21700 Lithium-Ion Battery Market Size to grow by USD 6546.9 million between 2024-2028
According to a research report “ 21700 Lithium-Ion Battery Market” by Application (Automotive, Consumer electronics, Others) Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, Lithium cobalt oxide) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6546.9 million, at a CAGR of 21.22% during the forecast period. In the electric vehicle (EV) industry, battery packs, which represent a significant portion of the total cost structure and dictate the performance of EVs, are a primary focus for research and development. The high cost of EVs and subpar battery performance remain significant barriers to mass EV adoption. Prior to 2017, 18650 lithium-ion batteries were the predominant choice for EV manufacturers due to their maturity, stability, and versatility, with a diameter of 18mm and a length of 65mm. These batteries, which have been in use across various applications, including EVs and consumer electronics, offer early development advantages and a proven track record..
Browse market data tables, figures, and in-depth TOC on “21700 Lithium-Ion Battery Market” by Application (Automotive, Consumer electronics, Others) Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, Lithium cobalt oxide) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Application, the Automotive segment is projected to dominate the market size in 2024
The 21700 lithium-ion battery segment in the automotive industry is poised for significant growth during the forecast period, primarily driven by the increasing adoption in Electric Vehicles (EVs) and e-bikes. Compared to other battery chemistries, 21700 lithium-ion batteries offer several advantages, including a higher energy density, superior performance, and extended cycle life. These advantages make the technology more financially attractive for automakers. Additionally, advancements in the performance and capacity of 21700 lithium-ion batteries compared to 18650 lithium-ion batteries have led to their preference in battery pack systems. The use of 21700 lithium-ion batteries as cells results in fewer cells being required to produce the same output, leading to cost savings and higher acceptance from leading EV manufacturers.
By Type, Lithium nickel manganese cobalt segment is expected to hold the largest market size for the year 2024
The 21700 Lithium-Ion Battery market is experiencing significant growth due to increasing demand for portable electronics and electric vehicles. These batteries offer superior energy density, long cycle life, and high power output, making them an ideal choice for various applications. Key players in this market include LG Chem, Samsung SDI, and CATL, who are investing heavily in research and development to enhance battery performance and reduce costs. The market is expected to reach substantial growth by 2027.
APAC is forecasted to hold the largest market size by region in 2024
The 21700 Lithium-Ion Battery market represents a significant growth opportunity for businesses in the renewable energy and electric vehicle sectors. These batteries offer high energy density, long cycle life, and improved safety features, making them an ideal choice for various applications. Market growth is driven by increasing demand for electric vehicles, renewable energy storage, and portable electronics. Businesses can capitalize on this trend by investing in the production and distribution of 21700 Lithium-Ion Batteries.
The 21700 Lithium-Ion Battery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The global 21700 Lithium-Ion Battery Market is witnessing significant growth due to the increasing demand for energy storage solutions in various industries. Traditional lithium-ion batteries, such as LiCoO2 batteries, continue to dominate the market, with applications ranging from portable electronics like tablets and laptops to power tools and high-performance batteries. The market is expected to reach a capacity of 957GWh by 2027, with significant growth coming from the electric vehicle sector, which is projected to account for 750GWh of the total demand. The market is driven by advancements in battery technology, manufacturing techniques, and the use of novel electrode materials. The shift towards larger format batteries, such as 21700-sized lithium-ion batteries, is gaining popularity due to their higher energy density and longer cycle life. The automotive industry is a major consumer of these batteries, with vehicle power batteries accounting for a significant portion of the market. Other applications include energy storage systems for renewable energy integration and portable electronics. The market is also witnessing the emergence of new players and innovations in the 18650 cells and cylindrical format batteries.
Market Research Overview
The global 21700 Lithium-Ion Battery Market is experiencing significant growth due to increasing demand from various industries, including automotive companies, AI, IoT, and smart technologies. This market caters to various applications such as cordless power tools, flashlights, laptop battery packs, power banks, medical devices, and high-performance batteries. The market comprises different types of lithium-ion batteries, including LiFePO4 and LiCoO2 batteries, which offer energy storage solutions with varying energy densities. Traditional lithium-ion batteries have been widely used in portable electronics like tablets, laptops, and portable devices, with capacities ranging from 3004800 mAh to 3004000 mAh. However, safety issues have been a concern, leading to the development of novel electrode materials and manufacturing techniques. The market also caters to the energy storage needs of industries such as telecommunication networks, data centers, wind turbines, and solar energy. The demand for extended cycle life, higher energy density, and energy efficiency is driving the market towards grid-scale energy storage and backup power systems. The automotive industry is a significant consumer of lithium-ion batteries, with electric cars and new energy vehicles accounting for a substantial portion of the market. The market is expected to grow at a CAGR of 18.5% from 2021 to 2028, reaching a capacity of 957GWh by 2028. Safety laws and quality standards are crucial in this market, with manufacturers focusing on improving battery technology and manufacturing processes to meet these requirements. The 21700-sized lithium-ion batteries, which include 18650 cells, are gaining popularity due to their cylindrical format and high energy density. These batteries are used in various applications, from electric vehicles to portable electronics, and are expected to drive the growth of the market in the coming years.
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