Global Cylindrical Lithium-Ion Battery Market 2019-2023
About Cylindrical Lithium-Ion Battery
Cylindrical lithium-ion battery offers good mechanical stability, ease of manufacturing, and do not deform as they withstand higher levels of internal pressure than other lithium- oil battery shapes.
Technavio’s analysts forecast the global cylindrical lithium-ion battery market to grow at a CAGR of 18.28% during the period 2019-2023.
Covered in this report
The report covers the present scenario and the growth prospects of the global cylindrical lithium-ion battery market for 2019-2023. To calculate the market size, the report considers the revenue generated from the use of cylindrical lithium-ion battery market in different applications
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cylindrical Lithium-Ion Battery Market 2019-2023
Technavio recognizes the following companies as the key players in the global cylindrical lithium-ion battery market: Johnson Controls, LG Chem, Murata Manufacturing, Panasonic, SAMSUNG SDI.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the revisions in lithium- ion battery Safety standards. Lithium-based chemistries have undergone several changes due to the ongoing advances and R&D in lithium batteries. Such revisions in battery safety standards are expected to reduce the risks involved in using cylindrical lithium-ion batteries.
According to the report, one of the major drivers for this market is the shift in the automotive industry to EVs/ The increasing adoption of EVs owning to sustainability factors will result in increased sales volumes of cylindrical lithium-ion batteries, thereby, driving the growth of the market.
Further, the report states that one of the major factors hindering the growth of this market is the competition from other substitutes batteries. The market is facing intense competition from various other battery chemistries based on applications. Laptops are also available with prismatic lithium- ion batteries and nickel metal hydride battery chemistries.
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