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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

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    Report

  • 256 Pages
  • January 2025
  • Region: Global
  • Markets and Markets
  • ID: 6050317
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. 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.

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.

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.

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
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Market Segmentation
1.3.2 Inclusions & Exclusions
1.4 Years Considered
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 List of Secondary Sources
2.1.1.2 Key Data from Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data from Primary Sources
2.1.2.2 List of Primary Participants
2.1.2.3 Primary Interviewees
2.1.2.4 Breakdown of Primary Interviews
2.1.2.5 Insights from Industry Experts
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Factor Analysis
2.5 Research Assumptions and Considerations
2.6 Research Limitations
2.7 Risk Assessment
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities for Players in Battery as a Service Market
4.2 Battery as a Service Market, by Leasing Type
4.3 Battery as a Service Market, by Usage
4.4 Battery as a Service Market, by Vehicle Type
4.5 Battery as a Service Market, by Battery Capacity
4.6 Battery as a Service Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Ease of EV Ownership with Battery Leasing
5.2.1.2 Integration of Battery Swapping Service into Battery Leasing Model
5.2.2 Restraints
5.2.2.1 Limited Scope in North America and Europe for Two- and Three-Wheelers
5.2.2.2 Limited Scope in Private Vehicles Segment
5.2.3 Opportunities
5.2.3.1 Increasing Reliance on Micromobility
5.2.3.2 Integration of Second-Life Battery Storage
5.2.3.3 Expansion of Battery Leasing Model into Industrial and Commercial Applications
5.2.4 Challenges
5.2.4.1 Dependence on Battery Asset Companies
5.2.4.2 Shortage of Lithium for Use in EV Batteries
5.2.4.3 Limited Standardization in Battery Technology
5.3 Buying Criteria
5.3.1 Buying Criteria
5.4 Ecosystem Analysis
5.4.1 Battery Manufacturers
5.4.2 OEMs
5.4.3 Battery Asset Management Companies
5.4.4 Financial Institutions
5.5 Value Chain Analysis
5.6 Pricing Analysis
5.6.1 Average Selling Price of Key Players
5.6.2 Average Selling Price Trend, by Vehicle Type
5.6.3 Average Selling Price Trend, by Region
5.7 Battery as a Service Market: Business Model
5.8 Technology Analysis
5.8.1 Key Technologies
5.8.1.1 Gps Technology
5.8.1.2 New Battery Chemistries
5.8.2 Complementary Technologies
5.8.2.1 IoT in Battery Swapping
5.8.3 Adjacent Technologies
5.8.3.1 Super Hybrid Battery
5.8.3.2 Ab Battery System
5.9 Investment Scenario
5.10 Patent Analysis
5.11 Trends and Disruptions Impacting Customer Business
5.12 Case Study Analysis
5.12.1 Galp Partnered with Swobbee and Boost Logistics to Launch Network of Battery Swapping Stations
5.12.2 Nio and Tesla Adopted Battery as a Service Model to Address Range Anxiety and Long Charging Time
5.12.3 Renault Introduced Flexible Battery Leasing Model for Electric Vehicles
5.12.4 Urja Mobility Introduced Cost-Effective Battery Leasing Model for Commercial Electric Vehicles
5.13 Key Conferences and Events, 2025-2026
5.14 Regulatory Landscape
5.14.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.15 Impact of AI on Battery as a Service Market
