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Cell to Pack Battery Market Set to Reach $79.0 billion by 2033

Cell to Pack Battery Market Set to Reach $79.0 billion by 2033

The global cell to pack battery market is projected to grow at a CAGR of 15.5% during the forecast period, from an estimated market size of USD 18.7 billion in 2023 to USD 79.0 billion by 2033.

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.

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.

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Electric buses are estimated to showcase the fastest growth in the cell to pack battery market

The electric bus segment, is the most potential market for cell to pack batteries. Though there is not much 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. 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.

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"Europe is the second largest cell to pack battery market."

Europe has witnessed significant year-on-year growth in the cell to pack battery market. This growth of the cell to pack battery market is attributed to the government incentives and funds, as electric vehicles are expensive. Europe is home to automobile manufacturers such as Mercedes-Benz (Germany), Renault Group (France), Audi AG (Germany) and BMW AG (Germany). Europe has set a goal of reducing 80% of CO2 emissions by 2030-2035. The governments of various European countries are subsidizing electric vehicle infrastructure, and the focus is expected to continue to be on electric vehicles in the long run. The increasingly stringent regulations owing to environmental issues are propelling market players to test and develop advanced vehicles, which will further boost the market for cell to pack battery. In July 2022, Ford Motor Company (US), which has a presence in Norway, partnered with CATL (China) to use cell to pack batteries in their upcoming EV models in 2024. Norway has an EV model from BYD Auto, which has been selling BYD Tang in the domestic market since 2021. It is equipped with a blade battery. The player has entered other European markets and is expected to notice sales in the coming years. In May 2022, Solaris Bus & Coach sp. z o.o. (Poland), a European electric bus manufacturer, entered into a partnership with CATL (China) to receive cell to pack batteries from the battery manufacturer. As per the Teslamag report in August 2022, Tesla received European Union approval from the Netherlands Vehicle Authority (RDW) for using blade batteries in the Model Y in European countries. Tesla would receive a 55kWh blade battery from BYD Company Ltd, manufactured in the Giga factory in Berlin (Germany).

Further, the presence of OEMs such as Volkswagen AG (Germany), Solaris Bus & Coach sp. z o.o.(Poland), and VDL Grope (Netherlands) offers opportunities for the growth of the cell to pack battery market in the region as these OEMs are expected to launch some passenger and commercial vehicle models.

Key Market Players

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 new product launches and expansion to gain traction in the cell to pack battery market.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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