According to the latest report by IMARC Group, titled “Global Battery-as-a-Service Market Trends, Size, Share, Industry Growth, Opportunity and Forecast 2022-2027″, the global battery-as-a-service (BaaS) market is expected to exhibit a CAGR of 26.23% during 2022-2027.
Battery-as-a-service (BaaS) permits individuals to lease batteries as a unique component of the vehicle, which aids its owner save on purchase costs while addressing shorter-range issues. It also offers battery swapping options wherein a fully charged battery can replace the discharged one. It is less time-consuming and needs minimal infrastructure. In recent years, there has been an increase in the adoption of BaaS to overcome the challenges of electric vehicles (EVs), such as longer battery charging time and high battery cost.
|Battery-As-A-Service Market Report Scope|
|Growth Rate||CAGR of 26.23% from 2022 to 2027|
|Base year for estimation||2021|
Battery-As-A-Service Market Trends and Drivers:
One of the key factors driving the market is the extensive application of BaaS for buying the vehicle shell wholly and agreeing to pay only the rental fees for the batteries. Additionally, renting and leasing batteries offer various benefits, such as a timely assessment of residual battery values by a service provider, free replacement and assistance from service providers in case of a breakdown.
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This is another major growth-inducing factor. Furthermore, the rising investments in the automotive sector by leading automotive original equipment manufacturers (OEM)s to secure the battery supply chains for future electric vehicles (EV)s are catalyzing the market growth.
Moreover, the governments of several nations are undertaking initiatives to lower subsidies on vehicle purchases to lessen the price gap. Moreover, the growing focus on the usage of batteries based on electric vehicles (EV)s on account of the rising environmental concerns and the diminishing prices of lithium-ion batteries, and extensive research and development (R&D) activities are creating a positive market outlook.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Battery-As-A-Service Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these top key players include:
Binderholz GmbH, Dongwha Enterprise, EGGER Group, Evergreen Fibreboard Berhad, Georgia-Pacific LLC (Koch Industries Inc.), Green River Holding Co. Ltd., Kastamonu Entegre, Louisiana-Pacific Corporation, Sonae Arauco, Starbank Panel Products Ltd., West Fraser Timber Co. Ltd. and Weyerhaeuser Company.
The report has segmented the market on the basis of region, type, service and application.
Breakup by Type:
- Stationary Equipment
- Mobile Equipment
Breakup by Service:
- Vehicle-Battery Separation
- Battery Subscription
- Swappable and Upgradable Batteries
Market Breakup by Application:
- Automotive and Transport
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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