5.16 Battery Leasing in Commercial Fleets
5.16.1 Two-Wheelers
6 Battery as a Service Market, by Battery Capacity
6.1 Introduction
6.2 Below 5 kWh
6.2.1 Rising Popularity of Electric Two-Wheelers in Urban Areas to Drive Market
6.3 5-10 kWh
6.3.1 Growing Demand for Three-Wheelers to Drive Market
6.4 11-50 kWh
6.4.1 Growing Demand for Budget-Friendly EVs to Drive Market
6.5 51-100 kWh
6.5.1 Rising Popularity of Luxury EVs and Commercial Vehicles to Boost Demand
6.6 Above 100 kWh
6.6.1 Demand for Heavy-Duty Commercial Vehicles to Drive Market
6.7 Key Industry Insights
7 Battery as a Service Market, by Vehicle Type
7.1 Introduction
7.2 Two-Wheelers
7.2.1 Growing Demand for Low-Cost Delivery Vehicles to Drive Market
7.3 Three-Wheelers
7.3.1 Growing Demand for Three-Wheelers for Public Transport to Drive Growth
7.4 Passenger Cars
7.4.1 Need for Flexible Pricing and Ownership Models to Boost Demand
7.5 Commercial Vehicles
7.5.1 Focus on Reducing Fleet Emissions to Spur Demand
7.6 Key Industry Insights
8 Battery as a Service Market, by Leasing Type
8.1 Introduction
8.2 Subscription
8.2.1 Demand for Cost-Effective Leasing Options to Drive Growth
8.3 Pay-Per-Use
8.3.1 Growth of Private Ownership of Electric Vehicles to Drive Market
8.4 Key Industry Insights
9 Battery as a Service Market, by Usage
9.1 Introduction
9.2 Private
9.2.1 Rise in Number of Consumers Seeking Affordable Options to Drive Market
9.3 Commercial
9.3.1 Need for Reduced Cost Value Proposition and Options for Buyback Offers to Create Demand
9.4 Key Industry Insights
10 Battery as a Service Market, by Region
10.1 Introduction
10.2 Asia-Pacific
10.2.1 Macroeconomic Outlook
10.2.2 China
10.2.2.1 Focus of Premium Automakers on Providing World-Class Features in EVs to Drive Growth
10.2.3 India
10.2.3.1 Emphasis on Providing Cost-Effective EV Solutions to Drive Market
10.2.4 Japan
10.2.4.1 Focus of OEMs on Developing Advanced Battery Technologies to Drive Market
10.2.5 South Korea
10.2.5.1 Government's Plans to Allow Battery Subscription Services to Drive Growth
10.3 North America
10.3.1 Macroeconomic Outlook
10.3.2 US
10.3.2.1 Demand for Cost-Effective EVs to Drive Demand for Battery Leasing Subscriptions
10.3.3 Canada
10.3.3.1 Government Policies Encouraging Adoption of EVs to Boost Demand
10.4 Europe
10.4.1 Macroeconomic Outlook
10.4.2 Germany
10.4.2.1 Robust Demand for EVs for Commercial Purposes to Drive Market
10.4.3 France
10.4.3.1 Need for Strict Adherence to Emission Regulations to Drive Growth
10.4.4 Italy
10.4.4.1 Government's Focus on Fleet Electrification to Spur Demand
10.4.5 Spain
10.4.5.1 Rising Investments from Key Battery Manufacturers to Drive Market
10.4.6 UK
10.4.6.1 Rising Demand for BEVs to Encourage Market Expansion
11 Competitive Landscape
11.1 Introduction
11.2 Key Player Strategies/Right to Win, 2021-2024
11.3 Market Share Analysis, 2023
11.3.1 Market Ranking, 2023
11.4 Revenue Analysis, 2019-2023
11.5 Company Valuation and Financial Metrics
11.5.1 Company Valuation
11.5.2 Financial Metrics
11.6 Brand/Service Comparison
11.7 Company Evaluation Matrix: Key Players, 2023
11.7.1 Stars
11.7.2 Emerging Leaders
11.7.3 Pervasive Players
11.7.4 Participants
11.7.5 Company Footprint: Key Players, 2023
11.7.5.1 Company Footprint
11.7.5.2 Region Footprint
11.7.5.3 Usage Footprint
11.7.5.4 Vehicle Type Footprint
11.7.5.5 Leasing Type Footprint
11.8 Company Evaluation Matrix: Startups/SMEs, 2023
11.8.1 Progressive Companies
11.8.2 Responsive Companies
11.8.3 Dynamic Companies
11.8.4 Starting Blocks
11.8.5 Competitive Benchmarking: Startups/SMEs, 2023
11.8.5.1 Detailed List of Startups/SMEs
11.8.5.2 Competitive Benchmarking of Startups/SMEs
11.9 Competitive Scenario
11.9.1 Service Launches/Developments
11.9.2 Deals
11.9.3 Expansion
12 Company Profiles
12.1 Key Players
12.1.1 Nio
12.1.1.1 Business Overview
12.1.1.2 Services Offered
12.1.1.3 Recent Developments
12.1.1.3.1 Service Launches/Developments
12.1.1.3.2 Expansion
12.1.1.4 Analyst's View
12.1.1.4.1 Key Strengths
12.1.1.4.2 Strategic Choices
12.1.1.4.3 Weaknesses and Competitive Threats
12.1.2 Gogoro
12.1.2.1 Business Overview
12.1.2.2 Services Offered
12.1.2.3 Recent Developments
