4.3.1 Deals 214
12.1.4.4 MnM view 215
12.1.4.4.1 Key strengths 215
12.1.4.4.2 Strategic choices 215
12.1.4.4.3 Weaknesses and competitive threats 215
12.1.5 VINFAST 216
12.1.5.1 Business overview 216
12.1.5.2 Services offered 217
12.1.5.3 Recent developments 218
12.1.5.3.1 Expansion 218
12.1.5.4 MnM view 218
12.1.5.4.1 Key strengths 218
12.1.5.4.2 Strategic choices 218
12.1.5.4.3 Weaknesses and competitive threats 218
12.1.6 MAHINDRA&MAHINDRA LTD. 219
12.1.6.1 Business overview 219
12.1.6.2 Services offered 220
12.1.6.3 Recent developments 220
12.1.6.3.1 Deals 220
12.1.7 BOUNCE INFINITY 221
12.1.7.1 Business overview 221
12.1.7.2 Services offered 221
12.1.7.3 Recent developments 222
12.1.7.3.1 Deals 222
12.1.8 YINSON GREEN TECHNOLOGIES 223
12.1.8.1 Business overview 223
12.1.8.2 Services offered 224
12.1.8.3 Recent developments 224
12.1.8.3.1 Expansion 224
12.1.9 LECTRIX E-VEHICLE PVT. LTD. 225
12.1.9.1 Business overview 225
12.1.9.2 Services offered 226
12.1.10 HYUNDAI MOTOR COMPANY 227
12.1.10.1 Business overview 227
12.1.10.2 Recent developments 228
12.1.10.2.1 Service launches/developments 228
12.1.10.2.2 Deals 228
12.1.11 YAMAHA MOTOR CO., LTD. 229
12.1.11.1 Business overview 229
12.1.11.2 Recent developments 230
12.1.11.2.1 Service launches/developments 230
12.1.11.2.2 Deals 231
12.1.12 NISSAN MOTOR CO., LTD. 232
12.1.12.1 Business overview 232
12.2 OTHER KEY PLAYERS 234
12.2.1 OEMS 234
12.2.1.1 Hero Electric Vehicles Pvt Ltd. 234
12.2.1.2 KYMCO 235
12.2.1.3 Renault Group 236
12.2.1.4 Beijing Automotive Group Co., Ltd. 237
12.2.1.5 Kinetic Green 238
12.2.1.6 Switch Mobility 239
12.2.1.7 Honda Power Pack Energy India Private Limited 240
12.2.1.8 ARC Ride 241
12.2.1.9 Basigo 241
12.2.2 BATTERY ASSET MANAGEMENT COMPANIES 242
12.2.2.1 Urja Mobility 242
12.2.2.2 Sun Mobility 243
12.2.2.3 Octillion 244
12.2.2.4 Battery Smart 245
12.2.2.5 Movio Technologies Private Limited 245
12.2.2.6 Contemporary Amperex Energy Service Technology Limited 246
13 RECOMMENDATIONS BY MARKETSANDMARKETS 247
13.1 RISING ADOPTION OF EVS FOR COMMERCIAL PURPOSES TO IMPACT DEMAND FOR BATTERY LEASING SERVICES IN ASIA PACIFIC 247
13.2 USE OF BATTERY SWAPPING SUBSCRIPTION FOR CUSTOMER EASE AND CONVENIENCE 247
13.3 PROVIDING VEHICLE BUYBACK OPTION TO PRIVATE EV USERS 247
13.4 CONCLUSION 248
14 APPENDIX 249
14.1 KEY INSIGHTS FROM INDUSTRY EXPERTS 249
14.2 DISCUSSION GUIDE 249
14.3 KNOWLEDGESTORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL 252
14.4 CUSTOMIZATION OPTIONS 254
14.4.1 ADDITIONAL COMPANY PROFILES (UP TO FIVE) 254
14.4.2 ADDITIONAL COUNTRIES (UP TO THREE) 254
14.4.3 DETAILED ANALYSIS OF BATTERY AS A SERVICE MARKET, BY VEHICLE RANGE 254
14.5 RELATED REPORTS 254
14.6 AUTHOR DETAILS 255
TABLE 1 MARKET DEFINITION, BY LEASING TYPE 26
TABLE 2 MARKET DEFINITION, BY USAGE 26
TABLE 3 MARKET DEFINITION, BY VEHICLE TYPE 26
TABLE 4 MARKET DEFINITION, BY BATTERY CAPACITY 27
TABLE 5 USD EXCHANGE RATES, 2019-2024 29
TABLE 6 COST SAVINGS OFFERED BY BATTERY LEASE MODEL 54
TABLE 7 IMPACT OF MARKET DYNAMICS 60
TABLE 8 KEY BUYING CRITERIA, BY USAGE 61
TABLE 9 ROLE OF COMPANIES IN MARKET ECOSYSTEM 63
TABLE 10 AVERAGE SELLING PRICE OF KEY PLAYERS, 2023 (USD) 66
TABLE 11 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2021-2025 (USD) 67
TABLE 12 AVERAGE SELLING PRICE TREND, BY REGION, 2021-2025 (USD) 68
TABLE 13 PATENT ANALYSIS, 2020-2024 75
TABLE 14 KEY CONFERENCES AND EVENTS, 2025-2026 82
TABLE 15 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 83
TABLE 16 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 85
TABLE 17 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,
AND OTHER ORGANIZATIONS 86
TABLE 18 CHANGES IN GLOBAL REGULATORY ENVIRONMENT 87
TABLE 19 REGULATIONS/VOLUNTARY PROCEDURES FOR PERFORMANCE OF EV BATTERIES 88
