Market Overview:
Soft Pack Battery for Electric Vehicle Market Size Was Valued at USD 14.1 Billion in 2022, and is Projected to Reach USD 38.02 Billion by 2030, Growing at a CAGR of 13.2%From 2023-2030.
A soft pack battery is a type of lithium-ion battery that features a polymer shell enclosing a flexible liquid core. What sets it apart is the use of an aluminium-plastic film for packaging the battery cells. This design provides several advantages in terms of safety, weight, and volume. The soft pack battery is lightweight, offers high capacity, low internal resistance, and allows for flexible design options. By incorporating a soft-pack battery, the overall weight of the battery can be reduced, thus improving the vehicle's range. Furthermore, the flexible nature of the battery allows for custom shapes and easy integration, increasing space utilization within the vehicle. The soft pack battery's thin profile and flexibility are highly attractive to car manufacturers in terms of design possibilities.
Top Key Players for Soft Pack Battery for Electric Vehicle Market:
- CATL (China)
- SK Innovation (South Korea)
- Farasis Energy (China)
- DFD NEW ENERGY (China)
- EV Energies (China)
- Envision AESC (China)
- SOUND ON NEW ENERGY (China)
- Forever New Energy (China)
- Lithium Power Source (China)
- LG Chem (South Korea)
- Wanxiang Group (China)
- RiseSun MGL (China)
- EVE (China) and Other Major Players
Market Dynamics and Factors:
The need for lightweight components in electric vehicles (EVs) to enhance their range is a crucial factor driving the market for soft-pack batteries. To improve efficiency and increase driving distances, reducing the overall weight of EVs is essential. Soft pack batteries, with their polymer shell and aluminium-plastic film packaging, provide a compelling solution. These batteries are lighter compared to conventional options, allowing manufacturers to reduce the weight of the battery system. This weight reduction directly translates into extended-range capabilities for EVs. Moreover, the flexible nature of soft-pack batteries enables versatile design options and efficient space utilization within the vehicle.
The increasing global adoption of electric vehicles (EVs) in both residential and commercial sectors represent a favourable opportunity for the Soft Pack Battery for Electric Vehicle market. As sustainability becomes a priority for governments, organizations, and individuals, the demand for EVs continues to rise. Soft pack batteries, with their advantageous features such as safety, lightweight construction, compact size, and flexibility, are well-positioned to meet the evolving needs of the electric vehicle industry. The lightweight nature of these batteries enhances vehicle efficiency and extends driving ranges, while their flexible design allows for seamless integration into different vehicle models, optimizing space utilization.
Soft Pack Battery for Electric Vehicle Market Report Highlight:
- By Vehicle Type, the PHEV segment is anticipated to dominate the market over the forecast period. A PHEV, or Plug-in Hybrid Electric Vehicle, is a car that combines an electric motor and an internal combustion engine. It can be charged by plugging it into an electrical outlet and running on electric power for a distance before switching to the gasoline engine.
- By End Users, the commercial vehicle segment is anticipated to dominate the market over the forecast period. Commercial EVs are electric vehicles designed for business purposes, offering lower operating costs, reduced emissions, and quieter operations compared to traditional commercial vehicles.
- Asia Pacific region is expected to dominate the market over the forecast period. The APAC Soft Pack Battery for Electric Vehicle market is growing due to increased EV adoption and government support. Soft-pack batteries are lightweight, safe, and flexible, making them ideal for the evolving electric vehicle industry in APAC.
Key Industry Development:
- In June 2023, CATL and Arun Plus signed an agreement for cell-to-pack (CTP) cooperation in Thailand. This collaboration aims to support local electric vehicle (EV) manufacturers and strengthen Thailand's potential to become the battery production hub of the ASEAN region.
- In May 2023, Hawaiian Electric joined forces with ev.energy, a global electric vehicle software provider, to introduce a smart charging mobile app for customers. This app allows electric vehicle (EV) drivers to optimize their charging sessions while also providing valuable insights to Hawaiian Electric for the development of future charging programs and EV-specific rate options.
Soft Pack Battery for Electric Vehicle Market Segmentation:
By Vehicle Type
- BEV
- HEV
- PHEV
By End Users
- 2 or 3 Wheelers
- Passenger Cars
- Commercial Vehicles
For this report, Introspective Market Research has segmented the Soft Pack Battery for Electric Vehicle Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