12.1.2.3.1 Deals
12.1.2.4 Analyst's View
12.1.2.4.1 Key Strengths
12.1.2.4.2 Strategic Choices
12.1.2.4.3 Weaknesses and Competitive Threats
12.1.3 Xpeng Inc.
12.1.3.1 Business Overview
12.1.3.2 Services Offered
12.1.3.3 Analyst's View
12.1.3.3.1 Key Strengths
12.1.3.3.2 Strategic Choices
12.1.3.3.3 Weaknesses and Competitive Threats
12.1.4 Saic Motor Corporation Limited
12.1.4.1 Business Overview
12.1.4.2 Services Offered
12.1.4.3 Recent Developments
12.1.4.3.1 Deals
12.1.4.4 Analyst's View
12.1.4.4.1 Key Strengths
12.1.4.4.2 Strategic Choices
12.1.4.4.3 Weaknesses and Competitive Threats
12.1.5 Vinfast
12.1.5.1 Business Overview
12.1.5.2 Services Offered
12.1.5.3 Recent Developments
12.1.5.3.1 Expansion
12.1.5.4 Analyst's View
12.1.5.4.1 Key Strengths
12.1.5.4.2 Strategic Choices
12.1.5.4.3 Weaknesses and Competitive Threats
12.1.6 Mahindra&Mahindra Ltd.
12.1.6.1 Business Overview
12.1.6.2 Services Offered
12.1.6.3 Recent Developments
12.1.6.3.1 Deals
12.1.7 Bounce Infinity
12.1.7.1 Business Overview
12.1.7.2 Services Offered
12.1.7.3 Recent Developments
12.1.7.3.1 Deals
12.1.8 Yinson Green Technologies
12.1.8.1 Business Overview
12.1.8.2 Services Offered
12.1.8.3 Recent Developments
12.1.8.3.1 Expansion
12.1.9 Lectrix E-Vehicle Pvt. Ltd.
12.1.9.1 Business Overview
12.1.9.2 Services Offered
12.1.10 Hyundai Motor Company
12.1.10.1 Business Overview
12.1.10.2 Recent Developments
12.1.10.2.1 Service Launches/Developments
12.1.10.2.2 Deals
12.1.11 Yamaha Motor Co. Ltd.
12.1.11.1 Business Overview
12.1.11.2 Recent Developments
12.1.11.2.1 Service Launches/Developments
12.1.11.2.2 Deals
12.1.12 Nissan Motor Co. Ltd.
12.1.12.1 Business Overview
12.2 Other Key Players
12.2.1 OEMs
12.2.1.1 Hero Electric Vehicles Pvt Ltd.
12.2.1.2 Kymco
12.2.1.3 Renault Group
12.2.1.4 Beijing Automotive Group Co. Ltd.
12.2.1.5 Kinetic Green
12.2.1.6 Switch Mobility
12.2.1.7 Honda Power Pack Energy India Private Limited
12.2.1.8 Arc Ride
12.2.1.9 Basigo
12.2.2 Battery Asset Management Companies
12.2.2.1 Urja Mobility
12.2.2.2 Sun Mobility
12.2.2.3 Octillion
12.2.2.4 Battery Smart
12.2.2.5 Movio Technologies Private Limited
12.2.2.6 Contemporary Amperex Energy Service Technology Limited
13 Analyst's Recommendations
13.1 Rising Adoption of EVs for Commercial Purposes to Impact Demand for Battery Leasing Services in Asia-Pacific
13.2 Use of Battery Swapping Subscription for Customer Ease and Convenience
13.3 Providing Vehicle Buyback Option to Private EV Users
13.4 Conclusion
14 Appendix
14.1 Key Insights from Industry Experts
14.2 Discussion Guide
14.3 Knowledgestore: The Subscription Portal
14.4 Customization Options
14.4.1 Additional Company Profiles (Up to Five)
14.4.2 Additional Countries (Up to Three)
14.4.3 Detailed Analysis of Battery as a Service Market, by Vehicle Range
List of Tables
Table 1 Market Definition, by Leasing Type
Table 2 Market Definition, by Usage
Table 3 Market Definition, by Vehicle Type
Table 4 Market Definition, by Battery Capacity
Table 5 USD Exchange Rates, 2019-2024
Table 6 Cost Savings Offered by Battery Lease Model
Table 7 Impact of Market Dynamics
Table 8 Key Buying Criteria, by Usage
Table 9 Role of Companies in Market Ecosystem
Table 10 Average Selling Price of Key Players, 2023 (USD)
Table 11 Average Selling Price Trend, by Vehicle Type, 2021-2025 (USD)
Table 12 Average Selling Price Trend, by Region, 2021-2025 (USD)
Table 13 Patent Analysis, 2020-2024
Table 14 Key Conferences and Events, 2025-2026
Table 15 North America: Regulatory Bodies, Government Agencies, and Other Organizations
Table 16 Europe: Regulatory Bodies, Government Agencies, and Other Organizations
Table 17 Asia-Pacific: Regulatory Bodies, Government Agencies, and Other Organizations
Table 18 Changes in Global Regulatory Environment
Table 19 Regulations/Voluntary Procedures for Performance of EV Batteries
Table 20 Regulations/Voluntary Procedures for Durability of EV Batteries
Table 21 Regulations/Voluntary Procedures for Safety of EV Batteries
Table 22 Regulations/Voluntary Procedures for Recycling EV Batteries
Table 23 Cost of Two-Wheelers with and Without Battery Leasing Service
