Cell to Pack Battery Market Size Worth USD 52.75 Billion in 2032 | Emergen Research

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Rising adoption of Electric Vehicles is a key factor driving Cell to Pack (CTP) Battery Market revenue growth.

Vancouver, Nov. 22, 2023 (GLOBE NEWSWIRE) — The Cell to Pack (CTP) battery market size was USD 4.38 Billion in 2022 and is expected to register a rapid revenue CAGR of 27.5% during the forecast period, according to the latest analysis by Emergen Research. Rising adoption of EVs is a key factor driving market revenue growth. CTP batteries are used in various industries, which enables EV producers to create battery packs that are smaller and more energy-dense, increasing driving range and improving performance. In recent years, there has been rising demand for electric passenger cars, driven by the increasing need for safer personal transportation for inter-city and cross-country travel.

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The Asia Pacific region became the largest market for sale of electric passenger cars, with China playing a significant role as the primary contributor to this trend. Europe and North America have also witnessed an uptick in the demand for electric passenger cars due to escalating fuel costs and a heightened awareness about benefits of decarbonized vehicles. While some electric passenger car models offer an average driving range of 500-600 km, it is important to note that these belong to the category of higher-ranged electric passenger cars. The adoption of CTP batteries is expected to enable the cost-effective integration of high-energy-density solutions in electric passenger cars, resulting in reduced weight and enhanced efficiency.

However, high initial investment cost is a key factor, which could restrain market revenue growth. EV battery manufacturing is a capital-intensive process that demands substantial investment. This involves multiple stages, including material procurement, battery management systems, and cell manufacturing, requiring a high level of expertise and resources throughout the supply chain. Beyond the initial investment, rising cost of electricity in certain regions poses a challenge, potentially impeding the demand for EV batteries and adversely affecting the CTP battery market.

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Scope of Research

Report Details Outcome
Market Size in 2022 USD 4.38 Billion
CAGR (2023–2032) 27.5%
Revenue Forecast To 2032 USD 52.75 Billion
Base Year For Estimation 2022
Historical Data 2019–2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Battery type, propulsion, battery technology and region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Sunwoda Electronic Co., Ltd., Panasonic Holdings Corporation, LG Energy Solution, Contemporary Amperex Technology Co. Ltd., BYD Company Ltd., Huber Cell to Pack (CTP) Battery Batterys LLC, Tesla, C4V, BMW AG, and Hozon New Energy Automobile Co., Ltd.
Customization Scope 10 hours of free customization and expert consultation

MAJOR COMPANIES and Market Share Analysis

The global Cell to Pack (CTP) battery market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective CTP batteries in the market.
Some major players included in the global Cell to Pack (CTP) battery market report are:

  • Sunwoda Electronic Co., Ltd.
  • Panasonic Holdings Corporation
  • LG Energy Solution
  • Contemporary Amperex Technology Co., Ltd.
  • BYD Company Ltd.
  • Huber Cell to Pack (CTP) Battery Batterys LLC
  • Tesla
  • C4V
  • BMW AG
  • Hozon New Energy Automobile Co., Ltd.

Strategic Development

  • On 11 November, 2022, BYD Auto Industry Company Limited has recently unveiled a collaboration with LEAL Group, a prominent automobile dealership conglomerate in Mauritius, aimed at endorsing its New Energy Passenger Vehicles (NEPVs) within the local market. This partnership materialized following an online signing ceremony conducted between BYD and LEAL Energie Ltd., an affiliate of LEAL Group, with participation from BYD’s global headquarters in Shenzhen and LEAL Group’s headquarters situated in Port Louis. 
  • On 27 August, 2022, CATL and ZEEKR entered into a five-year strategic partnership agreement. This collaboration designates ZEEKR as the inaugural automotive brand to harness the power of CATL’s mass-produced Qilin batteries. Within this alliance, the forthcoming ZEEKR 009 will mark a pioneering achievement as the world’s first vehicle to integrate Qilin batteries, while ZEEKR 001 will stand as the world’s inaugural model to feature Qilin batteries capable of an impressive 1,000 km range.

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Some Key Highlights From the Report

  • The Lithium Ion Phosphate (LiFePO4) battery segment is expected to account for largest revenue share in the global CTP battery market during the forecast period. This is due to rising requirement for lithium-iron phosphate batteries in the automotive sector, notably for EVs, together with cutting-edge developments in lightweight materials. These batteries employ LiFePO4 as the cathode and graphitic carbon electrode with a metallic backing as the material of the anode. In comparison to alternative battery materials, (LiFePO4) batteries offer several advantages, including lightweight technology, rapid charging, extended cycle life, and minimal energy wastage.
  • The Battery Electric Vehicle (BEV) segment is expected to register steadily fast revenue growth rate in the global CTP battery market over the forecast period. This is due to rising popularity of BEVs popularity as a more attractive mode of transportation due to their numerous advantages. BEVs help in the worldwide effort to combat climate change and reduce air pollution because BEVs have zero emissions from their tailpipes. In addition, BEVs are becoming even greener as the electrical grid integrates renewable energy sources and other cleaner energy sources.
  • The blade battery technology segment is expected to account for significantly large revenue share in the global CTP battery market during the forecast period. This is due to rising popularity of blade battery technology as a means to combat climate change by reducing greenhouse gas emissions. Blade batteries are renowned for its capacity to enhance the safety and performance of EVs.. In addition, blade batteries have integrated advanced heat management and safety mechanisms, significantly reducing the likelihood of such incidents.

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 Emergen Research has segmented the global Cell to Pack (CTP) Battery market on the basis of battery type, propulsion, battery technology, and region: 

  • Battery Type Outlook (Revenue, USD Billion; 2019–2032)
    • Lithium Iron Phosphate (LIP)
    • Nickel Manganese Cobalt (NMC)
    • Others
  • Propulsion Outlook (Revenue, USD Billion; 2019–2032)
    • Battery Electric Vehicle (BEV)
    • Plug-In Hybrid Electric Vehicle (PHEV)
  • Battery Technology Outlook (Revenue, USD Billion; 2019–2032)
    • Blade Battery Technology
    • Lithium Slim Energy Reserve (LiSER) Battery Technology
    • Others
  •    Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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