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According to a report released by Technavio, an international market research institution, the global cylindrical lithium-ion battery market is expected to grow by $9.
81 billion from 2021 to 2025, with a compound annual growth rate of 6.
79%
during the period.
The report believes that the shift to electric vehicles in the automotive industry is significantly driving the growth of the cylindrical lithium-ion battery market, although factors such as the safety concerns of lithium-ion batteries may hamper the market growth
.
Electric vehicles are gaining popularity
due to growing concerns about environmental pollution and the automotive industry's shift towards a more sustainable ecosystem.
Lithium-ion batteries will be the primary power solution for electric vehicles, and the global future policy framework enhances the confidence
of manufacturers and stakeholders in future policy frameworks and investment mobilization.
In addition, increasing demand for power banks and charging systems is another major factor
supporting the cylindrical lithium-ion battery market.
The growing popularity of smartphones across the globe and the rapid draining of batteries for mobile devices have led to a growing
demand for power banks.
Lithium-ion batteries are the main source of energy storage in these devices, and among the different types of lithium-ion batteries, cylindrical lithium-ion batteries are the most popular
.
59% of the market growth will come from Asia Pacific
during the forecast period.
China, South Korea, and Japan are the major markets
for the cylindrical lithium-ion battery market in the Asia-Pacific region.
The market growth in this region will be faster than in Europe, North America, and the Middle East & Africa
.
The automotive industry is a major end-user of cylindrical lithium-ion batteries, which is one of
the factors driving the market in the region.
This will boost the growth of the cylindrical lithium-ion battery market in Asia Pacific during the forecast period
.
The cylindrical lithium-ion battery market share in the automotive segment will grow
significantly during the forecast period.
Due to the high growth of the electric vehicle segment, this segment will witness rapid growth
during the forecast period.
Cylindrical lithium-ion batteries reach higher levels of battery compliance, production automation, and are safer and lighter
.
As a result, these batteries are cheaper to produce than prismatic or laminated lithium-ion batteries, gaining higher acceptance
from leading EV manufacturers such as Tesla.
According to a report released by Technavio, an international market research institution, the global cylindrical lithium-ion battery market is expected to grow by $9.
81 billion from 2021 to 2025, with a compound annual growth rate of 6.
79%
during the period.
The report believes that the shift to electric vehicles in the automotive industry is significantly driving the growth of the cylindrical lithium-ion battery market, although factors such as the safety concerns of lithium-ion batteries may hamper the market growth
.
Electric vehicles are gaining popularity
due to growing concerns about environmental pollution and the automotive industry's shift towards a more sustainable ecosystem.
Lithium-ion batteries will be the primary power solution for electric vehicles, and the global future policy framework enhances the confidence
of manufacturers and stakeholders in future policy frameworks and investment mobilization.
In addition, increasing demand for power banks and charging systems is another major factor
supporting the cylindrical lithium-ion battery market.
The growing popularity of smartphones across the globe and the rapid draining of batteries for mobile devices have led to a growing
demand for power banks.
Lithium-ion batteries are the main source of energy storage in these devices, and among the different types of lithium-ion batteries, cylindrical lithium-ion batteries are the most popular
.
59% of the market growth will come from Asia Pacific
during the forecast period.
China, South Korea, and Japan are the major markets
for the cylindrical lithium-ion battery market in the Asia-Pacific region.
The market growth in this region will be faster than in Europe, North America, and the Middle East & Africa
.
The automotive industry is a major end-user of cylindrical lithium-ion batteries, which is one of
the factors driving the market in the region.
This will boost the growth of the cylindrical lithium-ion battery market in Asia Pacific during the forecast period
.
The cylindrical lithium-ion battery market share in the automotive segment will grow
significantly during the forecast period.
Due to the high growth of the electric vehicle segment, this segment will witness rapid growth
during the forecast period.
Cylindrical lithium-ion batteries reach higher levels of battery compliance, production automation, and are safer and lighter
.
As a result, these batteries are cheaper to produce than prismatic or laminated lithium-ion batteries, gaining higher acceptance
from leading EV manufacturers such as Tesla.