Table 24 Battery as a Service Market, by Battery Capacity, 2020-2023 (Thousand Units)
Table 25 Battery as a Service Market, by Battery Capacity, 2024-2030 (Thousand Units)
Table 26 Battery as a Service Market, by Battery Capacity, 2031-2035 (Thousand Units)
Table 27 Below 5 kWh: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 28 Below 5 kWh: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 29 Below 5 kWh: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 30 5-10 kWh: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 31 5-10 kWh: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 32 5-10 kWh: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 33 11-50 kWh: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 34 11-50 kWh: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 35 11-50 kWh: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 36 51-100 kWh: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 37 51-100 kWh: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 38 51-100 kWh: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 39 Above 100 kWh: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 40 Above 100 kWh: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 41 Above 100 kWh: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 42 Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 43 Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 44 Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 45 Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 46 Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 47 Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 48 OEMs Offering Battery Leasing Solutions with Two-Wheelers
Table 49 Two-Wheelers: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 50 Two-Wheelers: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 51 Two-Wheelers: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 52 Two-Wheelers: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 53 Two-Wheelers: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 54 Two-Wheelers: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 55 Three-Wheelers: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 56 Three-Wheelers: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 57 Three-Wheelers: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 58 Three-Wheelers: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 59 Three-Wheelers: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 60 Three-Wheelers: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 61 OEMs Offering Battery Leasing Solutions with Passenger Cars
Table 62 Passenger Cars: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 63 Passenger Cars: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 64 Passenger Cars: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 65 Passenger Cars: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 66 Passenger Cars: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 67 Passenger Cars: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 68 Commercial Vehicles: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 69 Commercial Vehicles: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 70 Commercial Vehicles: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 71 Commercial Vehicles: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 72 Commercial Vehicles: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 73 Commercial Vehicles: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 74 Battery as a Service Market, by Leasing Type, 2020-2023 (Thousand Units)
Table 75 Battery as a Service Market, by Leasing Type, 2024-2030 (Thousand Units)
Table 76 Battery as a Service Market, by Leasing Type, 2031-2035 (Thousand Units)
Table 77 Battery as a Service Market, by Leasing Type, 2020-2023 (USD Million)
Table 78 Battery as a Service Market, by Leasing Type, 2024-2030 (USD Million)
Table 79 Battery as a Service Market, by Leasing Type, 2031-2035 (USD Million)
