How to benefit from the ever-growing battery pack market while staying differentiated
- Electric bus and electric truck applications and forecast added
- Deeper insight into battery management systems, safety devices and thermal management of battery packs
KEY FEATURES OF THE REPORT
- 2017-2023 market in GWh, units, and $M for lithium-ion battery packs in plug-in hybrid electric vehicles (PHEV) and battery electric vehicles, electric buses and trucks and stationary battery applications
- 2017 – 2023 market in $M for key battery pack components: Li-ion cells, battery management systems, thermal management components, safety components, electrical interconnects, housings and assembly
- Supply chain analysis for battery packs and their main components
- Insight into battery pack components, main technologies, and innovations
- Technology trends in Li-ion battery packs, cells and other pack components
OBJECTIVES OF THE REPORT
This report’s objectives are to:
- Provide market value for Li-ion battery packs and their components including Battery Management Systems, thermal management, safety components for plug-in hybrid electric vehicles, battery electric vehicles, electric trucks and buses, and stationary battery energy storage systems.
- Demonstrate the strong, consistently-growing potential for power electronics players, including suppliers of power integrated circuits, fuses, and thermal management solutions in the energy storage business, based on Li-ion battery technologies
- Discuss market opportunities for players that can supply materials, devices, or technology solutions to the Li-ion battery pack industry
- Provide insights into different technologies currently used, technology trends, and newest innovations for battery pack components
- Cover a large variety of different products and technology solutions used in battery packs – products/solutions that provide strong differentiation, add a lot of value and allow for application-specific solutions to be devised
- Provide a supply chain landscape, including the key players for battery cells, battery packs, and battery pack components and associated business models
Table of contents
What we missed, what we saw 10
Report scope 12
Executive summary 15
Battery packs 43
- What are main components of a battery pack?
- Battery pack market segments
- Battery packs to match cells, with applications
- Battery pack components make the difference
- Battery pack voltage and energy capacity, per application
- Different battery voltage levels in EV/HEV cars
- Companies involved in 800V battery development
- Why go to 800V battery pack voltage for electric vehicles?
- Toward 1,500V DC in stationary battery packs
- Technology issues to be solved/improved in battery packs
Market drivers for Li-ion battery applications 66
- Main battery market drivers, by application
- Benefits of battery for stationary battery applications
- EV/HEV vehicles – drivers
- Battery pack size by electric vehicle type
- Electric and hybrid-electric buses
- Electric trucks
Market segmentation and methodology 79
Market forecast 82
- Influence of battery pack megatrends on battery pack demand
- Benefits of battery energy storage solutions for analyzed applications
- 2017 – 2023 battery pack demand in GWh – split by pack segment
- 2017 – 2023 stationary battery pack demand in MWh – split by pack segment
- 2017 – 2023 battery pack demand in units – split by application
- 2017 – 2023 battery pack market value in $M – split by pack component
Battery pack costs 92
- 2017 – 2023 evolution of battery pack ASP by segment
- Cost breakdown for PHEV and BEV battery packs
- Cost breakdown for battery packs for electric buses and trucks
- Cost breakdown for battery packs for stationary battery packs
- 2017 – 2023 BEV battery cell price and cost of cells-to-pack integration
- Li-ion battery cell – cost breakdown
Battery pack supply chain and related business models 103
- Li-ion battery pack – supply chain overview
- Li-ion battery cell manufacturers – split by cell chemistry and cell format
- Battery pack suppliers
- BMS suppliers
- BMS supply chain – main players and their level of vertical integration
- BMS supply chain – what is the best business model?
- Battery thermal management solution suppliers
- Battery safety component suppliers
- Manufacturing and testing equipment suppliers
- Existing business models for EV/HEV cell supply
- Automotive players entering the stationary battery electricity storage market
- EV/HEV Li-ion battery – supply chain relationships
- Hybrid and electric bus manufacturers
- Electric truck developers and manufacturers
Li-ion battery cells 140
- Different Li-ion battery cells – comparative table
- Comparative graph of energy densities for different Li-ion battery cells
- Which Li-ion battery type for which application?
