The global battery leasing service market is anticipated to grow at a significant CAGR of 21.6% during the forecast period (2024–2031). The market growth is being pushed by OEMs and vehicle renting service providers seeking partnerships with battery leasing companies to enhance their offerings and reduce the operation cost of their vehicles. For instance, in July 2023, South Korea's KIA Corp partnered with Hyundai Capital Services, Shinhan EZ General Insurance, the Seoul Taxi Association, Hanmi Taxi, and Sangrok Transportation for a pilot project that aims to introduce a battery subscription service. The signed memorandum of understanding (MOU) aims to alleviate the initial purchase burden for consumers, thereby expanding the adoption of electric vehicles (EVs). Based on the outcomes of the pilot project, Kia plans to officially launch the service in the second half of 2024.
Browse the full report description of “Battery Leasing Service Market Size, Share & Trends Analysis Report by Business Model (Subscription Service, and Pay-Per-Use Model), by Battery type (Lithium-Ion (Li-Ion), and Nickel Metal Hybrid), and by Vehicle type (Passenger Vehicle, and Commercial Vehicle). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/battery-leasing-service-market
Simultaneously, investments and partnerships are being made in the commercial vehicle sector globally to reduce the upfront cost of the vehicle, which has positively impacted the EV manufacturer’s top line, and increased adoption rate. For instance, in March 2024, Neuron Energy, a manufacturer of EV batteries partnered with Urja Mobility, a battery leasing company for commercial EVs start-up. Urja will purchase the battery packs which will then be leased to 3Eco for their EV initiative. This partnership is expected to generate significant revenue, estimated at around $12.0 million for Neuron Energy, across both L3 and L5 categories.
Market Coverage
• The market number available for 2024-2031
• Base year: 2023
• Forecast period: 2024-2031
• Segment Covered-
o By Business Model
o By Battery type
o By Vehicle type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape: Tesla, Inc., Contemporary Amperex Technology Co., Ltd., BYD Co. Ltd., Renault Group, and NIO NextEV Ltd.
Key questions addressed by the report
Global Battery Leasing Service Market Report Segment
By Business Model
By Battery type
By Vehicle type
Global Battery Leasing Service Market Report Segment by Region
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
The rest of the World
• Latin America
• The Middle East and Africa
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