TABLE 20 REGULATIONS/VOLUNTARY PROCEDURES FOR DURABILITY OF EV BATTERIES 89
TABLE 21 REGULATIONS/VOLUNTARY PROCEDURES FOR SAFETY OF EV BATTERIES 89
TABLE 22 REGULATIONS/VOLUNTARY PROCEDURES FOR RECYCLING EV BATTERIES 89
TABLE 23 COST OF TWO-WHEELERS WITH AND WITHOUT BATTERY LEASING SERVICE 91
TABLE 24 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY,
2020-2023 (THOUSAND UNITS) 93
TABLE 25 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY,
2024-2030 (THOUSAND UNITS) 94
TABLE 26 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY,
2031-2035 (THOUSAND UNITS) 94
TABLE 27 BELOW 5 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 95
TABLE 28 BELOW 5 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 95
TABLE 29 BELOW 5 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 95
TABLE 30 5-10 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 96
TABLE 31 5-10 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 96
TABLE 32 5-10 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 96
TABLE 33 11-50 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 97
TABLE 34 11-50 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 97
TABLE 35 11-50 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 98
TABLE 36 51-100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 99
TABLE 37 51-100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 99
TABLE 38 51-100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 99
TABLE 39 ABOVE 100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 100
TABLE 40 ABOVE 100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 100
TABLE 41 ABOVE 100 KWH: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 100
TABLE 42 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 103
TABLE 43 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 104
TABLE 44 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 104
TABLE 45 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE, 2020-2023 (USD MILLION) 104
TABLE 46 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE, 2024-2030 (USD MILLION) 105
TABLE 47 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE, 2031-2035 (USD MILLION) 105
TABLE 48 OEMS OFFERING BATTERY LEASING SOLUTIONS WITH TWO-WHEELERS 106
TABLE 49 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 106
TABLE 50 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 106
TABLE 51 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 107
TABLE 52 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 107
TABLE 53 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 107
TABLE 54 TWO-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 107
TABLE 55 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 108
TABLE 56 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 109
TABLE 57 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 109
TABLE 58 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 109
TABLE 59 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 110
TABLE 60 THREE-WHEELERS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 110
TABLE 61 OEMS OFFERING BATTERY LEASING SOLUTIONS WITH PASSENGER CARS 111
TABLE 62 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 112
TABLE 63 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 112
TABLE 64 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 112
TABLE 65 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 113
TABLE 66 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 113
TABLE 67 PASSENGER CARS: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 113
TABLE 68 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 114
TABLE 69 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 114
TABLE 70 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 115
TABLE 71 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 115
