Cylindrical Lithium-Ion Battery Market is expected to Grow with a CAGR of 20.16% through 2030
The Cylindrical Lithium-Ion
Battery Market is driven by rising demand for electric vehicles, portable
electronics, and energy storage systems, alongside advancements in battery
technology enhancing energy density, safety, and cost-efficiency.
According to TechSci Research
report, “Cylindrical Lithium-Ion Battery Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2030F”, the Cylindrical Lithium-Ion Battery Market was valued at USD 10.48 Billion in 2024 and is expected to reach USD 31.83 Billion by 2030 with a CAGR of 20.16%. The Cylindrical
Lithium-Ion Battery Market is driven by a confluence of technological
advancements, escalating demand across multiple industries, and the increasing
emphasis on sustainable energy solutions, which collectively fuel the market’s
robust growth trajectory. One of the primary drivers is the rapid proliferation
of electric vehicles (EVs) worldwide, propelled by stringent environmental
regulations and government incentives aimed at reducing carbon emissions and
combating climate change. Cylindrical lithium-ion batteries, known for their
high energy density, thermal stability, and cost-effectiveness, are extensively
preferred for EV applications due to their ability to deliver reliable power
and long cycle life, making them ideal for electric cars, two-wheelers, and
e-bikes.
Additionally, the booming
consumer electronics sector significantly contributes to market expansion, with
a growing number of portable devices such as smartphones, laptops, power banks,
and wearable gadgets requiring compact, lightweight, and efficient battery
solutions. The demand for cylindrical lithium-ion batteries is further
amplified by their widespread use in power tools and medical devices, where
durability and consistent performance are critical. Another crucial market
driver is the global push towards renewable energy integration, where these
batteries play a pivotal role in energy storage systems (ESS) that stabilize
and optimize power supply from intermittent sources like solar and wind,
thereby enhancing grid reliability and facilitating the transition to cleaner
energy grids.
The development of advanced
battery management systems (BMS) and improvements in battery chemistry have
also enhanced the safety, efficiency, and lifespan of cylindrical lithium-ion
batteries, addressing previous concerns related to thermal runaway and degradation.
Moreover, advancements in manufacturing processes and economies of scale have
contributed to reducing production costs, thereby making cylindrical
lithium-ion batteries more accessible and affordable for a broader range of
applications. The expansion of charging infrastructure and rapid charging
technologies, particularly in the EV domain, further incentivizes adoption by
alleviating range anxiety and improving user convenience. Geographically, the
increasing industrialization and urbanization in emerging markets such as
China, India, and Southeast Asia fuel demand for these batteries, supported by
rising disposable incomes and evolving consumer preferences toward smart and
connected devices.
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Based on the Application, Automotive
segment held the largest Market share in 2024. The Cylindrical Lithium-Ion
Battery Market in the automotive segment is experiencing robust growth,
primarily driven by the accelerating global shift toward electric vehicles
(EVs) and the growing emphasis on reducing carbon emissions to combat climate
change. Governments worldwide are implementing stringent regulations and
offering attractive incentives to promote the adoption of EVs, which is
significantly boosting demand for efficient, high-performance battery
technologies like cylindrical lithium-ion batteries. These batteries are
favored in automotive applications due to their standardized size, excellent
energy density, superior thermal management, high durability, and
cost-effectiveness, making the
m ideal for powering electric
cars, buses, and two-wheelers. The expanding electric vehicle market, fueled by
rising consumer awareness, technological advancements, and increasing
investments by automakers, is catalyzing demand for advanced battery systems
that ensure longer driving ranges, faster charging times, and enhanced safety
features. Additionally, the integration of cylindrical lithium-ion batteries
into hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles
(PHEVs) further widens the market scope, addressing the transitional demand
between conventional internal combustion engines and fully electric
drivetrains. Automotive manufacturers are also focusing on optimizing battery
pack design and battery management systems to maximize performance and
lifespan, thereby increasing reliance on cylindrical cells due to their
modularity and ease of scalability.
