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Cylindrical Li-ion Battery Market Expected to Reach $49.7 Billion by 2033

 
2022
Cylindrical Li-ion Battery Market

Report Code : A155333

quote The global cylindrical li-ion battery market is expected to witness high growth potential in coming years due to increase in demand for electric vehicles (EVs) and rising adoption in power tools and industrial applications. However, the high cost of raw materials hinders the expansion of the market. Nevertheless, technological advancements in battery design and manufacturing are expected to offer ample growth opportunities for the cylindrical li-ion battery market. quote

Yerukola Eswara Prasad - Manager
Energy and Power at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Cylindrical Li-ion Battery Market," The cylindrical li-ion battery market was valued at $9.1 billion in 2023, and is estimated to reach $49.7 billion by 2033, growing at a CAGR of 18.6% from 2024 to 2033.

Introduction 

A cylindrical lithium-ion battery is a type of rechargeable battery characterized by its cylindrical shape and construction. It consists of a metal canister that includes the battery's core components such as a positive electrode (cathode), a negative electrode (anode), and an electrolyte that facilitates the flow of lithium ions between the electrodes. This design allows for efficient energy storage and discharge. The cylindrical design is favored for its structural robustness and compactness, which makes these batteries suitable for a wide range of applications, including consumer electronics, power tools, and electric vehicles. Their shape helps in maintaining thermal stability and maximizing energy density, which enhances performance and reliability in various devices. 

Market Dynamics 

Rise in adoption of cylindrical lithium-ion batteries in power tools and industrial applications is significantly driving the demand for these energy storage solutions. In power tools, such as cordless drills, saws, and impact drivers, cylindrical li-ion batteries offer a compelling combination of high energy density, long cycle life, and rapid charging capabilities. Their robust cylindrical design ensures durability and efficiency, enabling tools to perform at high levels for extended periods. Reliability and performance are crucial for professionals who require consistent power and endurance in demanding work environments. All these factors are expected to drive the demand for the Cylindrical Lithium ion Battery Industry during the forecast period.  

However, high cost of raw materials impacts the affordability of cylindrical li-ion batteries for consumers and manufacturers. As battery prices rise, it limits their adoption in price-sensitive markets and applications. For instance, in sectors such as consumer electronics and power tools, where cost efficiency is crucial, the high price of these batteries leads to increased production costs and reduced profit margins. This slows down the pace of innovation and market expansion, as companies hesitate to invest in new technologies or scale up production due to financial constraints. All these factors hamper the cylindrical li-ion battery market growth. 

Advancements in manufacturing techniques such as adoption of high-speed automated manufacturing lines, streamline the production process and reducing labor costs. New methods such as precision engineering and automated assembly are increasing the consistency and quality of cylindrical li-ion batteries while lowering production costs. Innovations in battery management systems (BMS) and safety features are enhancing the reliability and safety of these batteries that makes them more suitable for high-performance applications. With rise in R&D activities for battery technology, opportunities for cylindrical li-ion batteries are expanding, allowing for their integration into new and emerging technologies. All these factors are anticipated to offer new growth opportunities for the cylindrical li-ion battery market during the forecast period. 

Segments Overview 

The cylindrical li-ion battery market is segmented into type, capacity, end use, and region. On the basis of type, market is classified into lithium iron phosphate, lithium cobaltate, lithium manganate, cobalt-manganese, and others. On the basis of capacity, the market is segmented into up to 350 mAh, 350-500 mAh, 500-700 mAh, 700-900 mAh, 900-1,200 mAh, 1,200-3,400 mAh, and more than 3,400 mAh. On the basis of end use, the market is classified into consumer electronics, automotive, telecommunication, aerospace, energy systems, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

On the basis of type, market is classified into lithium iron phosphate, lithium cobaltate, lithium manganate, cobalt-manganese, and others. The lithium iron phosphate segment is anticipated to grow at the fastest CAGR of 19.6% during the forecast period. LiFePOâ‚„ batteries provide consistent performance across a wide temperature range. They maintain stable performance and capacity even in extreme environmental conditions, which is crucial for applications in varied climates and harsh environments. This reliability enhances their suitability for outdoor and industrial applications. Moreover, the environmental and cost benefits of lithium iron phosphate batteries contribute to their growing adoption. The raw materials used in LiFePOâ‚„ batteries are more abundant and less expensive than those used in other lithium-ion chemistries, such as cobalt. 

