Cylindrical Lithium-Ion Battery Market Size, Share, Growth & Report | 2034

Press Release Jan 6, 2025 12 Add to Reading List

Cylindrical Lithium-Ion Battery Market Outlook

According to the report by Expert Market Research (EMR), the global cylindrical lithium-ion battery market size achieved a value of USD 67.08 billion in 2024. With the growing adoption of electric vehicles (EVs), increasing demand for portable electronic devices, and expanding renewable energy storage applications, the market is projected to grow at a compound annual growth rate (CAGR) of 19.2% between 2025 and 2034, reaching a value of USD 325.38 billion by 2034.

Cylindrical lithium-ion batteries are a type of rechargeable battery widely used in various applications due to their high energy density, long cycle life, and compact design. These batteries are typically used in consumer electronics, electric vehicles, energy storage systems, and other high-power applications. The global shift towards renewable energy sources and electric mobility, along with advancements in battery technology, is expected to drive substantial growth in the cylindrical lithium-ion battery market over the next decade.

Increasing Demand for Electric Vehicles (EVs)

One of the primary drivers of the cylindrical lithium-ion battery market is the rapid growth of the electric vehicle (EV) industry. As governments around the world implement stricter emissions regulations and provide incentives for clean energy solutions, the demand for EVs has surged in recent years. Cylindrical lithium-ion batteries are commonly used in EVs due to their ability to store large amounts of energy while maintaining a compact form factor, making them ideal for powering electric motors.

The automotive industry’s ongoing shift towards electric mobility has led to an increased focus on battery development, with cylindrical lithium-ion batteries playing a crucial role in meeting the energy storage needs of EVs. This trend is expected to continue as manufacturers strive to improve battery performance, reduce costs, and extend driving ranges. Additionally, advancements in fast-charging technology are expected to further enhance the appeal of cylindrical lithium-ion batteries, making them even more suitable for use in electric vehicles.

As consumer demand for electric vehicles continues to rise, particularly in regions such as North America, Europe, and Asia-Pacific, the cylindrical lithium-ion battery market is set to benefit from the expanding EV ecosystem. Key automakers are also increasing investments in EV infrastructure, including charging stations, which will contribute to the widespread adoption of electric mobility and, in turn, further boost the demand for cylindrical lithium-ion batteries.

Get a Free Sample Report with Table of Contents@ https://www.expertmarketresearch.com/reports/cylindrical-lithium-ion-battery-market/requestsample

Advancements in Consumer Electronics

In addition to the automotive sector, the cylindrical lithium-ion battery market is experiencing growth in the consumer electronics segment. Lithium-ion batteries have become the preferred power source for portable devices such as laptops, smartphones, tablets, and wearables, owing to their compact size, high energy density, and long-lasting performance. The increasing reliance on these devices in daily life, particularly with the rise of remote work and digital communication, has driven significant demand for batteries that can provide reliable and long-lasting power.

Manufacturers of consumer electronics are increasingly turning to cylindrical lithium-ion batteries to meet the growing energy requirements of their products. As smartphones, laptops, and other portable electronics become more powerful and feature-rich, the need for batteries with higher energy densities and faster charging times becomes more critical. Cylindrical lithium-ion batteries are well-suited to meet these demands, thanks to their ability to store more energy in a smaller, lighter package.

Furthermore, the proliferation of wearable devices, including smartwatches, fitness trackers, and health monitoring gadgets, is further contributing to the demand for cylindrical lithium-ion batteries. These devices require batteries that can fit into compact spaces while offering sufficient power for extended use, making cylindrical lithium-ion batteries an ideal choice for powering the next generation of wearable electronics.

Renewable Energy Storage Solutions

The shift towards renewable energy sources, such as solar and wind, has had a significant impact on the cylindrical lithium-ion battery market. As more households and businesses adopt solar power systems, there is an increasing need for energy storage solutions that can efficiently store the electricity generated during the day for use at night or during periods of low energy production.

Cylindrical lithium-ion batteries are increasingly being used in home energy storage systems due to their high energy density, long cycle life, and ability to store large amounts of electricity in a relatively small and lightweight form. These batteries are capable of powering residential homes and businesses during grid outages or periods of low energy production, offering a reliable and sustainable energy storage solution for renewable energy users.