TABLE 72 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 115
TABLE 73 COMMERCIAL VEHICLES: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 116
TABLE 74 BATTERY AS A SERVICE MARKET, BY LEASING TYPE,
2020-2023 (THOUSAND UNITS) 118
TABLE 75 BATTERY AS A SERVICE MARKET, BY LEASING TYPE,
2024-2030 (THOUSAND UNITS) 119
TABLE 76 BATTERY AS A SERVICE MARKET, BY LEASING TYPE,
2031-2035 (THOUSAND UNITS) 119
TABLE 77 BATTERY AS A SERVICE MARKET, BY LEASING TYPE, 2020-2023 (USD MILLION) 119
TABLE 78 BATTERY AS A SERVICE MARKET, BY LEASING TYPE, 2024-2030 (USD MILLION) 119
TABLE 79 BATTERY AS A SERVICE MARKET, BY LEASING TYPE, 2031-2035 (USD MILLION) 120
TABLE 80 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 121
TABLE 81 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 121
TABLE 82 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 121
TABLE 83 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 122
TABLE 84 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 122
TABLE 85 SUBSCRIPTION: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 122
TABLE 86 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 123
TABLE 87 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 123
TABLE 88 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 124
TABLE 89 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 124
TABLE 90 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 124
TABLE 91 PAY-PER-USE: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 124
TABLE 92 BATTERY AS A SERVICE MARKET, BY USAGE, 2020-2023 (THOUSAND UNITS) 127
TABLE 93 BATTERY AS A SERVICE MARKET, BY USAGE, 2024-2030 (THOUSAND UNITS) 128
TABLE 94 BATTERY AS A SERVICE MARKET, BY USAGE, 2031-2035 (THOUSAND UNITS) 128
TABLE 95 BATTERY AS A SERVICE MARKET, BY USAGE, 2020-2023 (USD MILLION) 128
TABLE 96 BATTERY AS A SERVICE MARKET, BY USAGE, 2024-2030 (USD MILLION) 128
TABLE 97 BATTERY AS A SERVICE MARKET, BY USAGE, 2031-2035 (USD MILLION) 129
TABLE 98 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (THOUSAND UNITS) 129
TABLE 99 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (THOUSAND UNITS) 130
TABLE 100 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (THOUSAND UNITS) 130
TABLE 101 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2020-2023 (USD MILLION) 130
TABLE 102 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2024-2030 (USD MILLION) 130
TABLE 103 PRIVATE: BATTERY AS A SERVICE MARKET, BY REGION,
2031-2035 (USD MILLION) 131
TABLE 104 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (THOUSAND UNITS) 131
TABLE 105 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (THOUSAND UNITS) 132
TABLE 106 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (THOUSAND UNITS) 132
TABLE 107 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2020-2023 (USD MILLION) 132
TABLE 108 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2024-2030 (USD MILLION) 132
TABLE 109 COMMERCIAL: BATTERY AS A SERVICE MARKET,
BY REGION, 2031-2035 (USD MILLION) 133
TABLE 110 BATTERY AS A SERVICE MARKET, BY REGION, 2020-2023 (THOUSAND UNITS) 136
TABLE 111 BATTERY AS A SERVICE MARKET, BY REGION, 2024-2030 (THOUSAND UNITS) 136
TABLE 112 BATTERY AS A SERVICE MARKET, BY REGION, 2031-2035 (THOUSAND UNITS) 136
TABLE 113 BATTERY AS A SERVICE MARKET, BY REGION, 2020-2023 (USD MILLION) 136
TABLE 114 BATTERY AS A SERVICE MARKET, BY REGION, 2024-2030 (USD MILLION) 137
TABLE 115 BATTERY AS A SERVICE MARKET, BY REGION, 2031-2035 (USD MILLION) 137
TABLE 116 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2020-2023 (THOUSAND UNITS) 139
TABLE 117 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2024-2030 (THOUSAND UNITS) 139
TABLE 118 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2031-2035 (THOUSAND UNITS) 139
TABLE 119 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2020-2023 (USD MILLION) 140
