According to the global battery as a service market report by IMARC Group, the global battery-as-a-service (BaaS) market is expected to exhibit a growth rate (CAGR) of 25.95% during 2023-2028.

Battery-as-a-Service (BaaS) allows consumers to lease batteries as a distinct vehicle component that helps the electric vehicle (EV) owner address shorter-range issues and save on purchase costs. It offers battery swapping options that enable a fully charged battery to replace a drained one. It is less time-consuming and requires minimum infrastructure than charging the battery at a station. It also helps overcome the challenges of EVs, such as long charging times and high battery costs. As a result, BaaS is gaining immense traction across the globe.

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Battery-As-A-Service Market Trends and Drivers:

The global battery-as-a-service (BaaS) market is primarily driven by the increasing use of BaaS for outright purchase of the vehicle shell and agreeing to pay rental costs only for the batteries. Additionally, there has been a significant shift toward BaaS due to its advantages, including free replacement, assistance in the event of a breakdown, and timely assessment of residual battery values by service providers.

In line with this, the rising investments in the automotive industry have catalyzed market growth. Moreover, governments of several countries are taking favorable initiatives to reduce vehicle purchase subsidies to fill the price gap. Along with this, the surging concerns about climatic changes and the increasing focus on promoting the use of battery-based EVs are positively influencing the market growth.

Besides this, the rising investments by key players to secure the battery supply chains for future EVs have accelerated the product adoption rate. Other factors, including ongoing research and development (R&D) activities, declining lithium-ion battery prices, and surging adoption of electric vehicles, are also anticipated to create a positive market outlook.

Global Battery-As-A-Service Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Battery-As-A-Service Companies:

Clean Energy Global GmbH, Contemporary Amperex Technology Co. Ltd., Epiroc AB, Global Technology Systems Inc., Hyundai Motor Company, Nio and Octillion Power Systems Inc.

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

·      Chargeable

·      Swappable and Upgradable Batteries

Breakup by Application:

·      Automotive and Transport

·      Energy

·      Industrial

·      Others

 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 (2017-2022)
• Market Outlook (2023- 2028)
• 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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