The global battery leasing service market size is anticipated to cross a valuation of USD 137.6 million in 2023. It is poised to attain a valuation of USD 684.3 million by 2033. The market is expected to exhibit a monumental CAGR of 17.4% from 2023 to 2033.
In recent years, there has been a noticeable rise in the demand for battery rentals for electric vehicles. Several countries’ governments have been compelled to employ green fuel technology in all of the key economic sectors as a result of growing urbanization and rising levels of pollution. The development of any entity commercializing sustainable processes and technology is supported by national governments across the globe.
Government laws favor a rise in the global market for battery leasing for electric vehicles. Favorable subsidies and initiatives are being implemented to hasten the adoption of electric and hybrid vehicles. In the next few years, the market for battery leasing services is anticipated to rise mostly due to the increasing number of electric vehicles being used for both personal and commercial purposes.
The increasing personal disposable income levels across the Asia Pacific region are predicted to flourish in market growth. The rising middle-class populace across countries such as India, China, and other countries of Asia is boosting electric vehicle sales. The expanding automotive industry in the region is predicted to create significant growth opportunities in the market.
The entrance of prominent electric vehicle manufacturing companies, such as Tesla, and others in the Indian market is expected to bolster growth avenues in coming years. This new developing industry of battery leasing services for electric cars has enormous prospects for start-ups and corporate expansions in other Asia Pacific areas. Other countries in the Asia Pacific region are also expanding at a notable rate due to the increasing adoption of electric and hybrid vehicles.
Key Takeaways from Battery Leasing Service Market:
- In 2017, the global battery leasing service market size stood at USD 95.7 million.
- The market size stood at USD 127.4 million in 2022.
- The market progressed at a significant CAGR of 5.9% from 2017 to 2022.
- The lithium-ion batteries segment accounted for almost 72% percent of the global market shares.
- In 2022, the passenger cars segment captured 61.0% shares in the global market.
- In 2022, China occupied nearly 19.7% shares in the global market.
- In 2022, India captured 18.8% of market shares globally.
- The United States garnered 6.3% market shares in 2022.
- Germany captured nearly 6.3% percent of the global market shares in 2022.
Recent Developments Observed by FMI:
- Construction of Form Energy’s new manufacturing plant in Weirton, West Virginia, is underway owing to an investment of USD 760 million. The company is developing an iron-air battery that uses reversible corrosion to store energy.
- BMW announced plans to invest USD 1.7 billion in its new South Carolina manufacturing plant. The new facility is being built to produce the batteries for electric cars.
Key Players in Industry:
- Bounce Infinity
- Contemporary Amperex Technology Co., Ltd.
- E-Charge Up Solutions Private Limited
- NIO NextEV Limited
- Numocity Technologies Private Limited
- Ocotillo Power Systems
- Oyika Pte Ltd.
- Renault Group
- Sun Mobility Private Limited
- VoltUp.
- Kia Motors Inc.
- Leo Motors Inc.
Battery Leasing Service Market Segmentation:
By Business Model:
- Subscription Model
- 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
- The Middle East & Africa (MEA)
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
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