Cell to Pack Battery Market worth $79.0 billion by 2033

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.

The global cell to pack battery market size was valued at USD 18.7 billion in 2023 and is expected to reach USD 79.0 billion by 2033, at a CAGR of 15.5%, during the forecast period 2023-2033.

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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.

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.

"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.

Key Market Players:

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.

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