On the basis of capacity, the market is segmented into up to 350 mAh, 350-500 mAh, 500-700 mAh, 700-900 mAh, 900-1,200 mAh, 1,200-3,400 mAh, and more than 3,400 mAh. The 1,200-3,400 mAh segment is anticipated to grow at the fastest CAGR of 21.4% during the forecast period. The proliferation of consumer electronics drives demand for cylindrical lithium-ion batteries. These devices require batteries with moderate capacities for a balance between size, weight, and battery life. As consumer electronics continue to evolve and expand, the demand for batteries in the 1,200 to 3,400 mAh range grows correspondingly. Moreover, the power tools market also drives the demand for cylindrical li-ion battery market trend. 

On the basis of end use, the market is classified into consumer electronics, automotive, telecommunication, aerospace, energy systems, and others. The telecommunication segment is anticipated to grow at the fastest CAGR of 19.5% during the cylindrical li-ion battery market forecast period. The fast-charging capability of cylindrical lithium-ion batteries contributes to their adoption in telecommunication applications. Quick recharging minimizes downtime and ensures that backup power systems are rapidly restored, which is vital during power outages or emergencies. In addition, the advanced thermal management of these batteries allows them to operate efficiently under varying environmental conditions, further supporting their use in diverse telecommunication settings. 

Regional Analysis 

Region-wise, the Cylindrical Li-ion Battery Market Opportunities is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to grow at the fastest CAGR of 19.0% during the forecast period. Rapid industrialization, growing adoption of electric vehicles (EVs), and significant investments in renewable energy infrastructure drive the demand for the cylindrical Li-ion battery. Countries such as China, Japan, and South Korea are at the forefront of battery technology development and manufacturing, with cylindrical lithium-ion batteries playing a key role in this landscape. China's dominant position in the global electric vehicle market, supported by government incentives, subsidies, and infrastructure development, is a major driver. The preference for cylindrical batteries in EVs, due to their high energy density and cost efficiency, aligns well with Asia-Pacific’s focus on affordable electric mobility solutions. 

Key players in the cylindrical li-ion battery market analysis include Panasonic Energy Co. Ltd., Tianneng rechargeable battery manufacturers, Murata Manufacturing Co., Ltd., Xiamen Tmax Battery Equipment Limited., EVE Energy Co., Ltd, Sony Corporation, LG Chem, Hitachi, Ltd., Contemporary Amperex Technology Co., Limited., and Samsung SDI Co., Ltd. 

Key Market Insights 

  • By type, the lithium manganate segment was the highest revenue contributor to the market accounting for less than one-third of global cylindrical li-ion battery market share in 2023. 

  • On the basis of capacity, the more than 3,400 mAh segment was the highest revenue contributor to the global cylindrical li-ion battery market size in 2023. 

  • On the basis of end-use, the automotive segment was the highest revenue contributor to the market accounting for more than two-fifths of the global cylindrical li-ion battery market share in 2023. 

  • Region-wise, Asia-Pacific was the highest revenue contributor of global cylindrical li-ion battery market share in 2023. 

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quote Cylindrical Li-ion Battery Market by Type (Lithium Iron Phosphate, Lithium Cobaltate, Lithium Manganate, Cobalt-Manganese, Others), by Capacity (Up to 350 mAh, 350-500 mAh, 500-700 mAh, 700-900 mAh, 900-1,200 mAh, 1,200-3,400 mAh, More than 3,400 mAh), by End-Use (Consumer Electronics, Automotive, Telecommunication, Aerospace, Energy Systems, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033 quote

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