TABLE 120 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2024-2030 (USD MILLION) 140
TABLE 121 ASIA PACIFIC: BATTERY AS A SERVICE MARKET,
BY COUNTRY, 2031-2035 (USD MILLION) 140
TABLE 122 CHINESE OEMS OFFERING BATTERY LEASING SOLUTIONS 143
TABLE 123 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 144
TABLE 124 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 144
TABLE 125 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 145
TABLE 126 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 145
TABLE 127 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 145
TABLE 128 CHINA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 146
TABLE 129 INDIAN OEMS OFFERING BATTERY LEASING SOLUTIONS 147
TABLE 130 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 147
TABLE 131 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 148
TABLE 132 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 148
TABLE 133 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 148
TABLE 134 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 149
TABLE 135 INDIA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 149
TABLE 136 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 150
TABLE 137 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 151
TABLE 138 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 151
TABLE 139 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 151
TABLE 140 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 152
TABLE 141 JAPAN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 152
TABLE 142 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 153
TABLE 143 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 154
TABLE 144 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 154
TABLE 145 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 154
TABLE 146 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 155
TABLE 147 SOUTH KOREA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 155
TABLE 148 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2020-2023 (THOUSAND UNITS) 157
TABLE 149 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2024-2030 (THOUSAND UNITS) 157
TABLE 150 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2031-2035 (THOUSAND UNITS) 157
TABLE 151 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2020-2023 (USD MILLION) 157
TABLE 152 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2024-2030 (USD MILLION) 158
TABLE 153 NORTH AMERICA: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2031-2035 (USD MILLION) 158
TABLE 154 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 161
TABLE 155 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 161
TABLE 156 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 162
TABLE 157 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 162
TABLE 158 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 162
TABLE 159 US: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 163
TABLE 160 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 163
TABLE 161 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 164
TABLE 162 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 164
TABLE 163 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 164
TABLE 164 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 165
TABLE 165 CANADA: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 165
TABLE 166 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2020-2023 (THOUSAND UNITS) 166
TABLE 167 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2024-2030 (THOUSAND UNITS) 167
TABLE 168 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2031-2035 (THOUSAND UNITS) 167
TABLE 169 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2020-2023 (USD MILLION) 167