- Growing interest in NMC battery cells – IP analysis
- Main Li-ion battery cell formats – cylindrical, prismatic and pouch
- Li-ion cell energy capacity graph for different cell formats
Battery management system 157
- How BMS topology depends on application
- Case studies of different configurations of cells in a battery pack
- Active vs. passive cell balancing
- Main BMS development axes
Battery pack safety issues 179
- Overview of technical hazards related to battery packs
- Thermal, current, and voltage protections
- Safety measures to decrease risk related to Li-ion batteries
Battery thermal management solutions 190
- Why is battery pack thermal management important?
- Sought-after battery pack cooling system features
- Benefits of passive and active solutions
- Air cooling vs. liquid cooling vs. refrigerant cooling
- Thermally conductive materials
- Focus on phase change materials – how do they work?
- Battery pack thermal management solutions under development – heat pipes, thermoelectric cooling
- Software solutions for thermal management
Safety components for Li-on battery packs 221
- How to make batteries safer? – Safer cell materials vs. protection devices
- Comparison of different solutions for battery safety – Fuse, DC breaker, contactor, power semiconductor
- Battery safety component trends overview
- Towards higher voltages
- Hybridization concept – example of products from Mersen
Electrical interconnects 235
- Where are electrical interconnects needed?
- Advantages and disadvantages of main different cell interconnect methods
- What joining method for what cell format?
- Market share of different cell interconnect technologies
- Trends to use technologies developed by other industries – wire and ribbon bonding
- Innovation trends in battery electrical interconnects
Battery pack housing 253
- Battery pack housing – materials and functions
- Housing at the module level and at the pack level
- Housing with integrated cooling
- Technology trends in Li-ion battery cells and packs 266
- Battery cell improvement – global trends
- Battery pack improvement – global trends
- Differentiating added value needed
- Towards a modular approach in the battery pack
WHAT ARE THE DRIVERS AND MARKET DYNAMICS HELPING THE BATTERY PACK MARKET TO REACH $87.3 BILLION BY 2023?
The strengthening regulations for reducing CO2 emissions and needs for the reduction of air pollution in cities are the strongest drivers for battery applications, such as plug-in hybrid electric vehicles (PHEVs), full battery vehicles (BEVs), electric buses and trucks, and stationary battery applications analyzed in this report.
The total 2017-2023 Compound Annual Growth Rate (CAGR) for those applications is 27.6%, as shown in Figure 1, but the growth rate for different applications varies, as their market dynamics have various drivers.
PHEVs enable big CO2 emission reductions due to their electric engines, while keeping long driving ranges thanks to their Internal Combustion Engines (ICEs). But the global market will mainly be driven by full electric vehicles, for which sales will surpass $51.6 billion value by 2023. BEVs, considered as zero-emission vehicles, are eligible for more incentives than PHEVs. The hurdles for faster deployment of BEVs are the high price for batteries and still relatively short driving range. Strongly decreasing battery cell costs, together with continuously improving cell technologies, play in favor of using larger-capacity battery packs, enabling longer driving range, and thus greater BEV deployment.
The high level of air pollution in some big cities is driving deployment of electric buses. Buses stop frequently and can potentially charge at each stop or terminus station, making them well-suited for battery power. Electric trucks can then benefit from battery development for buses. The use of electric trucks in the urban environment can then help further reduce air pollution.
Large-scale deployment of renewable energy sources and distributed energy supply models puts greater demands on electricity grid frequency voltage and frequency stabilization. Batteries can serve this purpose well, enabling better integration of intermittent renewable energy sources such as solar photovoltaics with the grid. As shown in the report, big battery packs for grid applications will feature the second-fastest market growth, with 2017-2023 CAGR of 57.1%. Small battery packs, between 1kWh and 20kWh, driven mainly by residential photovoltaic-plus-storage installations and back-up energy supply grow fastest, with a 58.7% CAGR.
