Do You know About Battery as a Service Market growing in future
Battery-as-a-Service (BaaS) enables users to lease batteries independently of the vehicle, eliminating the need for an upfront battery and vehicle purchase . By the BaaS model, the battery would be rented from a provider of charging infrastructure, and whenever it needed to be recharged, it would be changed at a station. According to a research report by Astute Analytica, the global Battery as a service market value was US$ 142.7 million in 2021 and is expected to reach US$ 1,097.6 million by 2030, growing at a compound annual growth rate (CAGR) of 25.9% over the projection period from 2022 to 2030. The market is driven by factors like high battery costs, rising electric car sales, and supportive government measures. The operational expenses of electric vehicles (EVs) are lower than those of conventional automobiles, but they cost more to buy. The high cost of the batteries used in these vehicles accounts for a large portion of this expense. The battery-as-a-Servi...