Battery leasing service Market is anticipated to grow at a significant CAGR of 21.6% during the forecast period (2024-2031). Battery leasing is an alternative to a traditional acquaintance of battery along with the vehicle, wherein, a consumer can lease the battery instead of purchasing it. The market has seen phenomenal growth in recent years contributed by high EV adoption, advancement in battery technology, and focus by Original Equipment Manufacturer (OEMs) on reducing vehicle cost, and positive government policies.
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In recent years, alternatives to Li-ion batteries have been emerging which has provided OEMs with alternatives to switch battery materials while reducing cost. Further, lithium carbonate prices have been steadily increasing over the past two years. In 2021, prices multiplied four- to five-fold, and the trend continued in 2022, with prices nearly doubling between 2022 `and 2023. At the beginning of 2023, lithium prices stood six times above their average over the 2015-2020 period paving the way for the development of alternative materials. Notably, sodium-ion (Na-ion), battery is currently the only viable chemistry that does not contain lithium. The significance of alternate material development is to reduce cost, and increase lifespan of batteries for battery leasing service companies, as leasing companies are liable for maintenance and repair of batteries, resulting in low-cost offerings. For instance, according to (IEA) the Na-ion battery developed by China’s CATL is estimated to cost 30% less than an LFP battery. Conversely, Na-ion batteries do not have the same energy density as their Li-ion counterpart (respectively 75 to 160 Wh/kg compared to 120 to 260 Wh/kg). This could make Na-ion relevant for urban vehicles with a lower range, or for stationary storage, but could be more challenging to deploy in locations where consumers prioritize maximum range autonomy, or where charging is less accessible.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Battery Leasing Service Market by Business Model
- Subscription Service
- Pay-Per-Use Model
Global Battery Leasing Service Market by Battery Type
- Lithium-ion (Li-ion)
- Nickel Metal Hybrid
Global Battery Leasing Service Market by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East and Africa
Company Profiles
- Ampup, Inc.
- Aulton New Energy Automotive Technology Co., Ltd.
- BATTERY SMART
- Cassetex
- E-Chargeup Solutions Pvt Ltd.
- Esmito Solutions Pvt. Ltd
- Gogoro Inc.
- Kia Corp.
- Lithion Power Pvt. Ltd
- OYIKA Pte Ltd.
- Shenzhen Immotor Technology Limited
- Sun Monility Pvt. Ltd.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global battery leasing service market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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