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The Cylindrical Lithium-ion Battery Market size is estimated to grow at a CAGR of 7.48% between 2022 and 2027. The report includes historic market data from 2017 to 2021. The growth of the market depends on several factors such as the shift in the automotive industry to EVs, the increase in demand for power banks and charging systems, and the increasing use of e-cigarettes.
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The rise in battery recycling initiatives is a key trend in the cylindrical lithium-ion battery market. Batteries are used in a large variety of electronic devices, electric cars, forklifts, and other material-handling equipment. Increased use of batteries in various applications is going to lead to an increase in batteries reaching the end of life. Hence, the challenge of recycling batteries is likely to become critical. There has been an increase in battery recycling initiatives, which led to the development of recycling processes.
Moreover, the R&D center is also exploring novel materials and methods of designing battery packs and cells to decrease the recycling cost without impacting battery performance, thereby maximizing the profitability of recycling processes. The recycling process must have an economic and environmental value if it is to be viable. It is likely that a new concept for direct recycling will be helpful. It is likely to propel the global cylindrical lithium-ion battery market during the forecast period.
The automotive segment includes cylindrical lithium-ion batteries that are used in EVs and e-bikes. The advantages of lithium batteries compared to others in the battery chemistries are why EVs use them, such as lead-acid and other traditional battery chemistries.
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The constant improvements in technology and the decline in Lithium-ion battery prices have led to the increased adoption of cylindrical lithium-ion batteries in the e-bike segment. The demand for e-bikes has been driven by the fact that these batteries are able to run long, and at more rapid charging times. A few factors are driving the market across the regions in the automotive segment. Thus, the growth of the EV industry in the next few years will drive the growth of the market during the forecast period.
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APAC is estimated to contribute 55% 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 cylindrical lithium-ion battery market as the region is the major manufacturing hub for Lithium-ion batteries. There is a high number of companies active in the market in this region. Moreover, end-users of cylindrical lithium-ion batteries, including manufacturers of EVs, consumer electronics, and other products, also have their manufacturing units in the region. The automotive industry is the major end-user of cylindrical lithium-ion batteries, which is one of the factors responsible for the dominance of the market in the region.
In 2020, the outbreak of COVID-19 slowed down the production of cylindrical lithium-ion batteries in APAC. However, the lifting of travel restrictions, the resumption of operations in the manufacturing sector, and the initiation of large-scale COVID-19 vaccination drives in 2021 increased the demand for cylindrical lithium-ion batteries. Moreover, with the help of government initiatives, companies have been increasing their sales and investing in EV production. Renewable capacity installations are increasing owing to the supportive policies of the governments in APAC. Therefore, the growing demand for automobiles, supportive government policies to boost the adoption of EVs, and the installation of renewables will drive the growth of the regional market during the forecast period.
The increasing use of e-cigarettes is driving growth in the cylindrical lithium-ion battery market. In recent years, the global e-cigarette market has seen a growing number of users take up this product. E-cigarettes are battery-operated devices that release doses of vapors using a liquid solution as a catalyst. The demand for e-cigarettes is rapid urbanization in developing countries, which has resulted in a number of organized retailers, where these devices are widely available.
Moreover, these e-cigarettes use Lithium-ion batteries to activate the heating element that vaporizes the liquid solution. The distinct design of the Cylindrical lithium-ion batteries is mostly preferred in the supply of these devices. With the uptake of e-cigarettes increasing worldwide, the demand for cylindrical lithium-ion batteries is also expected to rise, which, in turn, will contribute to the growth of the global cylindrical lithium-ion battery market during the forecast period.
The safety concerns in Lithium-ion batteries are a major challenge faced by the market. Due to their high energy density and higher electrochemical power compared with conventional batteries, lithium-ion batteries are widely used in the automotive industry as well as all types of consumer electronic devices. The lithium-ion battery is the only mainstream battery in which a flammable substance is used as an electrolyte. One of the key components in these batteries includes separators.
However, uneven separators can cause battery failure due to the poor conductivity of dry areas. Although there is a low probability that such accidents will occur, they can be devastating if and when they do. Therefore, such incidents will limit the growth of the global cylindrical lithium-ion battery market during the forecast period.
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 Cylindrical 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.
BorgWarner Inc. - The company offers cylindrical lithium-ion battery products such as ultra high energy battery system AKM CYC which uses the new cylindrical cell battery modules with very high energy density developed for long-distance traffic, buses using overnight charging facilities, intercity coaches, and trucks.
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 cylindrical 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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Cylindrical Lithium-Ion Battery Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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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 7.48% |
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Market growth 2023-2027 |
USD 12659.31 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.11 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 55% |
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Key countries |
US, China, Japan, South Korea, 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 |
Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., LG Corp., Lithion Power Group Ltd., Lithium Werks, Murata Manufacturing Co. Ltd., Nanograf Corp., Northvolt AB, OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., PowerTech Systems, Samsung Electronics Co. Ltd., Sony Group Corp., Tesla Inc., The Duracell Co., TotalEnergies SE, VARTA AG, and Hitachi 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. |
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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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