Cylindrical Lithium-Ion Battery Market Overview:
As per MRFR analysis, the Cylindrical Lithium-Ion Battery Market Size was estimated at 81.0 (USD Billion) in 2022. The Cylindrical Lithium-Ion Battery Market Industry is expected to grow from 95.52(USD Billion) in 2023 to 421.3 (USD Billion) by 2032. The Cylindrical Lithium-Ion Battery Market CAGR (growth rate) is expected to be around 17.92% during the forecast period (2024 - 2032).
Key Cylindrical Lithium-Ion Battery Market Trends Highlighted
The cylindrical lithium-ion battery market is poised for substantial growth in the coming years, driven by the increasing demand for electric vehicles and consumer electronics. Key market drivers include the rising popularity of electric vehicles, stringent government regulations on emissions, and the miniaturization of electronic devices.
As the demand for electric vehicles accelerates, cylindrical lithium-ion batteries are gaining prominence due to their high energy density, compact size, and excellent thermal stability. The shift towards renewable energy sources is further boosting the demand for energy storage systems, which rely heavily on cylindrical lithium-ion batteries for their long lifespan and reliability.
Recent market trends indicate a growing preference for high-capacity cylindrical lithium-ion batteries, particularly in the automotive industry. Manufacturers are investing in research and development to enhance battery performance, reduce charging times, and improve safety features. Additionally, the integration of advanced technologies, such as nanotechnology and artificial intelligence, is expected to shape the future of the cylindrical lithium-ion battery market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cylindrical Lithium-Ion Battery Market Drivers
Rising Demand for Electric Vehicles and Energy Storage Systems
The increasing adoption of electric vehicles (EVs) and energy storage systems (ESSs) is driving the growth of the Global Cylindrical Lithium-Ion Battery Market Industry. EVs rely on lithium-ion batteries for power, and the growing popularity of EVs is leading to a corresponding increase in demand for cylindrical lithium-ion batteries. Similarly, ESSs are used to store energy from renewable sources such as solar and wind power, and the increasing deployment of ESSs is also driving demand for cylindrical lithium-ion batteries.Cylindrical lithium-ion batteries are well-suited for both EVs and ESSs due to their high energy density, long cycle life, and relatively low cost. As a result, the rising demand for EVs and ESSs is expected to continue to drive the growth of the Global Cylindrical Lithium-Ion Battery Market Industry over the coming years.
Technological Advancements and Cost Reductions
The growth of the Global Cylindrical Lithium-Ion Battery Market Industry is also driven by technological innovations. For instance, the use of new materials in the production process is leading to better battery performance and lower costs. Introducing new cathode materials ensures that batteries with a higher energy density are produced. The development of new anode materials is associated with longer cycle life. In the same way, new manufacturing processes are being developed to lower the cost of producing cylindrical lithium-ion batteries. The main outcome is that the use of such batteries is becoming more affordable, thus becoming attractive in many applications.
Government Support and Incentives
Other than technological advancements and investment opportunities, another factor that is creating demand for the Global Cylindrical Lithium-Ion Battery Market Industry to grow is government support and incentives. All around the world, governments are supporting the adoption of EVs and ESSs through incentives and other forms of support. Generally, many governments are providing incentives for consumers on EV acquisition through tax breaks and rebates.There are other governments that provide financial incentives to businesses, which invest in ESSs. Furthermore, the governments are investing in the development and research of other battery technologies and, hence, creating demand for the growth of the industry. The use of EVs and ESSs is expected to grow over the next years because of government support and incentives, and this will drive the growth of the industry.
