Cell to Pack Battery Market worth $29.3 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO  , Feb. 10, 2023 /PRNewswire/ -- Cell to Pack Battery Market is projected to grow at a CAGR of 26.9% during the forecast period, from an estimated market size of USD 5.5 billion in 2023 to USD 29.3 billion by 2030, according to a new report by MarketsandMarkets™. The cell to pack battery market growth is influenced by factors such as the increase in the electric vehicle sales equipped with high energy density, fast charging and light weight batteries. These batteries can reduce the overall weight of the electric vehicles and thereby increase the range with reduced charging time. 

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Cell to Pack Battery Market Scope:

Battery Electric Vehicles is estimated to be the largest market for the cell to pack batteries

Pure electric propulsion vehicles will lead the cell to pack battery market during the forecast period. The developments and innovations are primarily happening for this electric vehicle propulsion as these vehicles are installed with larger batteries offering limited drive range. EVs have large batteries requiring longer time, but the average range of most EVs is between 300-400 km. CTP batteries don't use conventional architecture; their cells are directly incorporated into battery packs, which increases volumetric efficiency and assists in reducing the weight of vehicles. As a result, a battery with a higher density can be installed in the same space, increasing the EV range and lowering the overall vehicle weight.  Thus, the reduced raw material costs, mainly for Lithium-ion, demand of lightweight, cost efficient and high energy density battery requirement has created an opportunity for cell to pack batteries in the pure electric vehicle segment. This enabled battery suppliers and automotive OEMs have introduced cell to pack batteries in pure electric passenger vehicles. At present, a few major OEMs such as BYD Company Ltd. (Han EV, Atto 3, e6 MPV), Tesla (Model 3), Nio Inc. (ET7), and Xpeng Inc. (P7, G3), among others, are offering cell to pack batteries in their battery-electric models. Presently the cell to pack battery demand is largely concentrated in China, which will be adopted in other Asian and European, and North American countries soon.

Commercial vehicles are estimated to showcase the fastest growth in the cell to pack battery market

The commercial vehicle segment, mainly electric buses, is the most potential market for cell to pack batteries. Though there is no electric bus model available equipped with cell to pack battery, with some technological innovations and partnership agreements, the demand for the cell to pack batteries in electric buses is expected to rise. For instance, BYD Company Ltd has started deploying blade batteries in pure electric buses. The company introduced 'eBus Blade Platform' in IAA Transportation 2022, held in Hanover, Germany. This eBus platform is installed with blade battery based on cell to pack technology, offering a longer drive range and reduced chassis weight. Further in May 2022, CATL entered a supply agreement with Solaris Bus & Coach sp. z o.o to supply 'lithium iron phosphate' (LFP) batteries based on cell to pack technology. In April 2020, VDL Bus & Coach B.V. (Netherlands) partnered with CATL, in which CATL would supply LFP batteries based on the CTP platform. Based on these developments, some models from BYD Company Ltd. and Solaris Bus & Coach sp. z o.o are expected to be launched soon, which may be equipped with cell to pack batteries. Secondly, more such partnerships between battery suppliers and commercial vehicle manufacturers are expected to fuel the demand for cell to pack batteries, primarily in the Asia Pacific and European markets in the years to come.

"Asia Pacific would be the largest cell to pack battery market."

Asia Pacific has witnessed significant year-on-year growth in the cell to pack battery market. Asia Pacific holds the presence of leading battery manufacturers such as Contemporary Ameperex Technology Co. Ltd. (China), Sunwoda Electronic Co., Ltd. (China), LG Energy Solutions (South Korea), and Panasonic Holdings Corporation (Japan). Further, Chinese companies mostly extract and refine raw materials required for manufacturing EV batteries. Due to this, an abundance of raw materials suppliers is available at competitive prices, resulting in reduced production costs of LFP batteries. Other countries, such as Japan and South Korea, have been transitioning at a noticeable pace toward clean energy vehicles. As per the International Trade Association report in July 2021, the Japanese government has set a target to electrify all new cars to be sold in the market by 2035. Indian EV market has also witnessed rapid growth in adopting electric vehicles in the passenger car segment with the presence of domestic (such as TATA Motors, Mahindra & Mahindra Ltd) and foreign OEMs (Hyundai Motors (South Korea), BYD Company Ltd. (China)). Further, regional OEMs and battery supplier partnerships (Daihatsu- CATL, Hyundai Motors – CATL, Toyota Motor Corporation - BYD Company Ltd, C4V- Omega Seiki Mobility) are emphasizing lightweight electric vehicles with higher energy storage capacity to increase drive range, resulting in driving adoption of cell to pack battery in Asian countries.

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Cell to Pack Battery Market Dynamics:

Drivers:

1.  Increase in EV demand.

2.  Growing technological advancements in batteries.

Restraints:

1.  Limiting use of electric vehicles.

Opportunities:

1.  Electrification of commercial vehicles.

Challenges:

1.  Battery design and initial costs.

2.  Safety concerns due to battery thermal management.

Key Market Players:

The cell to pack battery market is dominated by Established global players such as Contemporary Amperex Technology Co., Limited led the cell to pack battery market. (China), BYD Company Ltd. (China), LG Energy Solution. (South Korea), Tesla (US), XPENG INC. (China), C4V (US), and Sunwoda Electronic Co., Ltd. (China). These companies adopted several strategies to gain traction in the cell to pack battery market. New product development, partnerships, and expansion strategies from 2018 to 2022 helped them to innovate its offerings and broaden its customer base.

Recent Developments:

• In November 2022, BYD Company Ltd. (China) launched the Atto 3 electric segment SUV in the Indian market, equipped with the blade battery technology battery pack. The company claimed a range of 521 km with a 60.48 kWh battery pack.
• In November 2022, BYD Company Ltd. (China) entered a partnership with LEAL Group (Mauritius), an automotive dealership, in Mauritius to promote electric vehicles with blade battery technology.
• In November 2022, LG Energy Solution. (South Korea) and Compass Minerals (US) entered into an agreement that states that LG Energy Solution. will supply 40% of Compass Minerals' annual lithium carbonate production over six years, likely to commence in 2025. The companies also expect to cooperate in good faith on a portion of phase II production of battery-grade lithium hydroxide
• In September 2022, Sunwoda Electronic Co., Ltd. has entered the cell to pack battery market by introducing a new product named SFC480 battery. The new battery type offers a fast-charging solution. As per company details, 5 minutes of charge allows for a200 kms travel range.
• In August 2022, CATL (China) and ZEEKR (China), a part of the Zhejiang Geely Holding Group (China), entered into a five-year strategic agreement. CATL and ZEEKR jointly announced ZEEKR as the first car brand powered by mass-produced Qilin batteries. The newly developed high-energy batteries will initially be used in the ZEEKR 009 MPV model and followed in the ZEEKR 001 model.

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