TABLE 170 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2024-2030 (USD MILLION) 168
TABLE 171 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2031-2035 (USD MILLION) 168
TABLE 172 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 171
TABLE 173 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 171
TABLE 174 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 172
TABLE 175 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 172
TABLE 176 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 172
TABLE 177 GERMANY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 173
TABLE 178 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 173
TABLE 179 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 174
TABLE 180 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 174
TABLE 181 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 174
TABLE 182 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 175
TABLE 183 FRANCE: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 175
TABLE 184 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 176
TABLE 185 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 176
TABLE 186 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 176
TABLE 187 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 177
TABLE 188 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 177
TABLE 189 ITALY: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 177
TABLE 190 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 178
TABLE 191 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 178
TABLE 192 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 179
TABLE 193 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 179
TABLE 194 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 179
TABLE 195 SPAIN: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 180
TABLE 196 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (THOUSAND UNITS) 180
TABLE 197 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (THOUSAND UNITS) 181
TABLE 198 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (THOUSAND UNITS) 181
TABLE 199 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2020-2023 (USD MILLION) 181
TABLE 200 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2024-2030 (USD MILLION) 182
TABLE 201 UK: BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE,
2031-2035 (USD MILLION) 182
TABLE 202 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021-2024 183
TABLE 203 MARKET SHARE ANALYSIS, 2023 185
TABLE 204 REGION FOOTPRINT 193
TABLE 205 USAGE FOOTPRINT 193
TABLE 206 VEHICLE TYPE FOOTPRINT 194
TABLE 207 LEASING TYPE FOOTPRINT 194
TABLE 208 DETAILED LIST OF STARTUPS/SMES 197
TABLE 209 COMPETITIVE BENCHMARKING OF STARTUPS/SMES 198
TABLE 210 BATTERY AS A SERVICE MARKET: SERVICE LAUNCHES/DEVELOPMENTS,
JANUARY 2021-DECEMBER 2024 199
TABLE 211 BATTERY AS A SERVICE MARKET: DEALS, JANUARY 2021-DECEMBER 2024 200
TABLE 212 BATTERY AS A SERVICE MARKET: EXPANSION, JANUARY 2021-DECEMBER 2024 202
TABLE 213 NIO: COMPANY OVERVIEW 203
TABLE 214 NIO: SERVICES OFFERED 205
TABLE 215 NIO: SERVICE LAUNCHES/DEVELOPMENTS 205
TABLE 216 NIO: EXPANSION 205
TABLE 217 GOGORO: COMPANY OVERVIEW 207
TABLE 218 GOGORO: SERVICES OFFERED 208
TABLE 219 GOGORO: DEALS 209
TABLE 220 XPENG INC.: COMPANY OVERVIEW 210
TABLE 221 XPENG INC.: SERVICES OFFERED 211
TABLE 222 SAIC MOTOR CORPORATION LIMITED: COMPANY OVERVIEW 212
TABLE 223 FEATURES OF BATTERY RENTAL SCHEME OFFERED BY SAIC MOTOR CORPORATION FOR MG MOTOR INDIAS WINDSOR MODEL 213
TABLE 224 SAIC MOTOR CORPORATION LIMITED: SERVICES OFFERED 214
TABLE 225 SAIC MOTOR CORPORATION LIMITED: DEALS 214
TABLE 226 VINFAST: COMPANY OVERVIEW 216
TABLE 227 VINFAST: PRODUCT PORTFOLIO 217
TABLE 228 VINFAST: SERVICES OFFERED 217
TABLE 229 VINFAST: EXPANSION 218
TABLE 230 MAHINDRA&MAHINDRA LTD.: COMPANY OVERVIEW 219
