Cylindrical Lithium-Ion Battery Market Size to grow by USD 11613.1 million between 2024-2028
According to a research report “ Cylindrical Lithium-Ion Battery Market” by Application (Automotive, Industrial, Others) Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, Lithium cobalt oxide) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11613.1 million, at a CAGR of 6.59% during the forecast period. In response to escalating environmental concerns and the push for a more sustainable automotive industry, governments worldwide are implementing policies to reduce air pollution and vehicle emissions. Electric vehicles (EVs) are gaining popularity due to their significantly lower greenhouse gas (GHG) emissions compared to conventional gasoline vehicles, releasing approximately half the amount. To decarbonize the transport sector, the automotive industry is transitioning towards electrified cars and buses. Notably, several countries have set objectives for the widespread adoption of EVs and electric buses, making them a pivotal green solution for the future of transportation.
Browse market data tables, figures, and in-depth TOC on “Cylindrical Lithium-Ion Battery Market” by Application (Automotive, Industrial, Others) Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, Lithium cobalt oxide) Geography (APAC, North America, Europe, 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 lithium nickel manganese cobalt (NMC) battery has emerged as a preferred choice in the cylindrical lithium-ion battery market due to the synergistic benefits of nickel and manganese. While nickel provides a large specific energy, its instability is mitigated by the addition of manganese, which creates a spinel structure and produces low internal resistance. This combination caters to both high-energy and high-power applications, making it a popular choice for power tools, e-bikes, and electric drivetrains. Furthermore, the majority of electric vehicles rely on NMC batteries for their power needs.
By Type, Lithium nickel manganese cobalt segment is expected to hold the largest market size for the year 2024
The automotive sector represents a significant market for cylindrical lithium-ion batteries, which are primarily utilized in Electric Vehicles (EVs) and e-bikes. The segment is projected to witness robust expansion during the forecast period, driven by the burgeoning EV market. Lithium-ion batteries are preferred over traditional chemistries, such as lead-acid, due to their superior energy density, enhanced performance, and extended cycle life. Cylindrical lithium-ion batteries have attained advanced levels of battery compliance and production automation, making them more secure, lightweight, and cost-effective compared to prismatic or laminate batteries. Consequently, leading EV manufacturers, including Tesla, are increasingly opting for cylindrical lithium-ion batteries, contributing to their higher market acceptance.
APAC is forecasted to hold the largest market size by region in 2024
The Cylindrical Lithium-Ion Battery Market represents a significant business opportunity due to the increasing demand for compact and high-energy storage solutions. These batteries, with their cylindrical shape and advanced chemistry, offer superior power density and longer cycle life compared to other types. Market growth is driven by the expanding electric vehicle industry and the rising adoption of renewable energy storage systems. Companies focusing on innovation and cost reduction will gain a competitive edge in this market.
The Cylindrical 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 Cylindrical Lithium-Ion Battery Market is witnessing significant growth due to the increasing demand for rechargeable batteries with high-power capacity and long-lasting performance. Ionic movement in lithium-ion batteries occurs when lithium ions move between the positive electrode, typically made of a lithium cobalt oxide or lithium manganese oxide, and the negative electrode, usually made of graphite. The electrolyte, a liquid or gel-like substance, facilitates this movement. Non-rechargeable lithium batteries, such as those using metallic lithium or intercalated lithium compounds, have been replaced by rechargeable Li-ion batteries in various applications, including battery-driven vehicles, automated guided vehicles, e-bikes, and energy storage systems. The automotive segment, particularly automotive verticals, is a major consumer of lithium-ion batteries due to the increasing demand for electric and hybrid vehicles. The market for lithium-ion batteries is driven by the demand for portable electronics, consumer electronics, and energy storage systems. Operating voltage and energy storage capacity are critical factors in the selection of lithium-ion batteries. Lithium-ion batteries offer the advantage of converting chemical energy into electrical energy with high efficiency, resulting in a smaller carbon footprint compared to traditional batteries.
Market Research Overview
Cylindrical Lithium-Ion Batteries: Powering the Future with Two Electrodes and Ionic Movement Cylindrical lithium-ion batteries have become the go-to power source for various applications, from renewable energy sector to smart devices, automation, and industrial operations. These batteries operate based on the movement of lithium ions between the positive electrode, typically made of Lithium Manganese Oxide, Lithium Titanate Oxide, Lithium Cobalt Oxide, or Lithium Iron Phosphate, and the negative electrode, usually a graphite carbon anode. The electrolyte, a liquid or gel-like substance, facilitates the ionic movement. While non-rechargeable lithium batteries use metallic lithium as an anode, cylindrical lithium-ion batteries are rechargeable, making them a popular choice for electric vehicles, automotive verticals, and portable electronics demand. The batteries' high-power capacity, energy density, and long cycle life make them suitable for power tools, telecommunication, medical devices, marine, aerospace, and off-grid electrification. The automotive segment, including battery-driven vehicles, automated guided vehicles, e-bikes, and commercial charging stations, is also a significant market for cylindrical lithium batteries. Government policies promoting green energy and reducing greenhouse gas emissions (GHG) further boost the market growth. With advancements in electrode material, metal casing, and cylindrical cell technology, these batteries offer improved discharge cycles, charge cycles, energy density, operating voltage, and energy storage capabilities, making them an essential component in our increasingly electric world. From power banks and laptops to electric vehicles and industrial applications, cylindrical lithium-ion batteries are reducing carbon footprint and providing electrical energy from chemical energy, powering our daily lives and driving the future of transportation and technology.
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