Cell to Pack Battery Market: Emerging Trends and Growth Forecasts
The cell to pack battery market is projected to grow from USD 18.7 billion to USD 79.0 billion in 2033, at a CAGR of 15.5% during the forecast period. The growth of this market can be attributed to the increase in the sale of EVs, the rise in demand for light weight batteries in order to reduce the overall weight of the EVs, the rise in demand for cost efficient long range electric vehicles with fast charging solutions.
The demand
for electric vehicles and advancements in battery technologies have gone
hand-in-hand in recent years. The recent innovation of CTP technology, which
eliminates the need for modules to house cells in the battery pack, is gaining
traction as it reduces the dead weight in the pack and improves the energy
density of the batteries. Contemporary Amperex Technology Co Limited. (CATL),
BYD Company Ltd, C4V (US), and Sunwoda Electronic Co, Ltd. are some early birds
for developing cell to pack battery packs. BYD Company Ltd. (China) has
innovated its cell to pack battery technology with blade battery technology.
Similarly, LiSER battery technology has been patented by C4V (US). Apart from
this, CATL launched the third generation of cell to pack battery by the name
“Qilin” battery which offers a longer range than the conventional battery type.
On the other hand, LG Energy Solution intends the mass production of these
module-less battery packs by 2025. Thus, the current demand for long-range
electric vehicles with fast charging capabilities would drive the demand for
advanced battery packs. It is likely to create growth opportunities for other
battery manufacturers and motivate them to augment their R&D initiatives
for developing improved battery packs for passenger and commercial vehicles.
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Battery
composition plays a crucial role in determining the efficiency of the
battery. Apart from this, the cost of the cattery composition directly
influences the overall battery pack. Battery compositions like lithium iron phosphate (LFP), nickel manganese
cobalt (NMC), nickel cobalt aluminum oxide (NCA), lithium manganese oxide
(LMO), lithium iron manganese phosphate (LFMP), and bio-mineralized lithium
mixed metal phosphate (BM-LMP) are considered for the CTP battery manufacturing
by the manufacturers. Almost 90-95% of batteries developed with the CTP technology
use LFP chemistry due to advantages such as its lightweight, improved discharge
and charge efficiency, longer life span, minimal maintenance, and optimized
safety, among others. The use of LFP battery composition in CTP battery
packs has seen a high adoption rate as it has reduced the cost of the battery
by 20−30%. Attributed to such reasons,
OEMs like Tesla (US), BYD Company Ltd, (China), Xpeng (China), and Hozon New
Energy Automobile Co, Ltd (China) are offering LFP batteries in their EV
models. China is the major contributor in developing and using LFP battery
composition in cell to pack batteries.
Electric buses and trucks require high-energy-density batteries with
long-range capacity. This created an opportunity for the cell to pack batteries
in commercial electric vehicles. The cell to pack batteries offer higher
volumetric density with reduced weight and lower costs. Seeking the opportunity
in the commercial segment, BYD Company Ltd. has developed blade battery
technology, which offers 40−50%
more energy density capacity. In September 2022, BYD Company Ltd. (China) introduced
the cell to pack equipped eBus platform at the IAA Transportation event in
Berlin (Germany). Similarly, 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.
Also, the government initiatives for promoting the use of electric buses in
public transport would support the growth of the cell to pack battery market
Asia Pacific is expected
to remain the largest market during the forecast period 2023 to 2033. According
to MarketsandMarkets analysis, Asia Pacific contributed about ~94.7% to the cell
to pack battery market in 2023 by volume. China is the largest market for cell
to pack batteries in Asia Pacific, with the presence of major battery
manufacturers like Contemporary Amperex Technology Co., Limited., BYD Company
Ltd., Sunwoda Electronic Co Ltd. and many more local battery manufacturing
players. The strong presence of Tesla, BYD Company Ltd, XPENG INC, NIO and
others in China which has already initiated the adoption of cell to pack
battery in their electric models are supporting the growth of cell to pack
battery market in China.
Key Market
Players:
The cell-to-pack
battery market is led by globally established players such as Contemporary
Amperex Technology Co Limited. (CATL), BYD Company Ltd, C4V (US), and Sunwoda Electronic
Co, Ltd. are some early birds for developing cell to pack battery packs. BYD
Company Ltd. (China).
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