Truck Battery Leasing

Goals

To determine the truck battery rental market size in the US.

Early Findings

While information on battery production and even use of batteries in trucks is available, information on battery rental is not. We were only able to find one report throughout our research that talked about the battery rental market but it was behind a paywall. It can be accessed through this link. We also found another report, which was helpful in determining some of the top players in EV battery renting in general. Those include Groupe Renault, Tesla, Daimler AG, RCI Bank and Services, BJEV, Fomm Corporation, Nio, and Honeywell International.
  • According to Fortune Business Insights, the global electric battery market was worth $67.3 billion in 2018 and will reach over $114.1 billion by 2026, growing at a CAGR of 6.8%.
  • The regions occupying the largest market share are China, Europe and North America, with China occupying the largest share of the market.
  • Europe's market was estimated at $22.76 billion in 2018, accounting for the seecond largest share of the market at 33.82% (22.76 billion / 67.3 billion x 100).
  • While it was stated that North America was the third biggest geographic region for EV batteries, the report did not state the percentage it occupied from the total market.
  • When it comes to trucks specifically, the electric battery demand was estimated to be around 200,000 for 2019, with light and medium-duty trucks making 98% of the total demand.
  • Renault, Nissan, and StreetScooter account for the largest share in electric battery production, excluding Chinese companies.
  • The electric truck battery segment is expected to show steady and significant growth in the next 3-5 years, driven mainly by new entries and increased demand.
  • It is expected that there will be over 1.2 million sold electric battery units in 2025.

Proposed next steps:

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