The latest research study “Battery as a Service Market Growth: Global Industry Trends, Size, Share, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global battery-as-a-service market size is expected to exhibit a CAGR of 26.23% during 2022-2027.
Battery as a Service (Baas) Market Overview :
Battery-as-a-service (BaaS) enables people to rent batteries as a distinct part of the car, helping the owner cut costs while resolving shorter-range difficulties. Additionally, it provides options for battery changing, allowing a fully charged battery to take the place of a drained one. It takes less time and requires little infrastructure. BaaS has seen a rise in popularity in recent years as a solution to the problems that electric cars (EVs) face, such as long battery charging times and expensive batteries.
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.
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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.
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.
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
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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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