Table 80 Subscription: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 81 Subscription: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 82 Subscription: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 83 Subscription: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 84 Subscription: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 85 Subscription: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 86 Pay-Per-Use: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 87 Pay-Per-Use: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 88 Pay-Per-Use: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 89 Pay-Per-Use: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 90 Pay-Per-Use: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 91 Pay-Per-Use: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 92 Battery as a Service Market, by Usage, 2020-2023 (Thousand Units)
Table 93 Battery as a Service Market, by Usage, 2024-2030 (Thousand Units)
Table 94 Battery as a Service Market, by Usage, 2031-2035 (Thousand Units)
Table 95 Battery as a Service Market, by Usage, 2020-2023 (USD Million)
Table 96 Battery as a Service Market, by Usage, 2024-2030 (USD Million)
Table 97 Battery as a Service Market, by Usage, 2031-2035 (USD Million)
Table 98 Private: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 99 Private: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 100 Private: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 101 Private: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 102 Private: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 103 Private: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 104 Commercial: Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 105 Commercial: Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 106 Commercial: Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 107 Commercial: Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 108 Commercial: Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 109 Commercial: Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 110 Battery as a Service Market, by Region, 2020-2023 (Thousand Units)
Table 111 Battery as a Service Market, by Region, 2024-2030 (Thousand Units)
Table 112 Battery as a Service Market, by Region, 2031-2035 (Thousand Units)
Table 113 Battery as a Service Market, by Region, 2020-2023 (USD Million)
Table 114 Battery as a Service Market, by Region, 2024-2030 (USD Million)
Table 115 Battery as a Service Market, by Region, 2031-2035 (USD Million)
Table 116 Asia-Pacific: Battery as a Service Market, by Country, 2020-2023 (Thousand Units)
Table 117 Asia-Pacific: Battery as a Service Market, by Country, 2024-2030 (Thousand Units)
Table 118 Asia-Pacific: Battery as a Service Market, by Country, 2031-2035 (Thousand Units)
Table 119 Asia-Pacific: Battery as a Service Market, by Country, 2020-2023 (USD Million)
Table 120 Asia-Pacific: Battery as a Service Market, by Country, 2024-2030 (USD Million)
Table 121 Asia-Pacific: Battery as a Service Market, by Country, 2031-2035 (USD Million)
Table 122 Chinese OEMs Offering Battery Leasing Solutions
Table 123 China: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 124 China: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 125 China: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 126 China: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 127 China: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 128 China: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 129 Indian OEMs Offering Battery Leasing Solutions
Table 130 India: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 131 India: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 132 India: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 133 India: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 134 India: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 135 India: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 136 Japan: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 137 Japan: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 138 Japan: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 139 Japan: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 140 Japan: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 141 Japan: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 142 South Korea: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 143 South Korea: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 144 South Korea: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 145 South Korea: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 146 South Korea: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 147 South Korea: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 148 North America: Battery as a Service Market, by Country, 2020-2023 (Thousand Units)
