Selbyville, Delaware, March 10, 2022 (GLOBE NEWSWIRE) --
The battery leasing service market is anticipated to exceed USD 400 million by 2028, as reported in a research study by Global Market Insights Inc. The increasing sales of Electric Vehicles (EVs) and supportive government initiatives for reducing the carbon emission are proliferating market growth.
The increasing investments in developing EVs are driving the battery leasing service industry growth. The leading market players are increasingly investing in producing and developing EV processes. For instance, in December 2021, Toyota invested USD 35 billion in EVs. Through this investment, the company will introduce 30 all-electric models across Toyota and Lexus lines by 2030. The company has also invested USD 13 billion in battery technology to reduce the battery costs and increase their efficiency.
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The subscription service model capture over 70% of the battery leasing service market share in 2021 owing to the increasing need to reduce the upfront cost of EVs. The battery subscription service helps in lowering the upfront cost of EVs. It enables the buyer to purchase an EV without the upfront cost of batteries and use the battery on the subscription basis. It also allows the users to exchange their discharged battery with a charged one at battery swap stations.
The Nickel Metal Hydride (NiMh) battery segment dominated the market with more than 10% of the revenue share in 2021 led by increasing adoption of battery-operated vehicles. NiMh batteries are generally used in hybrid & electric cars to offer reasonable specific energy and power capabilities. There are several benefits of NiMh batteries such as easy to recycle, good performance in harsh weather conditions, and others.
In 2021, the passenger vehicle segment held a significant market share in the battery leasing service market owing to the increasing demand for sustainable vehicles. Passenger vehicle riders are increasingly using battery leasing services due to advanced features such as free battery replacement, reduction of additional costs, aid support in the event of breakdown, and others.
Europe is expected to generate a revenue of above USD 90 million by 2028 in the global battery leasing service market. The companies operating in the region are developing advanced battery leasing services for their customers.
The companies are developing advanced battery leasing services for their customers. For instance, in January 2022, CATL launched the battery swap service EVOGO for electric cars. This service helps EV drivers to change the car batteries in one minute. Users can access this service through an app. This service enables the users to swap out depleted battery blocks for freshly charged ones.
Some of the major findings of the battery leasing service market report include:
- The growing demand for battery-operated vehicles and limited availability of charging infrastructure for EVs are accelerating market demand.
- Increasing adoption of advanced EV battery technologies such as smart charging, lithium-ion batteries, solid state batteries, and others.
- Technological advancements, such as IoT and connected vehicle, are predicted to support market expansion up to 2028.
- The Europe battery leasing service market is propelled by the changing consumer preference toward EV technology.
- The companies operating in the market are developing partnerships to develop integrated battery leasing services for EVs.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Battery leasing service industry 360º synopsis, 2018 – 2028
2.2 Business trends
2.3 Regional trends
2.4 Business model trends
2.5 Battery type trends
2.6 Vehicle type trends
Chapter 3 Battery Leasing Service Industry Insights
3.1 Introduction
3.2 COVID-19 impact
3.3 Battery leasing service industry ecosystem analysis
3.4 Industry evolution
3.5 Technology & innovation landscape
3.5.1 Smart charging
3.5.2 Solid state battery
3.6 Regulatory landscape
3.7 Investment portfolio
3.8 Patent analysis
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Growing proliferation of electric vehicles
3.9.1.2 Supportive government initiatives for the adoption of electric vehicles
3.9.1.3 Increasing investments in the development of electric vehicles
3.9.1.4 Falling prices of Lithium-ion batteries
3.9.2 Industry pitfalls & challenges
3.9.2.1 High cost of EVs
3.9.2.2 Lack of battery charging infrastructure
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
