The global battery leasing service market is expected to grow significantly, reaching USD 137.6 million in 2023 and a projected USD 684.3 million by 2033. This growth translates to an impressive CAGR of 17.4% from 2023 to 2033.
The rising demand for battery rentals, particularly for electric vehicles, is a key driver behind this growth. Governments worldwide are increasingly adopting green fuel technologies across major sectors in response to urbanization and escalating pollution levels. National governments are also offering support to companies commercializing sustainable technologies and processes, further fueling the market’s expansion.
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)
Download a sample report: https://www.futuremarketinsights.com/reports/battery-leasing-service-market
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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