Table 149 North America: Battery as a Service Market, by Country, 2024-2030 (Thousand Units)
Table 150 North America: Battery as a Service Market, by Country, 2031-2035 (Thousand Units)
Table 151 North America: Battery as a Service Market, by Country, 2020-2023 (USD Million)
Table 152 North America: Battery as a Service Market, by Country, 2024-2030 (USD Million)
Table 153 North America: Battery as a Service Market, by Country, 2031-2035 (USD Million)
Table 154 US: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 155 US: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 156 US: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 157 US: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 158 US: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 159 US: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 160 Canada: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 161 Canada: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 162 Canada: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 163 Canada: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 164 Canada: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 165 Canada: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 166 Europe: Battery as a Service Market, by Country, 2020-2023 (Thousand Units)
Table 167 Europe: Battery as a Service Market, by Country, 2024-2030 (Thousand Units)
Table 168 Europe: Battery as a Service Market, by Country, 2031-2035 (Thousand Units)
Table 169 Europe: Battery as a Service Market, by Country, 2020-2023 (USD Million)
Table 170 Europe: Battery as a Service Market, by Country, 2024-2030 (USD Million)
Table 171 Europe: Battery as a Service Market, by Country, 2031-2035 (USD Million)
Table 172 Germany: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 173 Germany: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 174 Germany: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 175 Germany: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 176 Germany: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 177 Germany: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 178 France: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 179 France: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 180 France: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 181 France: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 182 France: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 183 France: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 184 Italy: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 185 Italy: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 186 Italy: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 187 Italy: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 188 Italy: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 189 Italy: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 190 Spain: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 191 Spain: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 192 Spain: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 193 Spain: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 194 Spain: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 195 Spain: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 196 UK: Battery as a Service Market, by Vehicle Type, 2020-2023 (Thousand Units)
Table 197 UK: Battery as a Service Market, by Vehicle Type, 2024-2030 (Thousand Units)
Table 198 UK: Battery as a Service Market, by Vehicle Type, 2031-2035 (Thousand Units)
Table 199 UK: Battery as a Service Market, by Vehicle Type, 2020-2023 (USD Million)
Table 200 UK: Battery as a Service Market, by Vehicle Type, 2024-2030 (USD Million)
