AUSTIN, Texas and TOKYO, Nov. 4, 2025 /PRNewswire/ -- According to DataM Intelligence, the Battery as a Service (BaaS) Market is expanding at a remarkable pace, driven by the rapid electrification of mobility and the emergence of modular energy-as-a-service models. The Battery as a Service Market Size, valued at USD 1.71 billion in 2024, is projected to reach USD 11.20 billion by 2032, growing at a CAGR of 26.5% from 2025 to 2032.
The shift toward battery leasing and swapping solutions addresses two key pain points in electric vehicle (EV) adoption-high upfront battery costs and limited charging infrastructure. BaaS enables users to purchase EVs without batteries, paying instead for battery usage or subscription plans, thereby lowering total cost of ownership (TCO) by 20-30% compared to traditional EV ownership.
Growth Drivers: Mobility Electrification and Infrastructure Scalability
Several quantifiable trends underpin this market's growth:
- Global EV penetration surpassed 14 million units in 2024, a 35% YoY increase, creating a vast aftermarket for battery lifecycle services.
- Battery costs dropped to USD 139/kWh in 2024 (from USD 200/kWh in 2020), enabling wider affordability and supporting leasing economics.
- More than 8,000 battery-swapping stations were operational globally by 2024, with an expected rise to 40,000 by 2030.
- According to DataM Intelligence, BaaS can extend battery life cycles by 33% through optimized charging and swapping schedules.
- Fleet operators in Asia and Europe have reported operational cost reductions of 17% via BaaS adoption compared to conventional charging models.
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Market Segmentation Analysis
By Battery Capacity
The market is segmented into Below 10 kWh, 10-50 kWh, 51-100 kWh, and More than 100 kWh.
- 10-50 kWh batteries dominate with 45% market share (USD 0.77 billion in 2024), driven by two- and three-wheeler applications across urban centers in India, China, and Southeast Asia.
- 51-100 kWh capacity accounts for 25% share (USD 0.43 billion), used primarily in commercial light vehicles and passenger EVs.
- More than 100 kWh systems, while only 10% in 2024, are growing fastest at CAGR 30%, owing to demand from heavy-duty fleets and long-range vehicles.
- Below 10 kWh batteries hold 20% share (USD 0.34 billion), with growth driven by micro-mobility platforms and shared scooter networks.
By Vehicle Type
- Two-wheelers dominate the BaaS landscape with 48% share (USD 820 million in 2024), thanks to high adoption in India, Taiwan, and China.
- Three-wheelers represent 22% share (USD 375 million) and are expected to grow at 28% CAGR, supported by commercial delivery applications.
- Passenger vehicles hold 20% share (USD 340 million) and will expand rapidly as OEMs like NIO, Hyundai, and Toyota adopt standardized battery packs.
- Commercial vehicles (buses and trucks) contribute 10% (USD 170 million), with steady uptake in urban logistics and municipal fleets.
By Service
- Battery Subscription services accounted for 70% share (USD 1.2 billion in 2024), offering fixed monthly plans with unlimited swaps and maintenance.
- Pay-Per-Use models represent 30% (USD 510 million) and are favored by low-frequency users and smaller fleets.
By 2032, subscription models are expected to surpass USD 8 billion, while pay-per-use will reach USD 3 billion, reflecting increasing service diversification.
By End User
- Commercial users dominate with 65% share (USD 1.1 billion in 2024), including logistics operators, e-commerce fleets, and shared mobility platforms.
- Private users represent 35% (USD 600 million) but are projected to grow faster (CAGR 28%) as BaaS networks expand into residential and personal EV ecosystems.
Regional Insights
United States
The U.S. market accounted for 20% global share (USD 340 million in 2024) and is expected to exceed USD 2.2 billion by 2032 at a CAGR of 26%.
- The Biden administration's EV infrastructure plan allocated USD 7.5 billion for charging and swapping networks.
- Major pilot projects by Ample and Nuvve have launched across California, enabling modular battery swaps for ride-hailing fleets.
- The growing fleet electrification of delivery services (Amazon, FedEx, UPS) is expected to double commercial BaaS adoption by 2027.
