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The Cylindrical Lithium-ion Battery Market size is estimated to grow by USD 11.61 billion, at a CAGR of 6.59% between 2023 and 2028. Market expansion relies on various factors, including the automotive industry's transition to electric vehicles (EVs), the surge in demand for power banks and charging systems, and the growing popularity of e-cigarettes. As the automotive sector embraces EVs to reduce carbon emissions and meet regulatory standards, there's a significant shift in consumer preferences towards electric mobility, driving the demand for EV charging infrastructure and related technologies. Concurrently, the proliferation of smartphones and portable electronic devices fuels the need for power banks and charging solutions to keep devices powered on the go, spurring market growth in this segment. Additionally, the rising adoption of e-cigarettes as alternatives to traditional tobacco products contributes to the expansion of the vaping industry, driving demand for e-cigarette devices and accessories. These interconnected trends shape the market landscape, presenting opportunities for innovation and market penetration in sectors poised for growth amidst evolving consumer preferences and technological advancements.
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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 57% 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 the dynamic realm of the market, the surge in plug-in hybrid electric vehicles underscores the pivotal role of these batteries in reducing carbon footprints. Distinguishing between non-rechargeable or primary batteries and rechargeable battery or secondary batteries, these cylindrical cells harness chemical energy to produce electrical energy, powering diverse applications from portable electronics to automotive verticals. Known for their energy storage capabilities and high-power capacity, these batteries drive innovations in off-grid electrification and automated guided vehicles, facilitating the transition towards battery-driven vehicles. The market is dominated by Li-ion battery, leveraging lithium ions between negative and positive electrode and utilizing intercalated lithium compound for efficient ionic movement. With advancements in energy storage systems, cylindrical lithium-ion batteries cater to evolving demands, offering efficient solutions for a sustainable future. Non-rechargeable or primary battery or primary batteries are distinguished from rechargeable or secondary batteries, with the latter often utilizing Li-ion technology featuring negative and positive electrode intercalated with lithium compounds, while non-rechargeable lithium battery typically rely on metallic lithium for their operation.
The increasing use of e-cigarettes is driving growth in the 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 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. The market forecast focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
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.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 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 market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is at the forefront of sustainability efforts, addressing concerns over carbon footprint and GHG emissions. Offering both non-rechargeable or primary and rechargeable or secondary options, these batteries power a wide array of applications from medical devices to automobiles and portable electronics. With operating voltage optimized for efficiency and multiple charge and discharge cycles, they find use in industrial operations and electronics applications alike. Variants like LiCoO2 and LiMn2O4 cater to specific needs, with graphite carbon anodes and cobalt oxide cathodes ensuring performance and longevity. As government policies encourage green energy adoption, the market witnesses growth, driven by demand from sectors like aerospace, marine, and telecommunication.
Further, the cylindrical lithium-ion battery market caters to diverse needs, offering non-rechargeable or primary and rechargeable or secondary options for various applications. With multiple charge cycles, batteries like LiCoO2 and LiMn2O4 power both automotive and electronics sectors, including laptops, mobile phones, and power tools. Featuring graphite carbon anodes and cobalt oxide cathodes, these batteries are essential for portable products and commercial charging stations, reducing carbon discharges and meeting portable electronics demand while mitigating greenhouse gas emissions. Encased in metal, they utilize Lithium Titanate Oxide, Lithium Manganese Oxide, and Lithium Nickel Cobalt Aluminium Oxide electrode materials for durability, catering to a wide range of devices from gaming consoles and torches to smart devices and renewable energy systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
184 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.59% |
Market Growth 2024-2028 |
USD 11.61 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.18 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 57% |
Key countries |
China, US, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi 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, and VARTA AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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