Press Release

Global Cylindrical Lithium-Ion Battery Market to Reach USD 325.38 billion in 2032, Aided by the Increasing Demand for Plug-In Vehicles

Global Cylindrical Lithium-Ion Battery Market

According to a new report by EMR titled, ‘Global Cylindrical Lithium-Ion Battery Market Report and Forecast 2024-2032’, the global market for cylindrical lithium-ion battery reached a value of about USD 67.08 billion in 2023. The market is further expected to grow at a CAGR of about 19.2% in the forecast period of 2024-2032 to reach a value of around USD 325.38 billion by 2032.

A cylindrical cell that is tightly wound inside a specially made metal shell houses the electrodes in cylindrical lithium batteries. Even under the most demanding operating conditions, its distinctive design contributes to lowering the risk of the electrode material within breaking apart. In comparison to other battery types, cylindrical lithium-ion batteries are safer, lighter, and more in line with automation requirements for production.


Due to their lower manufacturing costs compared to prismatic or laminate lithium-ion batteries, cylindrical lithium-ion batteries are more popular amongst the leading electric vehicle (EV) manufacturers like Tesla. The rapid increase of electric vehicles will likely propel the market for cylindrical lithium-ion batteries forward in the following years.


The global cylindrical lithium-ion battery market is predicted to benefit from the rapid growth in sales of plug-in hybrid electric vehicles (PHEVs) as a result of growing concerns about minimising carbon footprints. Power banks and charging systems are expected to see increased demand as the automobile industry shifts more and more toward electric vehicles (EVs).


Lithium-ion batteries are increasingly being used in consumer electronics and automotive applications due to their numerous benefits, including high power capacity, improved safety, and reduced emissions. Off-grid electrification is being planned in a number of countries in the Asia Pacific region, particularly in rural areas, and is anticipated to accelerate cylindrical lithium-ion battery market expansion in the area.


The major participants in the cylindrical lithium-ion battery industry are concentrating on commercial strategies like mergers and acquisitions and regional expansion. In order to outperform competitors, market participants are also concentrating on product creation and improvement.


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A joint development agreement for the commercialisation of next-generation lithium-ion batteries that utilise an anode material made of niobium titanium oxide (NTO) in the cylindrical lithium-ion battery market was signed in September 2021 by Toshiba Corporation, Sojitz Corporation, and CBMM. The three businesses plan to begin selling high energy density, quick charging batteries in FY2023, primarily for use in commercial electric cars.


To further develop this technology for practical use, CBMM has a contract with Volkswagen Caminhoes e Onibus*, a pioneer in the development and serial manufacture of electric trucks in Latin America. This initiative will be supported by Toshiba and Sojitz. As a pilot project, an NTO battery will be mounted on a new electric vehicle created by Volkswagen Caminhoes e Onibus, and parties will gather important vehicle operational data.


Market Analysis by Product Types, Capacities, Voltages, Industries, and Regions:

  • The major types in the cylindrical lithium-ion battery market are lithium nickel manganese cobalt (LI-NMC), lithium cobalt oxide (LCO), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium titanate oxide (LTO), and lithium nickel cobalt aluminium oxide (NCA).
  • Based on power capacity, the market is segmented into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh, and 60,000 mAh and above.
  • On the basis of voltage, the market is divided into low (below 12 V), medium (12 V – 36 V), and high (above 36V).
  • The several industries in the market are automotive, consumer electronics, aerospace, medical, marine, power, industrial, and telecommunication.
  • The regional markets for cylindrical lithium-ion battery include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.  


Key Findings of the Report:

  • The cylindrical lithium-ion battery market is expanding due to the increasing demand for equipment for battery-operated material-handling in various industries and the ongoing development of smart gadgets.
  • The global market growth is being accelerated by the expanding use of lithium-ion batteries in the field of renewable energy.
  • The market is being considerably impacted by the widespread use of portable devices including computers, gaming consoles, smartphones, flashlights, and digital cameras, along with high-speed internet connectivity.
  • It is also projected that rising government spending on product development across numerous areas will fuel industry expansion.


Key Offerings of the report:

  • The EMR report gives an overview of the global cylindrical lithium-ion battery market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for product types, power capacities, voltages, industries, and major regions of cylindrical lithium-ion battery. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the global cylindrical lithium-ion battery market are Panasonic Corporation, LG Energy Solution, Samsung SDI Co., Ltd., TianJin Lishen Battery Joint-Stock CO., LTD., Jiangsu Tenpower Lithium Co., Ltd., Shenzhen BAK Battery Co., Ltd., and EVE Energy Co., Ltd.
The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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