Latest News- 21700 Lithium-Ion Battery Market: Automotive is expected to lead the Application segment during 2025-2029

The 21700 Lithium-Ion Battery Market is being driven by Improved capacity and performance of lithium-ion battery

The 21700 Lithium-Ion Battery Market is expected to grow at a CAGR of 20.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7288.8 million. In the rapidly expanding market for lithium-ion batteries, these energy storage solutions are increasingly adopted across various sectors, including electronic devices, electric vehicles, and material-handling equipment. As the usage of batteries grows, so does the number of batteries approaching their end-of-life. This trend poses a significant challenge for battery recycling, which is expected to become increasingly critical in the coming years. To address this issue, numerous recycling initiatives have emerged, leading to the development of innovative recycling processes. For instance, the Department of Energy (DOE) in the US has established the ReCell Lithium Battery Recycling R&D Center, dedicated to cost-effective recycling methods to recover critical lithium battery materials. The center also focuses on researching novel materials and designing battery packs and cells, ensuring recycling costs are minimized without compromising battery performance, thereby enhancing the profitability of recycling processes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Automotive
  • Consumer electronics
  • Others
• Type
  • Lithium nickel manganese cobalt
  • Lithium titanate
  • Lithium iron phosphate
  • Lithium cobalt oxide
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • France
    • Sweden
    • Norway
  • North America
    • Canada
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Improved capacity and performance of lithium-ion battery
• Shift of automotive industry toward EVs
• Decline in costs of lithium-ion batteries

However, the market also witnesses some limitations, which are as follows:

• Restrictions on transporting lithium-ion batteries by air
• Safety concerns related to lithium-ion batteries
• Demand-supply gap of 21700 lithium-ion battery components

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Market Scope in 21700 Lithium-Ion Battery Market Research Report

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Research Analysis Overview

The 21700-sized lithium-ion batteries, which include 18650 cells in cylindrical format, are increasingly used in energy storage systems for portable electronics, electric vehicles, and New Energy Vehicles. Manufacturers are exploring novel electrode materials and manufacturing techniques to enhance battery technology. The market is projected to grow significantly, with estimates reaching 750 GWh by 2025, 100 GWh in 2030, and 295 GWh in 2040. Applications include vehicle power batteries, energy storage batteries, and high-performance batteries for power tools, portable devices like laptops and tablets, and electric vehicles. Energy density is a key consideration, with traditional lithium-ion batteries, such as LiCoO2 Battery, being replaced by advanced solutions.

Market Research Overview

The 21700-sized lithium-ion battery market encompasses manufacturers producing batteries with 18650 cells in cylindrical format, catering to energy storage systems for portable electronics and electric vehicles. This sector is a significant component of the larger renewable electricity market. This market consists of companies involved in the generation and distribution of electricity from renewable sources, including independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity providers. Additionally, manufacturers of raw materials and equipment used in the solar power industry are included. The growth of this market is fueled by supportive policies and ambitious targets for renewable power deployment, leading to a substantial increase in the adoption of renewables over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/