Cylindrical Lithium-Ion Battery Market Segment Insights:
Cylindrical Lithium-Ion Battery Market Capacity Insights
The Global Cylindrical Lithium-Ion Battery Market is segmented by capacity into 'Less than 3 Ah', '3 Ah to 6 Ah', '6 Ah to 12 Ah', '12 Ah to 20 Ah', and 'Over 20 Ah'. Among these, the '3 Ah to 6 Ah' segment is expected to witness the highest growth rate during the forecast period. The '3 Ah to 6 Ah' segment is projected to grow from USD 12.5 billion in 2023 to USD 32.2 billion by 2032, at a CAGR of 11.4%. The growth of the '3 Ah to 6 Ah' segment can be attributed to the increasing demand for electric vehicles (EVs). EVs require batteries with high energy density and long cycle life.Cylindrical lithium-ion batteries offer both advantages, making them ideal for use in EVs. In addition, the '3 Ah to 6 Ah' segment is expected to benefit from the growing popularity of portable electronics, such as laptops, smartphones, and tablets. These devices require batteries that are lightweight and compact, which makes cylindrical lithium-ion batteries a good choice. The 'Less than 3 Ah' segment is expected to account for a significant share of the Global Cylindrical Lithium-Ion Battery Market in 2023. This segment is expected to grow at a CAGR of 9.5% during the forecast period.The growth of the 'Less than 3 Ah' segment can be attributed to the increasing demand for wireless headphones, earbuds, and other small electronic devices. These devices require batteries that are small and lightweight, which makes cylindrical lithium-ion batteries a good choice. The '6 Ah to 12 Ah' segment is expected to grow at a CAGR of 10.2% during the forecast period. The growth of the '6 Ah to 12 Ah' segment can be attributed to the increasing demand for power tools and other industrial applications. These applications require batteries that are powerful and durable, which makes cylindrical lithium-ion batteries a good choice.The '12 Ah to 20 Ah' segment is expected to grow at a CAGR of 10.9% during the forecast period. The growth of the '12 Ah to 20 Ah' segment can be attributed to the increasing demand for electric bikes and scooters. These vehicles require batteries that are powerful and long-lasting, which makes cylindrical lithium-ion batteries a good choice. The 'Over 20 Ah' segment is expected to grow at a CAGR of 12.1% during the forecast period. The growth of the 'Over 20 Ah' segment can be attributed to the increasing demand for energy storage systems. These systems require batteries that are powerful and durable, which makes cylindrical lithium-ion batteries a good choice.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cylindrical Lithium-Ion Battery Market Voltage Insights
The Global Cylindrical Lithium-Ion Battery Market is segmented by voltage into Below 3.6 V, 3.6 V to 3.7 V, 3.8 V to 4.0 V, and Over 4.0 V. Among these, the 3.6 V to 3.7 V segment held the largest market share in 2023, accounting for around 40% of the Global Cylindrical Lithium-Ion Battery Market revenue. This dominance is attributed to the widespread adoption of this voltage range in consumer electronics, such as smartphones, laptops, and tablets. The 3.8 V to 4.0 V segment is projected to exhibit the highest CAGR during the forecast period, owing to the increasing demand for high-performance batteries in electric vehicles and industrial applications.The Below 3.6 V and Over 4.0 V segments are expected to witness steady growth, driven by niche applications in medical devices, wearables, and specialized industrial equipment.
Cylindrical Lithium-Ion Battery Market Application Insights
The Global Cylindrical Lithium-Ion Battery Market is segmented into Consumer Electronics, Power Tools, Electric Vehicles, Medical Devices, and Energy Storage Systems. The Consumer Electronics segment accounted for the largest share of the market in 2023 and is expected to continue to grow at a CAGR of 15.5% through 2032. This growth is being driven by the increasing demand for portable electronic devices, such as smartphones, laptops, and tablets. The Power Tools segment is also expected to grow at a healthy pace, with a CAGR of 14.2%, due to the increasing adoption of cordless power tools in the construction and manufacturing industries.The Electric Vehicles segment is expected to witness the highest growth rate, with a CAGR of 21.4%, as the demand for electric vehicles continues to soar. The Medical Devices segment is also expected to grow at a steady pace, with a CAGR of 13.7%, due to the increasing adoption of implantable medical devices and portable medical equipment. The Energy Storage Systems segment is expected to grow at a CAGR of 16.1%, driven by the increasing demand for renewable energy sources and the need for backup power systems.
Cylindrical Lithium-Ion Battery Market Chemical Composition Insights
The Global Cylindrical Lithium-Ion Battery Market is segmented based on chemical composition into Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Iron Phosphate (LFP), and Lithium Titanate Oxide (LTO). Among these, the NMC segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the high energy density and specific energy offered by NMC batteries, making them suitable for applications requiring long battery life and high-power output.For instance, in 2023, NMC batteries accounted for over 60% of the Global Cylindrical Lithium-Ion Battery Market revenue. The LFP segment is projected to witness the fastest growth during the forecast period due to its low cost, long cycle life, and inherent safety characteristics. These batteries are widely used in electric vehicles, energy storage systems, and backup power applications. The LTO segment, known for its excellent high-power performance and long cycle life, is expected to gain traction in the coming years, particularly in applications such as power tools and electric buses.