TABLE 231 MAHINDRA&MAHINDRA LTD.: SERVICES OFFERED 220
TABLE 232 MAHINDRA&MAHINDRA LTD.: DEALS 220
TABLE 233 BOUNCE INFINITY: COMPANY OVERVIEW 221
TABLE 234 BOUNCE INFINITY: SERVICES OFFERED 221
TABLE 235 BOUNCE INFINITY: DEALS 222
TABLE 236 YINSON GREEN TECHNOLOGIES: COMPANY OVERVIEW 223
TABLE 237 YINSON GREEN TECHNOLOGIES: SERVICES OFFERED 224
TABLE 238 YINSON GREEN TECHNOLOGIES: EXPANSION 224
TABLE 239 LECTRIX E-VEHICLE PVT. LTD.: COMPANY OVERVIEW 225
TABLE 240 LECTRIX E-VEHICLE PVT. LTD.: SERVICES OFFERED 226
TABLE 241 HYUNDAI MOTOR COMPANY: COMPANY OVERVIEW 227
TABLE 242 HYUNDAI MOTOR COMPANY: SERVICE LAUNCHES/DEVELOPMENTS 228
TABLE 243 HYUNDAI MOTOR COMPANY: DEALS 228
TABLE 244 YAMAHA MOTOR CO., LTD.: COMPANY OVERVIEW 229
TABLE 245 YAMAHA MOTOR CO., LTD.: SERVICE LAUNCHES/DEVELOPMENTS 230
TABLE 246 YAMAHA MOTOR CO., LTD.: DEALS 231
TABLE 247 NISSAN MOTOR CO., LTD.: COMPANY OVERVIEW 232
TABLE 248 HERO ELECTRIC VEHICLES PVT LTD.: COMPANY OVERVIEW 234
TABLE 249 KYMCO: COMPANY OVERVIEW 235
TABLE 250 RENAULT GROUP: COMPANY OVERVIEW 236
TABLE 251 BEIJING AUTOMOTIVE GROUP CO., LTD.: COMPANY OVERVIEW 237
TABLE 252 KINETIC GREEN: COMPANY OVERVIEW 238
TABLE 253 SWITCH MOBILITY: COMPANY OVERVIEW 239
TABLE 254 HONDA POWER PACK ENERGY INDIA PRIVATE LIMITED: COMPANY OVERVIEW 240
TABLE 255 ARC RIDE: COMPANY OVERVIEW 241
TABLE 256 BASIGO: COMPANY OVERVIEW 241
TABLE 257 URJA MOBILITY: COMPANY OVERVIEW 242
TABLE 258 SUN MOBILITY: COMPANY OVERVIEW 243
TABLE 259 OCTILLION: COMPANY OVERVIEW 244
TABLE 260 BATTERY SMART: COMPANY OVERVIEW 245
TABLE 261 MOVIO TECHNOLOGIES PRIVATE LIMITED: COMPANY OVERVIEW 245
TABLE 262 CONTEMPORARY AMPEREX ENERGY SERVICE TECHNOLOGY LIMITED:
COMPANY OVERVIEW 246
FIGURE 1 RESEARCH DESIGN 30
FIGURE 2 RESEARCH DESIGN MODEL 31
FIGURE 3 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING 37
FIGURE 4 BOTTOM-UP APPROACH 38
FIGURE 5 TOP-DOWN APPROACH 39
FIGURE 6 MARKET SIZE ESTIMATION NOTES 39
FIGURE 7 DATA TRIANGULATION 40
FIGURE 8 DEMAND- AND SUPPLY-SIDE FACTORS AND THEIR IMPACT ON MARKET 41
FIGURE 9 MARKET GROWTH PROJECTIONS BASED ON DEMAND-SIDE DRIVERS
AND OPPORTUNITIES 42
FIGURE 10 BATTERY AS A SERVICE MARKET OVERVIEW 45
FIGURE 11 ASIA PACIFIC TO LEAD MARKET DURING FORECAST PERIOD 46
FIGURE 12 PASSENGER CARS SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 47
FIGURE 13 SUBSCRIPTION SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 47
FIGURE 14 KEY PLAYERS IN BATTERY AS A SERVICE MARKET 48
FIGURE 15 RISING DEMAND FOR COST-EFFICIENT ELECTRIC VEHICLES TO DRIVE MARKET 49
FIGURE 16 SUBSCRIPTION SEGMENT TO LEAD MARKET BY 2035 49
FIGURE 17 COMMERCIAL SEGMENT TO ACHIEVE SIGNIFICANT GROWTH DURING
FORECAST PERIOD 50
FIGURE 18 PASSENGER CARS SEGMENT TO ACCOUNT FOR LARGEST SHARE BY 2035 50
FIGURE 19 51-100 KWH SEGMENT TO LEAD MARKET DURING FORECAST PERIOD 51
FIGURE 20 ASIA PACIFIC TO BE LARGEST MARKET IN 2024 51
FIGURE 21 FRAMEWORK OF BATTERY AS A SERVICE MODEL 52
FIGURE 22 BATTERY AS A SERVICE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,
AND CHALLENGES 53
FIGURE 23 FUNCTIONING OF BATTERY SWAPPING STATIONS 55
FIGURE 24 SECOND-LIFE APPLICATION OF EV BATTERIES 56
FIGURE 25 BATTERY-LEASING SERVICE MODEL FOR HEAVY-DUTY COMMERCIAL VEHICLES 57
FIGURE 26 LITHIUM RESERVES, BY COUNTRY, 2024 (THOUSAND METRIC TONS) 58
FIGURE 27 BATTERY STANDARDIZATION PLANS IN INDIA 59
FIGURE 28 KEY BUYING CRITERIA, BY USAGE 61
FIGURE 29 ECOSYSTEM ANALYSIS 62
FIGURE 30 VALUE CHAIN ANALYSIS 64
FIGURE 31 AVERAGE SELLING PRICE OF KEY PLAYERS, 2023 (USD) 66
FIGURE 32 AVERAGE SELLING PRICE TREND, BY VEHICLE TYPE, 2021-2025 (USD) 67
FIGURE 33 AVERAGE SELLING PRICE TREND, BY REGION, 2021-2025 (USD) 68
FIGURE 34 BATTERY AS A SERVICE MARKET: BUSINESS MODEL 69
FIGURE 35 ADVANTAGES OF SOLID-STATE BATTERY DESIGNS 71
FIGURE 36 INVESTMENT SCENARIO, 2021-2024 73
?
