New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Cell to Pack Battery Market Size Expected to Grow from USD 18.35 Billion in 2023 to USD 75.93 Billion by 2033, at a CAGR of 15.26% during the forecast period 2023-2033.
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The economy sector that produces, distributes, and uses state-of-the-art battery solutions in which individual battery cells are seamlessly integrated into bigger battery packs without the need for additional modules or components is known as the "cell-to-pack battery market." Initiatives by the government to support electric vehicles have also stimulated the market for cell-to-pack batteries. The use of electric cars is being encouraged by numerous countries through incentives and subsidies, which has raised demand for cell-to-pack batteries. An important factor propelling the cell-to-pack battery sector is the increasing utilization of renewable energy sources like solar and wind power. A large amount of energy storage is needed for renewable energy sources, and cell-to-pack batteries provide an effective and affordable solution. However, the cells need to be protected from shock, moisture, and extremely high or low temperatures. Achieving this can be challenging, particularly in industrial and automotive applications where strong and dependable cell protection is needed.
Browse key industry insights spread across 234 pages with 110 Market data tables and figures & charts from the report on the "Global Cell to Pack Battery Market Size, Share, and COVID-19 Impact Analysis, By Battery Form (Prismatic, Pouch, Cylindrical), By Technology (Blade, LiSER), By Vehicle (Passenger Cars, Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The prismatic segment is expected to hold the largest share of the cell to pack battery market during the anticipation timeframe.
Based on the battery form, the cell to pack battery market is categorized into prismatic, pouch, and cylindrical. Among these, the prismatic segment is expected to hold the largest share of the global cell to pack battery market during the anticipation timeframe. Since the inner layers of the anode, cathode, and separators are folded into a flattened spiral or cubic shape, prismatic cells provide a number of advantages over cylindrical type cells, including bigger size, increased energy density, and a more compact structure.
The blade segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the technology, the cell to pack battery market is categorized into blade and LiSER. Among these, the blade segment is expected to grow at the fastest CAGR during the anticipation timeframe. By lowering the risk of thermal runaway and ensuring safer operation, blade batteries offer enhanced safety features.
The passenger cars segment is expected to hold a significant share of the cell to pack battery market during the anticipation timeframe.
Based on the vehicle, the cell to pack battery market is categorized into passenger cars and commercial vehicles. Among these, the passenger cars segment is expected to hold a significant share of the cell to pack battery market during the anticipation timeframe. Increased energy storage capacity relative to weight or volume, enabling longer driving ranges for electric vehicles. Passenger automobiles equipped with CTP batteries can achieve competitive ranges that are either more than or equal to those of internal combustion engine vehicles.
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Asia Pacific is projected to hold the largest share of the cell to pack battery market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the cell to pack battery market over the anticipation timeframe. The Asia Pacific region's need for rechargeable batteries during the course of the projection period. Other major manufacturers in the Asia-Pacific region, such as Toyota Motor Corporation, Daihatsu Motor Co., Ltd., and Hyundai Motors, have announced plans to include cell-to-pack battery technology into their upcoming electric vehicle models, which are expected to launch in 2023–2024.
Europe is expected to grow at the fastest CAGR growth of the cell to pack battery market during the anticipation timeframe. Legislation in the European Union is primarily responsible for the growth of the cell-to-pack (CTP) battery sector. The primary objectives of these regulations are to reduce carbon emissions and enhance environmental sustainability, hence stimulating the adoption of electric vehicles (EVs).
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global cell to pack battery market are Panasonic Corporation, Tesla Inc, Contemporary Amperex Technology Co Limited, Samsung SDI Co Ltd, SK Innovation Co Ltd, LG Energy Solution, Silver Power Systems, Henkel, BYD Company Limited, Sion Power, XPeng Inc, C4V, Tianjin EV Energies., and others.
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Recent Developments
- On February 2024, BorgWarner, a provider of automotive and e-mobility solutions, and FinDreams Battery, a BYD subsidiary, partnered to accelerate the use of lithium iron phosphate (LFP) battery packs in commercial vehicles. In accordance with the conditions of this agreement, BorgWarner will only manufacture LFP battery packs for commercial vehicles using Findreams Battery Blade cells, with a focus on markets in Europe, the Americas, and particular regions of Asia Pacific. The agreement is in effect for eight years.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global cell to pack battery market based on the below-mentioned segments:
Global Cell to Pack Battery Market, By Battery Form
- Prismatic
- Pouch
- Cylindrical
Global Cell to Pack Battery Market, By Technology
- Blade
- LiSER
Global Cell to Pack Battery Market, By Vehicle
- Passenger Cars
- Commercial Vehicles
Global Cell to Pack Battery Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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