According to the research report titled ‘Battery Leasing Service Market Size By Business Model (Subscription Service, Pay-Per-Use Model), By Battery Type [Lithium-ion (Li-ion), Nickel Metal Hybrid (NiMh)], By Vehicle Type (Passenger Vehicle, Commercial Vehicle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028’, available with MarketStudyReport, battery leasing service market is anticipated to grow significantly through 2028.

Global battery leasing service market growth is primarily driven by lower lithium-ion battery pricing, and increasing investments in the development of electric vehicles to meet the soaring consumer demand.

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On the downside, EVs are powered by batteries, which account for a major percentage of the vehicle's initial and ongoing costs, thereby creating a major roadblock to mainstream EV adoption. However, the battery-swapping procedure introduced in a number of crucial regions has aided industry expansion in the recent years.

Based on vehicle type, the market is split into passenger vehicle, and commercial vehicle. In terms of business model, the industry is bifurcated into pay-per-use model, and subscription service. On the basis of battery type, the battery leasing service marketplace is branched into nickel metal hybrid (NiMh), and lithium-ion (Li-ion).

Regionally speaking, Latin American industry is predicted to account for roughly 5% share by the end of 2028, due to increasing demand for electric vehicles.

Whereas Middle East & Africa market is expected to grow at a CAGR of 20% throughout the assessment period, owing to favourable government measures for the adoption of electric vehicles in the region.

VoltUp, Sun Mobility Private Limited, Renault Group, Oyika Pte Ltd., Octillion Power Systems Inc., Numocity Technologies Private Limited, NIO NextEV Limited, Lithion Power Private Limited, Gogoro Inc., Esmito Solutions Private Limited, E-ChargeUp Solutions Private Limited, Contemporary Amperex Technology Co. Ltd. (CATL), Bounce Infinity, and Ample Inc. are the leading players in worldwide battery leasing service market.