Japan
Japan's market reached USD 120 million in 2024 and is expected to hit USD 650 million by 2032, expanding at 23% CAGR.
- Partnerships like Gogoro x Sumitomo and Honda x Gachaco are standardizing swappable battery formats.
- The government's 2030 "Green Mobility Roadmap" aims for 1 million battery-swappable EVs, boosting local infrastructure investment.
- Japanese automakers are piloting smart charging grids integrating solar and second-life EV batteries into energy storage networks.
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Competitive Landscape
According to DataM Intelligence, the BaaS market remains fragmented but rapidly consolidating, as startups and energy giants form partnerships to scale infrastructure and interoperability.
Key Players:
Ample | Esmito Solutions Pvt Ltd | Gogoro | Immotor | NIO Power | Numocity | Octillion | Sun Mobility Pvt. Ltd | Upgrid Solutions Pvt. Ltd
Quantitative Highlights (FY2024):
- NIO Power operated 2,300+ battery-swap stations globally, serving over 1.5 million swaps per month, with over US$ 800 million in BaaS subscription revenue.
- Gogoro processed 400,000 daily swaps across Asia, powering 90% of Taiwan's two-wheeler EV ecosystem.
- Ample secured US$ 150 million in Series C funding (2024) to deploy modular swap stations in North America and Europe.
- Sun Mobility expanded to 400+ swap stations in India, with plans to reach 2,000 by 2027, enabling 1.2 million annual swaps.
- Numocity Technologies powered 30,000+ battery transactions per day across Southeast Asia's commercial fleet networks.
Together, these top innovators accounted for over 65% of market revenue in 2024, emphasizing partnerships, scalability, and real-time digital asset management as key differentiators.
Recent Industry Developments
- NIO Power launched Battery as a Service 3.0, introducing 150 kWh packs with 1,000 km range (April 2025).
- Gogoro expanded its smart swapping network to Singapore and India under a USD 500 million regional partnership (February 2025).
- Ample partnered with Uber to deploy automated swap hubs for urban fleets in the U.S. and Europe (March 2025).
- Sun Mobility collaborated with Shell Energy India to build hybrid charging-swapping hubs across six metro cities (January 2025).
- Octillion unveiled a new battery subscription analytics dashboard for real-time fleet energy optimization (December 2024).
Market Outlook and Opportunities
The Battery as a Service model will play a pivotal role in accelerating EV adoption and reshaping mobility economics.
Key Forecast Indicators:
- Two- and three-wheeler segments will maintain >65% combined market share through 2032, driven by affordability and infrastructure compatibility.
- Battery subscriptions to surpass USD 8 billion by 2032, becoming the preferred business model for fleet and ride-sharing operators.
- Asia-Pacific to remain the largest regional market with >60% global share, while Europe and North America emerge as the fastest-growing regions at 28%+ CAGR.
- Integration of AI-powered energy management and second-life battery recycling to create an additional USD 1.2 billion in value-added services by 2032.
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Conclusion
The Battery as a Service (BaaS) Market is transforming global EV infrastructure by decoupling battery ownership from vehicle ownership, creating a scalable, cost-efficient, and sustainable mobility ecosystem. With projected growth from USD 1.71 billion in 2024 to USD 11.20 billion by 2032, at an extraordinary 26.5% CAGR, the sector is poised for widespread adoption.
According to DataM Intelligence, innovators like NIO Power, Gogoro, Ample, and Sun Mobility are leading the shift toward modular, data-driven energy networks that reduce range anxiety and optimize fleet economics. As nations accelerate toward carbon neutrality, BaaS stands at the center of the electric revolution-powering mobility, affordability, and energy resilience for the decade ahead.
Related Report:
- Battery Energy Storage Systems Market Size Set to Double to US$ 170.4 B by 2032 - DataM Intelligence.
- Battery Management IC Market Size Set to Reach US$ 13.8 B by 2030 - DataM Intelligence
- Solid-State Battery Market Size Set to Charge Ahead with Breakthrough Growth - DataM Intelligence.
- Lithium-Ion Battery Recycling Market Size to Reach US$ 20.4 B by 2031, Growing at 22.3% CAGR - DataM Intelligence.
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