Cylindrical Lithium Battery Pack Market

Cylindrical Lithium Battery Pack Market Size (2022-2027):

The Global Cylindrical Lithium Battery Pack Market size is projected to grow from USD 5.84 billion in 2021 to reach the valuation of USD 7.1 billion by 2027, growing with a CAGR of 4.5% during the forecast period 2022-2027.

Market Scenario:

The expansion of the Cylindrical Lithium Battery Pack Market will be fueled 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.

Market Drivers:

The increasing automotive sales and integration of linked gadgets and rising vehicle manufacturing and taxi services are the essential factors that boost the global cylindrical lithium battery pack market revenue in the upcoming years. 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 and take 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 a variety of 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 up 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.

Market Restraints:

A cylindrical lithium battery pack may have some main drawbacks. 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.

CYLINDRICAL LITHIUM BATTERY PACK MARKETREPORT COVERAGE:

Market Segmentation:

Cylindrical Lithium Battery Pack Market - By Car Type:

• Passenger car
• Commercial car

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.

Cylindrical Lithium Battery Pack Market - By Component:

• Hardware
• Software

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 the needs.

Cylindrical Lithium Battery Pack Market - By End-User:

• OEM
• Aftermarket

Based on end-user, 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.

Regional Analysis: 

The Global Cylindrical Lithium Battery Pack Market Report includes the segmentation of Regions:

• 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 sales of electric automobiles in the U.S led the North American region to hold the significant global cylindrical lithium battery pack market share.

• Latin America

• Middle East and Africa

Impact of COVID-19 on Cylindrical Lithium Battery Pack Market:

The 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.

Market Key Players:

The companies covered in the report include:

1. Pioneer Corporation
2. Mitsubishi Electric
3. Alpine Electronics
4. TomTom
5. Robert Bosch
6. Denso Corporation
7. Continental AG
8. JVCKENWOOD Corporation
9. Panasonic Corporation
10. Sony Corporation

Recent Developments:

• Pioneer Corporation launched a new battery that is cheaper than lithium-ion batteries. Lithium-ion batteries are ubiquitous in the world of technology, powering everything from smartphones to smart cars. However, one of the guys who helped commercialize them claims to have figured out how to lower mass production costs by 90% while also improving safety.
• Mitsubishi Electric shake hands with GS Yuasa to develop a new company to produce lithium-ion batteries. The main is to manufacture high-performance and large-capacity lithium-ion batteries that can be utilized in electric vehicles.
• Lumax Group combined with Alpine to introduce the premium range of Alpine car audio infotainment systems for India. It further added that Alpine had become the primary company to provide a wide range of car audio infotainment.