Electrical Vehicle Battery Rental Or Lease Market

Electrical vehicle battery rental or lease Market is valued at USD 148.26 Million in 2021 and is expected to reach USD 691.64 Million by 2028 with a CAGR of 24.61% over the forecast period.

Scope of Global Electrical vehicle battery rental or lease Market Reports –

The main issue of why electric-vehicles are not yet popular among customers is the high cost of Lithium-ion battery pack, which can cost more than 10,000 USD leads to high cost of vehicle comparing to gasoline models. To solve the problem of high cost the electronic vehicle manufacturers took the decision to sell the vehicle without battery included and letting the owner subscribe to a guaranteed supply of batteries. In case of Renault, most of the vehicles are equipped with a 22-kWh pack that was standard when Renault launched the ZOE in 2012. It enabled a range of roughly 80 miles (120 km) on a single charge. Renault’s 90% of customers decided to lease the battery product as monthly price is less which is only 49 pounds for 22-KWh pack.

Electrical vehicle battery rental or lease market is segmented in to rental options and region. On the basis of rental options, the market is divided in to pay as you drive and unlimited mileage. On the basis of vehicle type, the market is segmented in to new vehicles and used vehicles.

The regions covered in this electrical vehicle battery rental or lease market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Electrical vehicle battery rental or lease is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Electrical vehicle battery rental or lease Market Reports- Some major key players for global Electrical vehicle battery rental or lease market are

• Renault
• Nio
• Tesla Inc.
• Mercedes-Benz Group
• Octillion Power Systems
• Microchip Technology Inc
• Oyika Pte Ltd. 

Global Electrical vehicle battery rental or lease Market Dynamics –

One of the main driving factors for Electrical vehicle battery rental or lease market is the rapid change in battery technology. Due to the risk of depreciation of batteries as they become outdated rapidly many customers and company prefer leasing option than buying. For example, over 90% of Renault’s European customers rent the battery of their Z.E. vehicles. Another factor drives the market to grow is its property of emitting no exhaust pollutants (particulates, nitrogen oxides, etc.) when driven. Studies have revealed that a 20% proportion of electric vehicles in city centers would reduce 30% in the concentration of particulates and of up to 45% in the concentration of nitrogen dioxide. Due to increasing awareness of environmental pollution, many customers want to buy electric vehicles with affordable price which is fulfilled by electrical vehicle battery rental or lease market. use of electric vehicles would reduce the overdependence of fossil energy and can help countries economically. According to the international Energy Agency, with seven million electrical vehicles we can save up to 400,000-barrel crude oil per day until 2020. This show the great opportunity that is provided by this market. the restraining factor of this market is high cost of battery that is being used in the cars.

European region is dominating the electrical vehicle battery lease or rental market due to increasing awareness among customers, promotion of electrical vehicles and development of necessary infrastructure like charging station, trained human resource, well established service provided by the companies. The idea of leasing battery is popular in Europe which can be known from the fact that Renault recently announced that it signed its 100,000th battery lease and now ZOE owners can upgrade their battery pack to Renault ‘s new 41 kWh pack. In case of China, Beijing Electric Vehicle Company (BJEV), the top electric-car producer in China, introduced a version of its budget EV300 small car, priced at the equivalent of about $11,700, with unlimited battery swaps permitted on a monthly battery subscription of about 64 USD. The startup Japanese EV maker Fomm and the technology supplier Fujitsu entered a cooperation aimed at developing a Battery Cloud Service. it would give customers the choice between charging batteries at home or exchanging a depleted one for a fully charged pack at a service station in just five minutes.

Key Benefits for Global Electrical vehicle battery rental or lease Market Reports –

• Global Electrical vehicle battery rental or lease Market report covers in-depth historical and forecast analysis.
• Global Electrical vehicle battery rental or lease Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Global Electrical vehicle battery rental or lease Market report helps to identify opportunities in marketplace.
• Global Electrical vehicle battery rental or lease Market report covers extensive analysis of emerging trends and competitive landscape.

Market Segmentation-

Electrical vehicle battery rental or lease market is segmented in to rental options and region. On the basis of rental options, the market is divided in to pay as you drive and unlimited mileage. On the basis of vehicle type, the market is segmented in to new vehicles and used vehicles.

By Rental Options

• Pay as you drive
• Unlimited mileage

By Vehicle Type

• New vehicles
• Used vehicles

By Region

• North America

  • U.S
  • Canada

• Europe

  • U.K.
  • France
  • Germany
  • Italy

• Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia

• Latin America

  • Brazil
  • Mexico

• Middle East and Africa

  • GCC
  • Africa
  • Rest of Middle East and Africa