Table 201 UK: Battery as a Service Market, by Vehicle Type, 2031-2035 (USD Million)
Table 202 Key Player Strategies/Right to Win, 2021-2024
Table 203 Market Share Analysis, 2023
Table 204 Region Footprint
Table 205 Usage Footprint
Table 206 Vehicle Type Footprint
Table 207 Leasing Type Footprint
Table 208 Detailed List of Startups/SMEs
Table 209 Competitive Benchmarking of Startups/SMEs
Table 210 Battery as a Service Market: Service Launches/Developments, January 2021-December 2024
Table 211 Battery as a Service Market: Deals, January 2021-December 2024
Table 212 Battery as a Service Market: Expansion, January 2021-December 2024
Table 213 Nio: Company Overview
Table 214 Nio: Services Offered
Table 215 Nio: Service Launches/Developments
Table 216 Nio: Expansion
Table 217 Gogoro: Company Overview
Table 218 Gogoro: Services Offered
Table 219 Gogoro: Deals
Table 220 Xpeng Inc.: Company Overview
Table 221 Xpeng Inc.: Services Offered
Table 222 Saic Motor Corporation Limited: Company Overview
Table 223 Features of Battery Rental Scheme Offered by Saic Motor Corporation for Mg Motor India's Windsor Model
Table 224 Saic Motor Corporation Limited: Services Offered
Table 225 Saic Motor Corporation Limited: Deals
Table 226 Vinfast: Company Overview
Table 227 Vinfast: Product Portfolio
Table 228 Vinfast: Services Offered
Table 229 Vinfast: Expansion
Table 230 Mahindra&Mahindra Ltd.: Company Overview
Table 231 Mahindra&Mahindra Ltd.: Services Offered
Table 232 Mahindra&Mahindra Ltd.: Deals
Table 233 Bounce Infinity: Company Overview
Table 234 Bounce Infinity: Services Offered
Table 235 Bounce Infinity: Deals
Table 236 Yinson Green Technologies: Company Overview
Table 237 Yinson Green Technologies: Services Offered
Table 238 Yinson Green Technologies: Expansion
Table 239 Lectrix E-Vehicle Pvt. Ltd.: Company Overview
Table 240 Lectrix E-Vehicle Pvt. Ltd.: Services Offered
Table 241 Hyundai Motor Company: Company Overview
Table 242 Hyundai Motor Company: Service Launches/Developments
Table 243 Hyundai Motor Company: Deals
Table 244 Yamaha Motor Co. Ltd.: Company Overview
Table 245 Yamaha Motor Co. Ltd.: Service Launches/Developments
Table 246 Yamaha Motor Co. Ltd.: Deals
Table 247 Nissan Motor Co. Ltd.: Company Overview
Table 248 Hero Electric Vehicles Pvt Ltd.: Company Overview
Table 249 Kymco: Company Overview
Table 250 Renault Group: Company Overview
Table 251 Beijing Automotive Group Co. Ltd.: Company Overview
Table 252 Kinetic Green: Company Overview
Table 253 Switch Mobility: Company Overview
Table 254 Honda Power Pack Energy India Private Limited: Company Overview
Table 255 Arc Ride: Company Overview
Table 256 Basigo: Company Overview
Table 257 Urja Mobility: Company Overview
Table 258 Sun Mobility: Company Overview
Table 259 Octillion: Company Overview
Table 260 Battery Smart: Company Overview
Table 261 Movio Technologies Private Limited: Company Overview
Table 262 Contemporary Amperex Energy Service Technology Limited: Company Overview
List of Figures
Figure 1 Research Design
Figure 2 Research Design Model
Figure 3 Research Methodology: Hypothesis Building
Figure 4 Bottom-Up Approach
Figure 5 Top-Down Approach
Figure 6 Market Size Estimation Notes
Figure 7 Data Triangulation
Figure 8 Demand- and Supply-Side Factors and Their Impact on Market
Figure 9 Market Growth Projections Based on Demand-Side Drivers and Opportunities
Figure 10 Battery as a Service Market Overview
Figure 11 Asia-Pacific to Lead Market During Forecast Period
Figure 12 Passenger Cars Segment to Lead Market During Forecast Period
Figure 13 Subscription Segment to Lead Market During Forecast Period
Figure 14 Key Players in Battery as a Service Market
Figure 15 Rising Demand for Cost-Efficient Electric Vehicles to Drive Market
Figure 16 Subscription Segment to Lead Market by 2035
Figure 17 Commercial Segment to Achieve Significant Growth During Forecast Period
Figure 18 Passenger Cars Segment to Account for Largest Share by 2035
Figure 19 51-100 kWh Segment to Lead Market During Forecast Period
Figure 20 Asia-Pacific to be Largest Market in 2024
Figure 21 Framework of Battery as a Service Model
