BaaS市場 – 2035年までの世界予測

Battery as a Service Market - Global Forecast to 2035

BaaS市場 - リース形態(サブスクリプション、従量制)、用途(自家用、商用車)、車種(二輪車、三輪車、乗用車、商用車)、電池容量、地域別 - 2035年までの世界予測
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

商品番号 : SMB-72412

出版社MarketsandMarkets
出版年月2025年1月
ページ数256
図表数347
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

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.

世界のBaaS(バッテリー・アズ・ア・サービス)市場 – 2035年までの世界予測市場は、2024年から2035年にかけてCAGR 32.4%で、2024年に6億6,000万米ドル、2035年には144億5,000万米ドルに達すると予測されています。

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.

サービスモデルとしてのバッテリーによってもたらされるコスト削減と運用効率により、電気自動車の商業採用は増加すると予想されます。このモデルは、運用コストの削減、ダウンタイムの削減、フリートのパフォーマンスの向上に役立ちます。 EV販売の40~60%が車両用である欧州では、電池価格が安定すれば、電池リースは非常に魅力的な選択肢となる可能性が高い。さらに、特に都市化が急速に進んでいる地域では、ラストワンマイルの配送や公共交通機関における電動三輪車の需要が高まっており、バッテリーリースサービスの導入が促進されています。

BaaS市場 - 2035年までの世界予測
battery-as-a-service-market

“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.

BaaS市場 - 2035年までの世界予測 region
battery-as-a-service-market-region

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.

BaaS市場 - 2035年までの世界予測 ecosystem
battery-as-a-service-market-ecosystem

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.

Table of Contents

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

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

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

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

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

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

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

LIST OF TABLES

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 INDIA’S 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

LIST OF FIGURES

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

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