The growing adoption of energy storage systems, particularly in regions with high solar and wind energy potential, is expected to further drive demand for cylindrical lithium-ion batteries. Additionally, advancements in battery technology are expected to increase the efficiency and capacity of energy storage systems, making cylindrical lithium-ion batteries an even more attractive option for renewable energy applications.

Technological Advancements and Innovations

Technological advancements in lithium-ion battery technology are playing a significant role in driving the growth of the cylindrical lithium-ion battery market. Manufacturers are continuously working to improve the performance, safety, and cost-effectiveness of these batteries to meet the evolving needs of various industries. Key innovations include advancements in battery chemistry, which are increasing the energy density of cylindrical lithium-ion batteries, allowing them to store more energy in a smaller space.

In addition, researchers are exploring new materials and manufacturing processes that can enhance the performance and sustainability of lithium-ion batteries. For example, solid-state lithium-ion batteries, which use a solid electrolyte instead of a liquid one, have the potential to offer higher energy densities and improved safety features compared to conventional lithium-ion batteries. While solid-state batteries are still in the research and development phase, their commercialisation could further accelerate the growth of the cylindrical lithium-ion battery market.

Furthermore, the development of fast-charging technologies is also expected to enhance the performance of cylindrical lithium-ion batteries. With faster charging times, electric vehicles and portable electronics powered by cylindrical lithium-ion batteries will become more convenient and practical for consumers, further driving demand for these batteries.

Cylindrical Lithium-Ion Battery Market Segmentation

The market can be divided based on type, capacity, voltage, industry, and region.

Market Breakup by Type

Lithium Nickel Manganese Cobalt (LI-NMC)
Lithium Iron Phosphate (LFP)
Lithium Cobalt Oxide (LCO)
Lithium Titanate Oxide (LTO)
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Aluminium Oxide (NCA)

Market Breakup by Capacity

0–3,000 mAh
3,000–10,000 mAh
10,000–60,000 mAh
60,000 mAh and Above

Market Breakup by Voltage

Low (Below 12V)
Medium (12V — 36V)
High (Above 36V)

Market Breakup by Industry

Consumer Electronics
Automotive
Aerospace
Marine
Medical
Industrial
Power
Telecommunication

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global cylindrical lithium-ion battery companies. Some of the major key players explored in the report by Expert Market Research are as follows:

Panasonic Corporation
LG Energy Solution
Samsung SDI Co., Ltd.
TianJin Lishen Battery Joint-Stock CO., LTD.
Jiangsu Tenpower Lithium Co., Ltd.
Shenzhen BAK Battery Co., Ltd.
EVE Energy Co., Ltd.
Others

Challenges Facing the Cylindrical Lithium-Ion Battery Market

Despite the promising growth prospects, the cylindrical lithium-ion battery market faces several challenges. One of the main obstacles is the high cost of raw materials, particularly lithium, cobalt, and nickel, which are essential for battery production. The volatility in the prices of these raw materials can affect the overall cost structure of cylindrical lithium-ion batteries, which may, in turn, impact their competitiveness in comparison to other battery technologies.

Another challenge is the environmental impact of lithium-ion battery production and disposal. While lithium-ion batteries are generally more environmentally friendly than older technologies, such as lead-acid batteries, their production still requires significant energy and natural resources. Additionally, improper disposal of used batteries can lead to environmental pollution. As demand for cylindrical lithium-ion batteries grows, it will be crucial to develop more sustainable manufacturing processes and efficient recycling systems to mitigate these environmental concerns.

Outlook and Future Prospects

The global cylindrical lithium-ion battery market is poised for substantial growth in the coming years. The increasing adoption of electric vehicles, the rise in demand for portable electronics, and the growing need for renewable energy storage solutions are all contributing to the expanding market for cylindrical lithium-ion batteries. Technological advancements, including improvements in battery chemistry and fast-charging capabilities, are expected to further boost the performance and appeal of these batteries.

As the world transitions to cleaner energy sources and more sustainable technologies, cylindrical lithium-ion batteries will continue to play a crucial role in powering the devices and vehicles of the future. The market's growth is expected to be driven by continued innovation, investment, and the ongoing shift towards a more electrified and sustainable global economy.

Media Contact:

Company Name: Claight Corporation
Contact Person: George buttler, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: http://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au