The size of the global cylindrical lithium battery pack market was worth USD 65.69 billion in 2023. The global market is anticipated to grow at a CAGR of 19.32% from 2024 to 2032 and be worth USD 322.05 billion by 2032 from USD 78.38 billion in 2024.
The expansion of the cylindrical lithium battery pack market will be fuelled by increased vehicle manufacturing and taxi services. In addition, the market demand will be driven by rising automotive sales and the integration of linked gadgets. Lithium-ion cylindrical battery packs are rechargeable batteries with a high energy density. These are primarily used in small equipment. A lithium-particle battery, often known as a Li-particle battery (abbreviated as LIB), is a type of battery. Lithium-particle batteries are commonly used in multifunctional hardware and electric cars, and they are increasingly being used in military and aviation applications. In addition, metal jars hold round and hollow-type lithium-particle batteries. These batteries have a rapid rate of use and can maintain high limitations. These are the major factors responsible for the global cylindrical lithium battery pack market growth during the forecast period.
Cylindrical Lithium-ion battery packs are also used in the environmentally friendly energy sector for long-term energy storage. Round and hollow cells fit together like a violin, taking up more space than square and open cells. However, because of their cheaper cost, they are the most commonly used cell type. These are widely used in PC batteries and even electric vehicles. Hollow and round Lithium-ion cylindrical batteries have been used in various electrical devices. The layer of the positive cathode, a layer of the negative terminal, and two separator layers make up the batteries' electrochemical cell. These layers are moved to form a jellyroll to assemble the electrochemical cell into a battery instance. Clients can use electrical energy from the batteries with flow connectors, including a positive terminal lead, a positive terminal, a negative terminal lead, and a negative terminal. In addition, a case, protection plates, a gasket, a positive component, an enemy of the touchy valve, and a fumes gas opening are all included in the structure of the round and hollow cell to ensure that the batteries are used safely.
The widespread expansion of power banks is driving the market. In addition, the increasing demand for electric vehicles is expected to help grow the round and hollow cylindrical lithium battery pack market. Because of the rising use of cell phones, widespread utilization of Internet administrations through numerous applications, and the growing trend toward fourth-age (4G) cell innovation, there has been a significant increase in the reception of intensity banks worldwide. Likewise, the demand for power in a hurry to charge cell phones and emerging tendencies for more people to have access to outstanding computerized material ensure the reception of power banks. To store energy, most force banks use batteries, such as spherical and hollow lithium-particle batteries. They charge with a smaller-than-average or miniature USB and release with full-sized USB attachments. As a result, market growth will be driven by the expansion sought after by power banks over the forecast period.
These are expensive, have poor mechanical load-bearing capacity, accessible to damage and leakage. Lithium battery packs can last only up to two to three years after manufacturing. Moreover, in case if the battery is discharged completely, it cannot be recharged again. Compared to nickel-cadmium cells, lithium batteries are more expensive to manufacture. On the other hand, the extraction of lithium spoils the soil and also causes air contamination. These are the significant factors that slow down the global cylindrical lithium battery pack market growth during the forecast period.
COVID-19 has spread to many countries across the globe and has attacked a massive amount of people worldwide. Many countries decided to impose a complete lockdown for more than two months due to the pandemic, which hampered electric vehicles and battery components. On the other hand, most automakers resumed vehicle production with limited capacity and the appropriate safeguards in place. Although the emergence of COVID-19 halted global production and sales of new automobiles, the impact on electric vehicles was good. The average number of electric vehicles sold in 2020 was higher than the total number sold in 2019.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
19.32% |
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Segments Covered |
By Car Type, Component, End User, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Pioneer Corporation, Mitsubishi Electric, Alpine Electronics, TomTom, Robert Bosch, Denso Corporation, Continental AG, JVCKENWOOD Corporation, Panasonic Corporation, Sony Corporation, and Others. |
Passenger cars have the most significant global electric vehicle market share based on car type due to the increasing government initiatives to encourage electric vehicles to prevent air pollution. Moreover, the demand for commercial cars is also increasing since this helps reduce greenhouse gas emissions. Therefore, such efforts would spur the adoption of electric vehicles and electric vehicle battery sales over the predicted period.
The software segment tends to hold the most extensive global cylindrical lithium battery pack market. Software is the program used to accomplish the input, store and control data activities, and process the output. It is necessary for every function since it can be used for fixing needs.
Based on end-users, aftermarket dominates the global cylindrical lithium battery pack market since customers can purchase products or services and can replace the damaged parts with new ones.
Europe is anticipated to hold the maximum share of the global cylindrical lithium battery pack market due to Germany's increasing growth.
Asia Pacific is anticipated to grow with the highest CAGR in the global cylindrical lithium battery pack market due to the increasing preference for electric vehicles, reduced labor costs, and low maintenance costs in China and India.
The increasing expansion of sales of electric automobiles in the U.S. led the North American region to hold the significant global cylindrical lithium battery pack market share.
Companies playing a prominent role in the global cylindrical lithium battery pack market include Pioneer Corporation, Mitsubishi Electric, Alpine Electronics, TomTom, Robert Bosch, Denso Corporation, Continental AG, JVCKENWOOD Corporation, Panasonic Corporation, Sony Corporation, and Others.
RECENT HAPPENINGS IN THE GLOBAL CYLINDRICAL LITHIUM BATTERY PACK MARKET
By Car Type
By Component
By End-User
By Region
Frequently Asked Questions
The Global Cylindrical Lithium Battery Pack Market is expected to grow with a CAGR of 19.32% between 2024 and 2032.
The Global Cylindrical Lithium Battery Pack Market size is expected to reach a revised size of USD 322.05 billion by 2032.
Mitsubishi Electric, Alpine Electronics, and TomTom are the three Cylindrical Lithium Battery Pack Market key players.
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