Cell to Pack Battery Market Poised to Surpass $29.3 Billion by 2030

The cell to pack battery market is estimated to grow from USD 5.5 billion in 2023 to USD 29.3 billion by 2030, at a CAGR of 26.9%. The rise in demand for low-cost, lightweight, and high-energy-density batteries in electric vehicles has positively influenced the development of the cell to pack battery market. Also, the government initiatives for increasing the electrification of buses in public transport have created the opportunity for the growth of the cell to pack batteries due to their long-range driving capacity with fast charging feature.

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Cell to Pack Battery Market Dynamics

DRIVER: Growing technological advancements in batteries

There have been substantial improvements made by several companies in EV battery technology and increased R&D efforts to make it a viable alternative to conventional vehicles. Many major battery manufacturers like CATL (China), and LG Energy Solution. (South Korea), BYD Company Ltd. (China) and C4V (US) have emphasized their research and development activities to produce advanced battery technologies to gain a competitive edge. Advantages like less material requirement and a reduction in the number of process points in the production line while manufacturing a cell to pack battery due to the elimination of modules in the battery would also benefit the manufacturers by minimizing a certain amount in their production costs. For instance, in June 2022, CATL (China) unveiled its Qilin battery, the third generation of its CTP technology. It delivers a range of 1,000 km and has an energy density of up to 255 Wh/kg. The battery is expected to be mass-produced in 2023. In March 2020, BYD Company Ltd. (China) developed the battery blade technology, which eliminated the use of modules in the battery. The name is derived from the battery-shaped cells. Such technological advancements would drive the demand for the cell to pack batteries during the forecast period.

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OPPORTUNITY: Advancement in differential technology

The commercial vehicle segment, which includes trucks and buses, has also been focusing on developing electric models due to rising emission regulations. Owing to stringent emission norms, many OEMs like AB Volvo (Sweden), Daimler (Germany), BYD Company Ltd. (China), Tesla (US), Tata Motors (India), and Solaris Bus & Coach sp. z o.o. (Poland) have been working toward the development of heavy-duty electric trucks and buses. With the EV battery technology improvement, OEMs are developing long-ranged electric trucks. For instance, Tesla (US) delivered its first electric semi-truck in December 2022, which was announced in 2017. The truck is powered by four independent motors with a battery range of 500 miles.

Asia Pacific holds the dominant position in the regional market for the cell to pack battery
Asia Pacific is projected to lead the cell to pack battery market during the forecast period, mainly due to the dominance of China. China is predicted to claim more than 90% of the market in passenger cars. The country is home to major battery suppliers such as CATL and Sunwoda Electric Co. Ltd. Additionally; major OEMs include Tesla (US) (Model 3), BYD Company Ltd. (China) (Atto3, e6 MPV, Han EV), Xpeng (China) (P7), and NIO (China) (ET7) are gaining momentum in the Chinese market. These players have developed and introduced CTP batteries in some of their EV models. The trend is expected to continue, prospering the cell to pack batteries demand in Chinese market. Other key automakers of Asia Pacific region such as Toyota Motor Corporation, Hyundai Motors, and Daihatsu Motor Co., Ltd. among others have announced to launch cell to pack battery technology in upcoming EV models from 2023-2024 onwards. Rising demand of electric mobility to achieve zero emission, significant investments by automakers, and government initiatives and incentives program will drive electric vehicle and cell to pack battery in the region.

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This release was published on openPR.