FIGURE 37 PATENT ANALYSIS, 2015-2024 74
FIGURE 38 LEGAL STATUS OF PATENTS, 2015-2024 74
FIGURE 39 TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS 78
FIGURE 40 USE OF AI IN BATTERY LIFECYCLE MANAGEMENT 90
FIGURE 41 BATTERY AS A SERVICE MARKET, BY BATTERY CAPACITY,
2024 VS. 2035 (THOUSAND UNITS) 93
FIGURE 42 BATTERY AS A SERVICE MARKET, BY VEHICLE TYPE, 2024 VS. 2035 (USD MILLION) 103
FIGURE 43 BATTERY AS A SERVICE MARKET, BY LEASING TYPE,
2024 VS. 2035 (USD MILLION) 118
FIGURE 44 BATTERY AS A SERVICE MARKET, BY USAGE, 2024 VS. 2035 (USD MILLION) 127
FIGURE 45 BATTERY AS A SERVICE MARKET, BY REGION, 2024 VS. 2035 (USD MILLION) 135
FIGURE 46 ASIA PACIFIC: BATTERY AS A SERVICE MARKET SNAPSHOT 138
FIGURE 47 ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2023-2025 141
FIGURE 48 ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2023-2025 142
FIGURE 49 ASIA PACIFIC: CPI INFLATION RATE, BY COUNTRY, 2023-2025 142
FIGURE 50 ASIA PACIFIC: AUTOMOTIVE INDUSTRY'S CONTRIBUTION TO GDP,
BY COUNTRY, 2023 (USD TRILLION) 142
FIGURE 51 ALTNA CO., LTD.: BATTERY AS A SERVICE OFFERINGS 150
FIGURE 52 HYUNDAI MOTOR COMPANY: BATTERY LEASING PILOT 153
FIGURE 53 NORTH AMERICA: BATTERY AS A SERVICE MARKET SNAPSHOT 156
FIGURE 54 NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2023-2025 159
FIGURE 55 NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2023-2025 159
FIGURE 56 NORTH AMERICA: CPI INFLATION RATE, BY COUNTRY, 2023-2025 160
FIGURE 57 NORTH AMERICA: AUTOMOTIVE INDUSTRY'S CONTRIBUTION TO GDP,
BY COUNTRY, 2023 (USD TRILLION) 160
FIGURE 58 EUROPE: BATTERY AS A SERVICE MARKET, BY COUNTRY,
2024 VS. 2035 (USD MILLION) 166
FIGURE 59 EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2023-2025 169
FIGURE 60 EUROPE: GDP PER CAPITA, BY COUNTRY, 2023-2025 169
FIGURE 61 EUROPE: CPI INFLATION RATE, BY COUNTRY, 2023-2025 170
FIGURE 62 EUROPE: AUTOMOTIVE INDUSTRY'S CONTRIBUTION TO GDP,
BY COUNTRY, 2023 (USD TRILLION) 170
FIGURE 63 MARKET SHARE ANALYSIS, 2023 185
FIGURE 64 MARKET RANKING OF TOP FIVE PLAYERS, 2023 186
FIGURE 65 REVENUE ANALYSIS OF KEY PLAYERS, 2019-2023 (USD BILLION) 188
FIGURE 66 COMPANY VALUATION OF KEY PLAYERS, 2025 (USD BILLION) 188
FIGURE 67 EV/EBITDA OF KEY PLAYERS, 2024 189
FIGURE 68 BRAND/SERVICE COMPARISON 190
FIGURE 69 BATTERY AS A SERVICE MARKET: COMPANY EVALUATION MATRIX
(KEY PLAYERS), 2023 191
FIGURE 70 COMPANY FOOTPRINT 192
FIGURE 71 BATTERY AS A SERVICE MARKET: COMPANY EVALUATION MATRIX (STARTUPS/SMES), 2023 196
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FIGURE 72 NIO: COMPANY SNAPSHOT 204
FIGURE 73 NIO: SALES OFFERING 204
FIGURE 74 GOGORO: COMPANY SNAPSHOT 208
FIGURE 75 XPENG INC.: COMPANY SNAPSHOT 210
FIGURE 76 SAIC MOTOR CORPORATION LIMITED: COMPANY SNAPSHOT 213
FIGURE 77 VINFAST: COMPANY SNAPSHOT 216
FIGURE 78 FEATURES OF BATTERY LEASING SERVICES OFFERED BY VINFAST 217
FIGURE 79 MAHINDRA&MAHINDRA LTD.: COMPANY SNAPSHOT 219
FIGURE 80 YINSON GREEN TECHNOLOGIES: FEATURES OF SWAPPABLE BATTERIES 223
FIGURE 81 YINSON GREEN TECHNOLOGIES: BATTERY SWAPPING PROCESS 224
FIGURE 82 LECTRIX E-VEHICLE PVT. LTD.: FEATURES OF BATTERY SUBSCRIPTION 225
FIGURE 83 HYUNDAI MOTOR COMPANY: COMPANY SNAPSHOT 227
FIGURE 84 YAMAHA MOTOR CO., LTD.: COMPANY SNAPSHOT 230
FIGURE 85 NISSAN MOTOR CO., LTD.: COMPANY SNAPSHOT 233
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