Cylindrical Lithium-Ion Battery Market Shape Insights
The Global Cylindrical Lithium-Ion Battery Market is segmented based on shape into round, prismatic, and pouch. Among these, the round segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The round shape of these batteries offers several advantages, such as high energy density, better stability, and improved safety features. As a result, round cylindrical lithium-ion batteries are widely used in various applications, including electric vehicles, consumer electronics, and industrial equipment.The prismatic segment is also expected to witness significant growth during the forecast period. Prismatic batteries are known for their compact design and high power density, making them suitable for applications where space is limited. They are commonly used in laptops, smartphones, and other portable devices. The pouch segment, on the other hand, is projected to grow at a steady pace. Pouch batteries offer flexibility in design and can be customized to fit specific space requirements. They are often used in electric vehicles and aerospace applications, where weight and space optimization are critical factors.Overall, the Global Cylindrical Lithium-Ion Battery Market is expected to exhibit robust growth in the coming years, driven by the increasing demand for electric vehicles and consumer electronics. Segmentation based on shape plays a crucial role in meeting the diverse requirements of various applications, with each type offering unique advantages and catering to specific market needs.
Cylindrical Lithium-Ion Battery Market Regional Insights
North America held the largest market share of 38.4% in 2023 and is expected to maintain its dominance throughout the forecast period. The regional market growth can be attributed to the increasing adoption of electric vehicles (EVs) and the presence of key players in the region.
Europe is anticipated to be the second-largest market, with a CAGR of 18.2% during the forecast period. The growth in the region is driven by stringent government regulations promoting the adoption of EVs and the increasing demand for energy storage systems. The APAC region is expected to register the highest CAGR of 20.1%, owing to the rising demand for EVs in countries like China, India, and South Korea.South America and MEA are expected to witness significant growth due to the growing adoption of renewable energy sources and government initiatives promoting the adoption of EVs.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Cylindrical Lithium-Ion Battery Market Key Players and Competitive Insights:
Leading companies in the Cylindrical Lithium-Ion Battery Market industry are continuously working toward expanding their product supply base. Moreover, they are working in the direction of providing a production facility in alignment with the development performance of the product. Having realized that the Cylindrical Lithium-Ion Battery Market is fiercely competitive, leading players in the market have also initiated plans to expand their presence geographically. The overall competitive landscape of the Cylindrical Lithium-Ion Battery Market is expected to dynamically change in the coming years to offer space to new players. In addition to the expansion, growing research development activity by major industry players will bring new product launches to the table to meet customer requirements.
Several leading players in the Cylindrical Lithium-Ion Battery Market are actively participating in R production to provide an efficient product. The industry players are also working in the direction of forming strategic partnerships to gain a competitive edge. For instance, the key competitors of the Cylindrical Lithium-Ion Battery Market are continuously working toward product enhancement to tackle performance-associated issues. It is important to highlight here that the Cylindrical Lithium-Ion Battery Market is growing on account of several prominent dynamics, such as the rising use of electric vehicles.
The rising use of portable devices, as well as the demand for a reliable energy source, is also boosting the development of the Cylindrical Lithium-Ion Battery Market. The overall perspective of the Cylindrical Lithium-Ion Battery Market is expected to register considerable growth in the future. Some of the prominent players in the market include Samsung SDI. The Cylindrical Lithium-Ion Battery Market company is one of the key manufacturers of the cylindrical lithium battery and the company is continuously working toward product development for effective performance and research and production.
Key Companies in the Cylindrical Lithium-Ion Battery Market Include:
- BYD
- BAK
- CALB
- ATL
- Star Charge Battery
- HiPower
- Panasonic Corporation
- ENOVONEWpara
- SinoEV Technologies
- Samsung SDI
- Lishe
- CATL
- SK Innovation
- LG Chem
- EVE Energy
Cylindrical Lithium-Ion Battery Market Industry Developments
The Global Cylindrical Lithium-Ion Battery Market is projected to grow significantly over the next decade, driven by increasing demand for electric vehicles and consumer electronics. In 2023, the market is valued at USD 95.52 billion, and it is expected to reach USD 421.3 billion by 2032, exhibiting a CAGR of 17.92%. Key market trends include the rising adoption of electric vehicles, government initiatives to promote sustainable transportation, and technological advancements in battery technology. Recent news developments in the market include the launch of new high-capacity cylindrical lithium-ion batteries by leading manufacturers such as Panasonic and LG Chem, and strategic partnerships between battery manufacturers and automotive companies to develop and produce electric vehicles.