Figure 22 Battery as a Service Market: Drivers, Restraints, Opportunities, and Challenges
Figure 23 Functioning of Battery Swapping Stations
Figure 24 Second-Life Application of EV Batteries
Figure 25 Battery-Leasing Service Model for Heavy-Duty Commercial Vehicles
Figure 26 Lithium Reserves, by Country, 2024 (Thousand Metric Tons)
Figure 27 Battery Standardization Plans in India
Figure 28 Key Buying Criteria, by Usage
Figure 29 Ecosystem Analysis
Figure 30 Value Chain Analysis
Figure 31 Average Selling Price of Key Players, 2023 (USD)
Figure 32 Average Selling Price Trend, by Vehicle Type, 2021-2025 (USD)
Figure 33 Average Selling Price Trend, by Region, 2021-2025 (USD)
Figure 34 Battery as a Service Market: Business Model
Figure 35 Advantages of Solid-State Battery Designs
Figure 36 Investment Scenario, 2021-2024
Figure 37 Patent Analysis, 2015-2024
Figure 38 Legal Status of Patents, 2015-2024
Figure 39 Trends and Disruptions Impacting Customer Business
Figure 40 Use of AI in Battery Lifecycle Management
Figure 41 Battery as a Service Market, by Battery Capacity, 2024 vs. 2035 (Thousand Units)
Figure 42 Battery as a Service Market, by Vehicle Type, 2024 vs. 2035 (USD Million)
Figure 43 Battery as a Service Market, by Leasing Type, 2024 vs. 2035 (USD Million)
Figure 44 Battery as a Service Market, by Usage, 2024 vs. 2035 (USD Million)
Figure 45 Battery as a Service Market, by Region, 2024 vs. 2035 (USD Million)
Figure 46 Asia-Pacific: Battery as a Service Market Snapshot
Figure 47 Asia-Pacific: Real GDP Growth Rate, by Country, 2023-2025
Figure 48 Asia-Pacific: GDP Per Capita, by Country, 2023-2025
Figure 49 Asia-Pacific: Cpi Inflation Rate, by Country, 2023-2025
Figure 50 Asia-Pacific: Automotive Industry's Contribution to GDP, by Country, 2023 (USD Trillion)
Figure 51 Altna Co. Ltd.: Battery as a Service Offerings
Figure 52 Hyundai Motor Company: Battery Leasing Pilot
Figure 53 North America: Battery as a Service Market Snapshot
Figure 54 North America: Real GDP Growth Rate, by Country, 2023-2025
Figure 55 North America: GDP Per Capita, by Country, 2023-2025
Figure 56 North America: Cpi Inflation Rate, by Country, 2023-2025
Figure 57 North America: Automotive Industry's Contribution to GDP, by Country, 2023 (USD Trillion)
Figure 58 Europe: Battery as a Service Market, by Country, 2024 vs. 2035 (USD Million)
Figure 59 Europe: Real GDP Growth Rate, by Country, 2023-2025
Figure 60 Europe: GDP Per Capita, by Country, 2023-2025
Figure 61 Europe: Cpi Inflation Rate, by Country, 2023-2025
Figure 62 Europe: Automotive Industry's Contribution to GDP, by Country, 2023 (USD Trillion)
Figure 63 Market Share Analysis, 2023
Figure 64 Market Ranking of Top Five Players, 2023
Figure 65 Revenue Analysis of Key Players, 2019-2023 (USD Billion)
Figure 66 Company Valuation of Key Players, 2025 (USD Billion)
Figure 67 EV/EBITDA of Key Players, 2024
Figure 68 Brand/Service Comparison
Figure 69 Battery as a Service Market: Company Evaluation Matrix (Key Players), 2023
Figure 70 Company Footprint
Figure 71 Battery as a Service Market: Company Evaluation Matrix (Startups/SMEs), 2023
Figure 72 Nio: Company Snapshot
Figure 73 Nio: Sales Offering
Figure 74 Gogoro: Company Snapshot
Figure 75 Xpeng Inc.: Company Snapshot
Figure 76 Saic Motor Corporation Limited: Company Snapshot
Figure 77 Vinfast: Company Snapshot
Figure 78 Features of Battery Leasing Services Offered by Vinfast
Figure 79 Mahindra&Mahindra Ltd.: Company Snapshot
Figure 80 Yinson Green Technologies: Features of Swappable Batteries
Figure 81 Yinson Green Technologies: Battery Swapping Process
Figure 82 Lectrix E-Vehicle Pvt. Ltd.: Features of Battery Subscription
Figure 83 Hyundai Motor Company: Company Snapshot
Figure 84 Yamaha Motor Co. Ltd.: Company Snapshot
Figure 85 Nissan Motor Co. Ltd.: Company Snapshot

Companies Mentioned

  • Nio
  • Gogoro
  • Xpeng Inc.
  • Saic Motor Corporation Limited
  • Vinfast
  • Mahindra&Mahindra Ltd.
  • Bounce Infinity
  • Yinson Green Technologies
  • Lectrix E-Vehicle Pvt. Ltd.
  • Hyundai Motor Company
  • Yamaha Motor Co. Ltd.
  • Nissan Motor Co. Ltd.
  • OEMs
  • Battery Asset Management Companies

Table Information