In 2019-23, the global 21700 lithium-ion battery market will increase by $2.6 billion

According to a report released by Technavio, an international market research institution, the global 21700 lithium-ion battery market will grow by $2.
63 billion
from 2019 to 2023.

Due to the increasing adoption of battery technology in the automotive industry and the development of cost-effective production methods by suppliers, the cost of lithium-ion batteries has decreased significantly over the past decade, thereby reducing the total cost of ownership of
electric vehicles.
Compared to alternative technologies such as lead-acid batteries and nickel-metal hydride batteries, lithium-ion battery manufacturers are offering products that are becoming more competitive
.

The growing global demand for electric vehicles is expected to further reduce the price of
lithium-ion batteries in the coming years.
The cost of 21700 lithium-ion batteries is generally lower than other lithium-ion batteries
used in electric vehicles.
Cost reductions, favorable policies, and increasing demand for lithium-ion batteries are expected to boost the growth
of this market during the forecast period.

Increasing investment in EV charging infrastructure is a major driver of the global 21,700
lithium-ion growth.
At present, the biggest constraint to the adoption of electric vehicles is the lack of public charging facilities
.
However, both the public and private sectors are making significant investments to increase the number of EV charging stations to support EV adoption
.
For example, in 2018, ChargePoint, a leading global EV charging network, announced plans to install 2.
5 million EV charging points
in North America, Europe, New Zealand and Australia by 2025.
These projects will have a positive impact
on the demand for lithium-ion batteries.

Based on these factors, Technavio believes that the global 21700 lithium-ion battery market will achieve a CAGR
of more than 19% during the forecast period.

From the perspective of suppliers, LG Chem, Panasonic, Samsung SDI, Shenzhen BAK Power Battery, Far East Battery, Tianjin Lishen Battery, etc.
will become the main 21700 lithium-ion battery suppliers
.
In 2018, Far East Battery, a subsidiary of Far East Smart Energy (stock code: 600869), officially put into production the 3GWh high-nickel 21700 power lithium battery project, becoming one of the few companies
in the market that can mass-produce this type of battery 。 The company introduced two intelligent and green production lines with a daily output of 400,000 3GWh21700 power batteries, mainly in Japan and South Korea, and the mass-produced 21700 type battery capacity reached 5.
0Ah, which is more than 45% larger than 18650; The energy density of the battery cell is greater than 260Wh/Kg, which is nearly 20% higher than that of 18650; The energy density of the system can reach 180Wh/kg, and the weight of the battery system is reduced by more than
10%.

From the perspective of the application market, 21700 lithium-ion batteries are mainly used in the automotive market
.
This trend is expected to continue
during the forecast period.
Factors such as technological advancements and falling lithium-ion battery prices have increased the use of
21700 lithium-ion batteries in e-bikes.

From the perspective of the regional market, Asia Pacific will account for the highest share
of the 21,700 lithium-ion battery market over the entire forecast period.
Governments such as China, Japan, India and South Korea are working to switch from fossil fuel vehicles to electric vehicles to reduce emissions and meet the goals of
the Paris Agreement.
These factors will contribute to the growth of
the 21700 lithium-ion battery market in Asia Pacific.

Through a comprehensive study of the company's growth opportunities, it has been determined that the Asia-Pacific region will account for the highest share
of the lithium-ion battery market of 21,700 over the entire forecast period.
Governments in countries such as China, Japan, India and South Korea are working to shift their focus from fossil fuel vehicles to electric vehicles
.
These countries have also set targets and adopted several reforms to encourage the adoption of electric vehicles
.
These factors will contribute to the growth of the
21700 lithium-ion battery market in Asia Pacific.