What is Battery as a Service (BaaS) Market?
The Battery-as-a-service version lets clients rent batteries as a separate thing from cars. Leasing the battery saves the in advance buy price of an electric automobile. This new provider offers battery swapping options that provide a method to cope with the shorter-variety troubles of an EV. Additionally, battery swapping is less time-ingesting and calls for minimal infrastructure in comparison to a charging station making this model nearly a viable alternative riding future adoption.
Highlights from Battery as a Service (BaaS) Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Epiroc (Sweden), Clean Energy Global GmbH (Germany), Global Technology Systems, Inc. (United States), NIO (China), Esmito Solutions Pvt Ltd (India) and Robert Bosch GmbH (Germany) |
The global Battery as a Service (BaaS) market is fragmented due to the presence of several players at the global and regional levels. The level of competition among the companies in the Battery as a Service (BaaS) market is intense. Companies investing in the launch of new services and technology to enhance their market presence.
Epiroc (Sweden), Clean Energy Global GmbH (Germany), Global Technology Systems, Inc. (United States), NIO (China), Esmito Solutions Pvt Ltd (India) and Robert Bosch GmbH (Germany) are some of the key players profiled in the study. Battery as a Service (BaaS) Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Automotive and Transport, Commercial, Residential and Others |
Electrical Vehicle | Battery Electric Vehicles (BEVs),Plug-in Hybrid Electric Vehicles (PHEVs),Hybrid Electric Vehicles (HEVs) |
Battery | Lithium-Ion Batteries,Nickel-Metal Hydride Batteries,Lead-Acid Batteries,Others |
Offering | Battery swapping,Subscription-based,Others |
On the basis of geography, the market of Battery as a Service (BaaS) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Battery Swapping Services among The EV Owners
Market Growth Drivers:
Growing Demand for Electrical Mobility In The World
Challenges:
Stiff Competition in the Battery as a Service (BaaS) Market
Restraints:
Lack of Awareness About the Battery as a Service (BaaS) May Restraints Market Growth
Opportunities:
Increasing Number of Electrical Vehicle in The Countries Creating Opportunities for Battery as a Service (BaaS) Market
Key Target Audience
Battery as a Service (BaaS) Providers, Research and Development Institutes, Battery as a Service (BaaS) Potential Investors, Industry Associations, Regulatory Bodies and Others
On 21 August 2020, Premium EV manufacturer NIO has launched Battery as a Service (BaaS) for customers in China. NIO BaaS users can purchase a car without the battery, making EVs more price-competitive against existing powertrains, while also providing the flexibility to change battery capacity depending on their needs and pay accordingly. In addition, BaaS also represents a systematic solution to the long-existing challenges for EV penetration, including battery degradation, battery upgradability, and lower resale value.