THE MARKET FOR EACH BATTERY PACK COMPONENT IS GROWING BUT AT SIMILAR RATES
Battery cells form the main part of the global battery pack market studied in this report: They will represent 58.8% of the total market value in 2023.
The second largest part of the battery pack market will be represented by Battery Management Systems (BMS). The importance of BMS is growing with increasing requirements to accurately determine remaining battery capacity, and with increasing cell and pack energy capacities.
According to Yole Développement’s analysis, there is no big technology breakthrough expected in coming years regarding battery cells and other battery pack components. As shown in Figure 2, the main trends will involve existing technology solutions, which will be further improved and more widely deployed. Technology and cost improvement will be steady. The big changes, such as the transition to 800V battery pack voltage for BEVs, will be realized first by a limited number of car manufacturers and then progressively implemented by other companies.
The report explores the hurdles impeding faster technology evolution, such as the divergent needs of different applications and variety of technology approaches used.
Some companies have developed specific internal know-how and intellectual property (IP) and established related supply partnerships, meaning that they might remain at least partially stuck with their historical technology and integration choices. This offers opportunities to newcomers with better-performing technology and business approaches.
CONSOLIDATION FOR COST REDUCTION AND DIVERSIFICATION TO AVOID DIRECT COMPETITION: HOW TO GET THE BEST OF BOTH WORLDS
The battery pack market is growing, attracting ever more players. Those companies enter the battery pack market either as newcomers, or players already involved in some battery segments get more integrated.
Yole Développement has identified that battery pack makers address increasingly tough market conditions either by technology and supply chain consolidation to drive costs down, or by differentiation via their product offering.
A growing number of companies, especially carmakers, purchase cells from established manufacturers with high-volume manufacturing capacity that have mastered both technology and manufacturing processes. The carmakers define the cell designs and desired characteristics. This enables them to keep a certain level of product differentiation at the cell level, while keeping cell costs and performance at better levels compared to in-house manufacturing. Cell makers are becoming increasingly integrated, offering cells packaged in module form. The modular battery pack approach enables further manufacturing cost reductions but keeps the design flexibility for battery packs. Battery pack can then increase this differentiating added value further by carefully designing the battery pack, and choosing components including the BMS, thermal management solutions, safety devices, electrical interconnects, housing and assembly.
Accumotive, AES Energy Storage, AESC, AllCell Technologies, Amada, Anhui Ankai Automobile Co., Ltd, Arrival, AVL, Audi, AUTOLIV, Bitrode, BMW, BMZ, BYD, CALB, CATL, Calsonic Kansei, Dana, Daimler, EATON, Efen GmbH, electrovaya, Elithion, Eska, ETI Elektroelement, Ewert Energy Systems, F&k Delvotec, Fischer Elektronik, Freemens, GE, Gillig, Golden Dragon, GS Yuasa, Furukawa Battery, Hesse Mechatronics, Hitachi, ION, Hyundai, In neon, Iron Edison, Iveco, JTT, Kokam, Kulicke & Soffa, Laird, Leclanché, LG Chem, Lishen, Littelfuse, Lithium Balance, Lithiumwerks, MAHLE, Manz, Mersen, Modine, Multi-Contact, NEC Corporation, New Flyer, Nissan, NXP, OEZ, Paci c Engineering Corporation (PEC), Panasonic, Phase Change Material Products Ltd. (PCM Products), Polytec PT, Porsche, Preh GmbH, Proterra, Renault Trucks, Renesas, Rogers, Saft, Saint Gobain, Samsung SDI, Scania, SCLE SFE, Schneider Electric, Schunk Sonosystems, SIBA, Solaris Bus & Coach, SK Innovation, SNAM, SIBA, Skoda, SOC, Sonnen, Sovema, Stäubli, STMicroelectronics, Sunstone, TE Connectivity, Tesla, Tesvolt, Texas Instruments, Toshiba, Van Hool, Ventec, Volkswagen, Volvo, Wanxiang, Workhorse, Youtong, and more
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