Moreover, the decline in
lithium-ion battery costs, driven by economies of scale, advancements in
material science, and improvements in manufacturing processes, is making EVs
more affordable, indirectly propelling market growth. Supply chain developments,
such as securing raw materials like lithium, cobalt, and nickel, alongside
collaborations between battery manufacturers and automakers, are enhancing
production capacity and innovation in cylindrical lithium-ion batteries
tailored for automotive use. Furthermore, the rising demand for electric
commercial vehicles, including trucks and delivery vans, as part of the broader
trend toward sustainable logistics and last-mile delivery solutions, is
creating additional growth avenues for the cylindrical lithium-ion battery
market. In parallel, the expanding infrastructure for electric vehicle charging
and increasing deployment of smart grid technologies support the adoption of
battery electric vehicles, reinforcing the market dynamics.
Challenges such as battery
safety concerns, recycling complexities, and raw material price volatility are
being addressed through continuous research and development, pushing the
development of next-generation cylindrical lithium-ion batteries with improved
safety, energy density, and environmental footprint. Altogether, these factors
collectively drive the cylindrical lithium-ion battery market in the automotive
segment, positioning it as a critical enabler of the global transition toward
sustainable mobility and the broader electrification of transportation systems
worldwide.
Based on region, Asia Pacific
is the fastest-growing region in the Cylindrical Lithium-Ion Battery Market,
driven by rapid industrialization, urbanization, and rising demand for electric
vehicles (EVs) across key markets such as China, Japan, South Korea, and India.
The region benefits from strong government support through favorable policies,
subsidies, and investments in EV infrastructure and renewable energy projects.
Additionally, the presence of major battery manufacturers and automotive OEMs
in Asia Pacific accelerates innovation and production capacity. Growing
consumer awareness regarding environmental sustainability and increasing
adoption of electric two-wheelers and commercial vehicles further contribute to
the region’s robust market expansion and leadership position globally.
Major companies operating in
the Global Cylindrical Lithium-Ion Battery Market are:
- Panasonic Holdings
Corporation
- Samsung SDI Co., Ltd.
- LG Energy Solution, Ltd.
- Contemporary Amperex
Technology Co., Limited (CATL)
- Murata Manufacturing Co.,
Ltd.
- BAK Power Battery Co., Ltd.
- Tianjin Lishen Battery
Joint-Stock Co., Ltd.
- EVE Energy Co., Ltd.
- Hitachi Chemical Co., Ltd.
- BYD Company Limited
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“The Global Cylindrical
Lithium-Ion Battery Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The Cylindrical
Lithium-Ion Battery Market offers compelling growth opportunities driven by the
rapid expansion of the electric vehicle (EV) sector and increasing demand for
advanced energy storage solutions. Enhanced investments in renewable energy
integration and grid storage are intensifying the requirement for
high-performance, reliable battery systems. Technological advancements—such as
higher energy density, faster charging capabilities, and improved safety—are
enabling broader applications across electric buses, two-wheelers, and portable
electronic devices. Additionally, emerging markets benefit from supportive
government policies and growing environmental awareness, accelerating adoption.
Collaborative partnerships between battery manufacturers and automotive OEMs,
alongside innovations in recycling and sustainable materials, are expected to
further propel market growth. Therefore, the Market of Cylindrical Lithium-Ion
Battery is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management consulting
firm.
“Cylindrical
Lithium-Ion Battery Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, Segmented, By Type (LiCoO2 Battery, LiMn2O4 Battery, NMC &
NCA, Others), By Application (Automotive, Electronics, Others), By Region & Competition, 2020-2030F”,
has evaluated the future growth potential of Global Cylindrical Lithium-Ion
Battery Market and provides statistics & information on the Market size,
structure, and future Market growth. The report intends to provide cutting-edge
Market intelligence and help decision-makers make sound investment decisions.,
The report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the Global Cylindrical
Lithium-Ion Battery Market.
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