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Rapid growth in Plug-in Hybrid Electric Vehicles (PHEVs) sales owing to rising concerns to keep a check on carbon footprint is anticipated to affect positively to the growth of global cylindrical lithium-ion battery market. Growing demand for consumer electronics across the globe is set to further fuel the industry landscape. Batteries are primarily categorized into the non-rechargeable or primary and rechargeable or secondary battery.
A lithium-ion battery is a rechargeable type device that converts chemical energy to electrical energy and is majorly used as energy storage. These are primarily utilized across different applications owing to its ability to deliver high operating voltage, better energy density, efficient charge/discharge cycles, and safe working characteristics.
Based on type, the cylindrical lithium-ion battery market can be majorly bifurcated into LiCoO2 battery, LiMn2O4 battery, and others. LiCoO2 cylindrical lithium-ion batteries usually consist of a graphite carbon anode & a cobalt oxide cathode and are readily used in various electronic devices owing to its high specific energy.
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Lower internal resistance, high thermal stability, improved current handling capability, and safe operation ability are some of the key factors to cater to LiMn2O4 type batteries growth. NMC and NMA cylindrical lithium-ion batteries are expected to witness substantial growth owing to its efficient uses in medical devices, automobiles, and various industrial operations.
On the basis of application, the cylindrical lithium-ion battery market can be primarily segmented into automotive, electronics, and others. Automotive application is expected to observe robust growth over the forecast period due to increasing adoption of electric vehicles along with favorable government policies. Rising demand for consumer electronic products, including laptop, mobile phones, power tools, portable products, and many more are set to influence positively to the electronics application outlook.
Rising measures to curb GHG emissions through different sources coupled with supporting regional government directives is expected to augment the global cylindrical lithium-ion battery growth. Rising consumer electronics demand, along with rapidly changing automobile infrastructure towards electric charged private & commercial vehicles, will further foster the industry landscape.
A shortage of activities to successfully develop commercial charging stations for electric vehicles and simultaneously monitor and increase its adaptability may resist the global cylindrical lithium-ion battery market. The growing inclination for emerging nations to use PHEVs efficiently require a massive expansion in the powering stations' infrastructure.
Some of the key participants functioning across the global cylindrical lithium-ion battery market are LG Chem, Johnson Controls, Hitachi Automotive Systems Americas, Inc., Shenzhen Zhuoneng New Energy Co., Ltd, CHAM Battery, Panasonic, Samsung SDI, Sony, Tadiran Batteries GmbH, Murata, Padre Electronics Co Limited, Tianjin Lishen Battery Joint-Stock Co., Ltd., Saft, and Ultralife Corporation.
The global cylindrical lithium-ion battery market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Advanced technological availability for efficiently deploy different energy storage systems is set to cater to North America cylindrical lithium-ion battery market growth. The European region is projected to witness significant growth over the forecast period owing to favorable regulations to adopt green energy for various uses. Asia Pacific market is expected to observe robust due to an exponential rise in portable electronics demand coupled with rising concerns to effectively curb carbon discharges from the region.
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