Growth Opportunities in the BaaS Market, 2024–2030

Growth Opportunities in the BaaS Market, 2024–2030

Reduced Upfront Costs and Swapping Time Enabled by BaaS Models Drive Station Installations

Transportation is a major contributor to global carbon dioxide emissions. As a result, governments worldwide are pushing for sustainable transportation. This has led to electric mobility becoming an integral part of daily lives due to the rapid adoption of new energy vehicles.

However, the total cost of owning an electric vehicle (EV) has significantly increased as incentives have recently declined. Major original equipment manufacturers are working to reduce the EV upfront cost through the battery-as-a-service (BaaS) model, which includes battery renting, leasing, and swapping. Battery swapping services, in particular, have gained more interest from the public in recent years and are gaining traction in European markets.

This Frost & Sullivan study focuses on the BaaS market, a complementary solution for EV charging based on the latest industry data, technology advancements, developments, and industry players. Our analysis shows VinFast is the leader in EV battery rental, while Nio leads in EV battery swapping. Acciona leads the battery swapping services for microcars (e.g., Silence S04).

As of 2024, 6 major EV battery swap station players are operating about 3,800 stations globally. Most are in China. Nio, Aulton, Botan, and Acciona are the leading participants in the battery-swapping space. Frost & Sullivan forecasts the EV battery swap station industry to record a 14.6% CAGR between 2024 and 2030 and will likely reach 8,585 EV swap stations by 2030.

The study period is 2024 to 2030, with 2023 as the base year and 2025 to 2030 as the forecast period.