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The 21700 lithium-ion battery market size is estimated to grow at a CAGR of 17.65% between 2022 and 2027. The market size is forecast to increase by USD 4355.12 million. The growth of the market depends on several factors, including improved capacity and performance of lithium-ion batteries, the shift of the automotive industry toward EVs, and a decline in the costs of lithium-ion batteries.
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Rise in battery recycling initiatives is the primary trend shaping the 21700 lithium-ion battery market growth. Batteries are used widely in electronic devices in electric vehicles, forklifts, and other material-handling equipment. The rise in the use of batteries across several applications will increase the number of batteries that reach their end-of-life. For instance, the Australian Battery Recycling Initiative (ABRI) is a not-for-profit association that was established in 2008 to promote the responsible environmental management of batteries at their end of life.
The R&D center also explores novel materials and methods of designing battery packs and cells to reduce the recycling cost without impacting battery performance, thereby maximizing the profitability of recycling processes. For a battery recycling technique to be viable, it must have environmental as well as economic value. However, direct recycling targets are specific to cathodes and thus require specialized processes for different cathodes. Furthermore, the recovery efficiency depends on battery health. Therefore, it may not be advantageous if the charge is too low. Alongside direct recycling, second-use applications can prolong the life of spent batteries. Such initiatives for the recycling of batteries are likely to drive the growth of the global 21700 lithium-ion battery market.
The market share growth by the automotive segment will be significant during the forecast period. The automotive segment includes 21700 lithium-ion batteries that are used in EVs and e-bikes and this segment will experience fast growth during the forecast period due to the high uptake from the EVs segment.
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EVs use lithium-ion batteries due to their advantages over other battery chemistries and these batteries have a high energy density, offer relatively better performance, and deliver a longer cycle life, thereby making the battery technology more lucrative than other chemistries. To boost the adoption of EVs further, several value chain members, including governments, EV manufacturers, and private organizations, are increasing their efforts toward the installation of new EV charging infrastructures. The new innovations in technology and the decline in 21700 lithium-ion battery prices have led to the increased adoption of 21700 lithium-ion batteries in the e-bike segment as well. These batteries offer longer running times and faster charging rates, which is boosting their demand from the e-bike segment. Therefore, factors such as the shift of the automotive industry toward EVs and the declining cost of the 21700 lithium-ion battery will be driving the growth of the segment during the forecast period.v
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APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC dominates the global 21700 lithium-ion battery market as the region is a major manufacturing hub for lithium-ion batteries. The region has the highest number of vendors operating in the market. For instance, the Made in China 2025 policy aims to transform the country's manufacturing sector (including robotics, aerospace, and EVs) into higher value-added sectors with the adoption of industrial upgrading strategies. Such policies will create an increase in the demand for industrial tools and cordless machinery, thereby contributing to the growing demand for 21700 lithium-ion batteries and China is also one of the largest markets for e-bikes as these vehicles are becoming a common mode of transportation in the country.
The COVID-19 pandemic affected many countries in the region, such as China, India, South Korea, and Japan, owing to the imposition of stringent nationwide lockdowns to prevent the community spread of the pandemic. The rapidly rising incidence of COVID-19 in APAC disrupted supply chains and related activities and, subsequently, the demand for 21700 lithium-ion batteries in the region until early 2021. However, the easing of restrictions of all kinds, the resumption of operations in the manufacturing sector, and the large-scale COVID-19 vaccination drives conducted in many countries resumed the demand for 21700 lithium-ion batteries. The rising demand for EVs is expected to boost the growth of the regional market in focus during the forecast period.
Improved capacity and performance of lithium-ion battery is the key factor driving the growth of the 21700 lithium-ion battery market. Battery packs, which account for a major share in the overall cost structure of EV manufacturers and define the performance of any EV, remain one of the key focal points of research and development in the EV industry.
The major roadblocks that restrict the widescale adoption of EVs are the high cost of EVs and poor battery performance. However, the adoption of 21700 lithium-ion batteries continues to rise in the EV sector owing to its similarity with the more mature 18650 lithium-ion batteries in terms of the production process, technical process, and raw material selection. The advantages of 21700 lithium-ion batteries have boosted their demand among EV manufacturers amid the manufacturers' pursuit of high-specific energy battery systems, thus driving the growth of the market.
Safety concerns related to lithium-ion batteries is a major challenge to the growth of 21700 lithium-ion battery market. Lithium-ion batteries have emerged as the dominant battery type to provide power for propulsion in EVs. However, lithium-ion batteries are the only mainstream batteries in which a flammable substance is used as an electrolyte. Electrolytes are used as catalysts in lithium-ion batteries to prevent direct exposure of lithium to humid air, as it can catch fire or explode. Lithium-ion batteries are also prone to the phenomenon of thermal runaway, a process in which the temperature of a battery rises to the point that it catches fire or explodes.
Furthermore, these batteries are still susceptible to leakage and drying out due to the rupturing of membranes, which could, in turn, lead the battery to explode or short circuit. The separator is one of the key components in lithium-ion batteries and they do not take part in the cell reaction of the battery. Instead, they intermediate the flow of lithium ions between the electrodes during charging and discharging. The separators serve the function of a fuse in lithium-ion batteries as they shut down the pores during times of overheating by melting. However, uneven separators can trigger battery failure due to poor conductivity in dry areas. Though these incidents have a low probability of occurrence due to the improved safety standards implemented during the manufacturing processes of batteries, they could be fatal in case they occur. Therefore, such factors may limit the adoption of EVs as well as restrict the growth of the market.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global 21700 Lithium-Ion Battery Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
EVE Energy Co. Ltd.: The company offers 21700 lithium ion battery such as EVE Energy LFP 21700.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The 21700 lithium-ion battery market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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21700 Lithium-Ion Battery Market Scope |
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Report Coverage |
Details |
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Page number |
178 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 17.65% |
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Market growth 2023-2027 |
USD 4355.12 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
16.55 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 51% |
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Key countries |
US, China, Japan, Norway, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AA Portable Power Corp., EVE Energy Co. Ltd., Far East Holding Group Co. Ltd., GODI India Pvt. Ltd., Guangdong CVATOP New Energy Technology Co. Ltd., Guangzhou Great Power Energy and Technology Co. Ltd., Jiangsu Tianpeng Power Supply Co. Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzen ACE Battery Co. Ltd., Shenzen Fest Technology Co. Ltd., Shenzhen A and S Power Technology Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Shenzhen XTAR Electronics Co. Ltd., Sony Group Corp., Taiwan Cement Ltd., Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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