Cylindrical Lithium-Ion Battery Market Segmentation Insights
- Cylindrical Lithium-Ion Battery Market Capacity Outlook
- Less than 3 Ah
- 3 Ah to 6 Ah
- 6 Ah to 12 Ah
- 12 Ah to 20 Ah
- Over 20 Ah
- Cylindrical Lithium-Ion Battery Market Voltage Outlook
- Below 3.6 V
- 6 V to 3.7 V
- 8 V to 4.0 V
- Over 4.0 V
- Cylindrical Lithium-Ion Battery Market Application Outlook
- Consumer Electronics
- Power Tools
- Electric Vehicles
- Medical Devices
- Energy Storage Systems
- Cylindrical Lithium-Ion Battery Market Chemical Composition Outlook
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Iron Phosphate (LFP)
- Lithium Titanate Oxide (LTO)
- Cylindrical Lithium-Ion Battery Market Shape Outlook
- Round
- Prismatic
- Pouch
- Cylindrical Lithium-Ion Battery Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
81.0(USD Billion) |
| Market Size 2023 |
95.52(USD Billion) |
| Market Size 2032 |
421.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
17.92% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
BYD, BAK, CALB, ATL, Star Charge Battery, HiPower, Panasonic Corporation, ENOVONEWpara, SinoEV Technologies, Samsung SDI, Lishe, CATL, SK Innovation, LG Chem, EVE Energy |
| Segments Covered |
Capacity, Voltage, Application, Chemical Composition, Shape, Regional |
| Key Market Opportunities |
Growing electric vehicle demand, increasing adoption of energy storage systems, rising consumer electronics sales, expanding industrial applications, and technological advancements. |
| Key Market Dynamics |
Rising demand for electric vehicles Increasing adoption in consumer electronics Growing popularity of renewable energy storage Government incentives for clean energy Technological advancements. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Cylindrical Lithium-Ion Battery market is expected to reach a valuation of USD 95.52 billion in 2023 and is projected to grow at a CAGR of 17.92% from 2024 to 2032, reaching a valuation of USD 421.3 billion by 2032.
The key regions in the Cylindrical Lithium-Ion Battery market are Asia-Pacific, North America, Europe, and the Rest of the World. Asia-Pacific is the largest region, accounting for over 50% of the market share in 2023.
Cylindrical Lithium-Ion Batteries are primarily used in electric vehicles, consumer electronics, and industrial applications. The demand for these batteries is increasing due to the growing popularity of electric vehicles and the increasing adoption of portable electronic devices.
Some of the key competitors in the Cylindrical Lithium-Ion Battery market include Panasonic, LG Energy Solution, Samsung SDI, and CATL. These companies account for a significant share of the market and are investing heavily in research and development to improve the performance and efficiency of their batteries.
The key trends in the Cylindrical Lithium-Ion Battery market include the increasing demand for electric vehicles, the growing popularity of portable electronic devices, and the development of new battery technologies. These trends are expected to drive the growth of the market in the coming years.
The key challenges in the Cylindrical Lithium-Ion Battery market include the high cost of raw materials, the need for improved battery performance and efficiency, and the environmental concerns associated with the disposal of batteries.
The key opportunities in the Cylindrical Lithium-Ion Battery market include the growing demand for electric vehicles, the increasing popularity of portable electronic devices, and the development of new battery technologies. These opportunities are expected to drive the growth of the market in the coming years.
The outlook of the Cylindrical Lithium-Ion Battery market is positive. The market is expected to grow at a CAGR of 17.92% from 2023 to 2032, reaching a valuation of USD 421.3 billion by 2032. The growth of the market will be driven by the increasing demand for electric vehicles, the growing popularity of portable electronic devices, and the development of new battery technologies.
The key factors driving the growth of the Cylindrical Lithium-Ion Battery market include the increasing demand for electric vehicles, the growing popularity of portable electronic devices, and the development of new battery technologies. These factors are expected to continue to drive the growth of the market in the coming years.
The key challenges that the Cylindrical Lithium-Ion Battery market is facing include the high cost of raw materials, the need for improved battery performance and efficiency, and the environmental concerns associated with the disposal of batteries. These challenges are expected to continue to impact the market in the coming years.
