Battery-as-a-Service (BaaS) Market Report 2023-2028
The global battery-as-a-service (BaaS) market is expected to exhibit a growth rate (CAGR) of 25.95% during 2023-2028.
SHERIDAN, WYOMING, USA, March 31, 2023 /EINPresswire.com/ — IMARC Group’s latest research report, titled “Battery-as-a-Service (BaaS) Market Research Report: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028, 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) refers to a service model wherein companies lease out batteries to their customers. It reduces the upfront cost of purchasing new batteries for consumers and facilitates more efficient use of old batteries. It also allows service providers to optimize battery usage, recycle old batteries, and reduce waste. It offers a scalable solution for businesses and individuals who may need to adjust their power requirements over time. Moreover, it facilitates high flexibility for businesses with changing power requirements, as BaaS providers can easily upgrade and downgrade their battery capacity as needed. At present, there is a rise in the demand for BaaS to overcome the challenges of electric vehicles (EVs), such as high battery cost and long charging time.
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Battery-As-A-Service Market Trends and Drivers:
At present, one of the main barriers to the widespread adoption of EVs is the high upfront cost of the battery. BaaS allows EV owners to lease the battery instead of purchasing it, which, in turn, reduces the upfront cost of the vehicle. This, in confluence with rising environmental concerns and the increasing demand for EVs, represents one of the key factors positively influencing the market across the globe. Additionally, governments of various countries are undertaking favorable initiatives, such as tax credits, rebates, and subsidies, to promote the adoption of EVs.
This, along with the inflating disposable incomes of individuals and increasing affordability and accessibility of EVs, is fueling the growth of the market. In addition, the growing demand for energy and increasing adoption of BaaS for storing energy from renewable sources, such as solar and wind power, are propelling the market growth. Apart from this, the growing adoption of portable electronics, such as smartphones, laptops, and tablets, is catalyzing the demand for BaaS as it allows customers to lease batteries and exchange them when they run out of power without worrying about maintenance and disposal.
Moreover, the rising focus on sustainability is increasing the need for more efficient use of batteries and reducing waste, which is catalyzing the demand for BaaS around the world. In line with this, BaaS can be integrated into smart grid systems for better management and control of energy usage. Smart grid integration also provides valuable data on energy usage and storage, which assist in efficient and sustainable energy management. Furthermore, the reducing prices of lithium-ion batteries and technological advancements in battery manufacturing are stimulating the growth of the market worldwide.
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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
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
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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