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Battery Leasing Service Market Size

Report ID: GMI5219
Published Date: Aug 2023
Report Format: PDF

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Battery Leasing Service Market Size

Battery Leasing Service Market size was valued at USD 132.4 million in 2022 and is estimated to register a CAGR of 31.5% between 2023 and 2032. The automotive industry growth is driving the demand for battery leasing services. The collaboration focused on the leasing of the electric taxi batteries and eco-friendly repurposing of electric vehicle (EV) batteries for energy storage systems (ESS). The availability of limited charging infrastructure will stimulate the product demand.

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Battery leasing services gained traction due to their role in addressing the battery technology evolution. With rapid advancements in battery technology in the EV sector, consumers faced the dilemma of investing in vehicles with potentially outdated battery technology. Battery leasing mitigated this concern by providing an avenue for EV owners to upgrade to newer & more efficient batteries. This ensured that their vehicles maintained good performance and range capabilities without necessitating a complete vehicle replacement.

Battery Leasing Service Market Report Attributes
Report Attribute	Details
Base Year:	2022
Battery Leasing Service Market Size in 2022:	USD 132.4 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	31.5%
2032 Value Projection:	USD 1.77 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	240
Segments covered:	Business Model, Battery Type, and Vehicle Type
Growth Drivers:	Growing adoption of EVs Supportive government initiatives for the adoption of EVs Increasing investments in the development of EVs Falling prices of lithium-ion batteries
Pitfalls & Challenges:	High cost of EVs Lack of battery charging infrastructure

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It can be a challenge to establish an extensive infrastructure for battery leasing services including battery swapping or rental facilities. Ensuring equitable accessibility across diverse regions, urban & rural areas, and different countries requires significant investments and logistical planning. Overcoming potential barriers, such as land acquisition, zoning regulations, and infrastructure compatibility, can be time-consuming. These challenges may hinder battery leasing service market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of battery leasing service crossed USD 132.4 million in 2022 and may record 31.5% CAGR through 2032, due to the presence of well-established automotive sector worldwide.

The lithium-ion battery type segment held 86.7% of the battery leasing service market share in 2022 and is estimated to grow by 2032, due to higher deployment in EVs to provide safety & protection to consumers.

Asia Pacific battery leasing service industry size exceeded USD 50 million in 2022, driven by the rising promotion of green technology by federal institutions for delivering better public administration through the integration of low carbon emission technologies.

Bounce Infinity, Contemporary Amperex Technology Co., Ltd., E-ChargeUp Solutions Private Limited, Esmito Solutions Private Limited, Gogoro Inc., Lithion Power Private Limited, NIO NextEV Limited, are Octillion Power Systems some of the leading market players. ?