(MENAFN- PR Newswire)
NEW YORK, July 4, 2024 /PRNewswire/ -- The global
21700 lithium-ion battery market size is estimated to grow by USD 6.54
billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 21.22% during the forecast period. Improved capacity and performance of lithium-ion battery
is driving market growth,
with a trend towards
rise in battery recycling initiatives. However,
restrictions on transporting lithium-ion batteries by air poses a challenge. Key market players include AA Portable Power Corp., EVE Energy Co. Ltd., Far East Holding Group Co. Ltd., GODI India Pvt. Ltd., Guangdong CVATOP New Energy Technology Co. Ltd., Guangzhou Great Power Energy and Technology Co. Ltd., Jiangsu Tianpeng Power Supply Co. Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzen ACE Battery Co. Ltd., Shenzen Fest Technology Co. Ltd., Shenzhen A and S Power Technology Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Shenzhen XTAR Electronics Co. Ltd., Sony Group Corp., Taiwan Cement Corp, Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd..
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Technavio has announced its latest market research report titled Global 21700 lithium-ion battery market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Application (Automotive, Consumer electronics, and Others), Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) |
| Region Covered |
APAC, Europe, North America, South America, and Middle East and Africa |
| Key companies profiled |
AA Portable Power Corp., EVE Energy Co. Ltd., Far East Holding Group Co. Ltd., GODI India Pvt. Ltd., Guangdong CVATOP New Energy Technology Co. Ltd., Guangzhou Great Power Energy and Technology Co. Ltd., Jiangsu Tianpeng Power Supply Co. Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzen ACE Battery Co. Ltd., Shenzen Fest Technology Co. Ltd., Shenzhen A and S Power Technology Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Shenzhen XTAR Electronics Co. Ltd., Sony Group Corp., Taiwan Cement Corp, Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd. |
Key Market Trends Fueling Growth
The global 21700 lithium-ion battery market is experiencing significant growth due to the increasing use of batteries in various applications, including electronic devices, electric vehicles, and material-handling equipment. As the number of batteries reaching their end-of-life increases, the need for effective recycling solutions becomes crucial. Recycling initiatives have gained momentum, leading to the development of new cost-effective processes to recover critical battery materials. The US Department of Energy (DOE) has established the ReCell Lithium Battery Recycling R&D Center, focusing on economically viable and environmentally friendly recycling methods. Direct recycling, a promising approach, involves recovering cathode materials as reusable mixtures, minimizing waste and reducing recycling costs. However, this technique requires specialized processes for different cathodes and depends on battery health. Additionally, second-use applications can extend the life of spent batteries, further boosting market growth. In summary, recycling initiatives and innovative recycling processes are key drivers for the growth of the 21700 lithium-ion battery market.
The 21700-sized lithium-ion battery market is booming, with applications ranging from portable electronics to electric vehicles and energy storage systems. These batteries come in cylindrical format and offer higher energy density, making them ideal for various industries. Manufacturers are exploring novel electrode materials and manufacturing techniques to enhance battery technology's performance. Quality standards and safety laws are crucial for electric cars, solar energy, wind turbines, data centers, telephone networks, and other applications. The market is expected to reach 750 GWh by 2027, with 100 GWh from electric vehicles, 295 GWh from energy storage, and 957GWh from portable devices. High-performance batteries power electric cars, backup power systems, and grid-scale energy storage. Traditional lithium-ion batteries like LiCoO2 and LiFePO4 are being replaced by these advanced batteries. Safety issues are a concern, but manufacturers prioritize energy efficiency and sustainability. The market caters to various sectors, including New energy vehicles, power tools, medical devices, and portable devices, with capacities ranging from 3004000 mAh to 3004800 mAh.
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Market
Challenges
Lithium-ion batteries, which use lithium as the anode due to its high electrochemical potential, are commonly used in devices such as laptops, tablets, and smartphones. However, the same property that makes lithium suitable for producing high-capacity batteries also makes it highly reactive, increasing the risk of thermal runaway and potential explosions. The International Air Transportation Association (IATA) has enforced regulations restricting the shipment of lithium-ion batteries by air due to safety concerns. These regulations limit package weight to 2.5 kg and require batteries to be labeled as Class 9 hazardous materials. Manufacturers must also comply with transportation regulations for international and domestic shipments by air, sea, and land. Strict testing requirements and packaging regulations further complicate the shipping process. These regulations pose a significant challenge to the 21700 lithium-ion battery market, increasing costs and complexities for manufacturers and suppliers.
The 21700 Lithium-Ion Battery market faces challenges in various sectors such as backup power systems and grid-scale energy storage, requiring extended cycle life and high-performance batteries. Solar energy and wind turbines rely on these batteries for efficient energy management. Data centers, telephone networks, and security systems also depend on energy storage solutions for uninterrupted power supply. In the transportation sector, New energy vehicles and vehicle power batteries are driving demand for 21700 Lithium-Ion Batteries. The market size is projected to reach 750 GWh by 2027, with sub-segments like Energy storage battery, Vehicle power battery, and Power tools. Safety issues are a concern, with energy density being a critical factor. Traditional Lithium-ion batteries like LiCoO2 and LiFePO4 are being replaced by smart technologies like IoT and AI in manufacturing processes. Portable devices like power banks, laptop battery packs, flashlights, and cordless power tools also utilize these batteries. The market includes 3004000 mAh to 3004800 mAh batteries for various applications. Automotive companies are investing heavily in this sector to meet the growing demand for electric vehicles.
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Segment Overview
This 21700 lithium-ion battery market report extensively covers market segmentation by
Application
1.1 Automotive
1.2 Consumer electronics
1.3 Others
Type
2.1 Lithium nickel manganese cobalt
2.2 Lithium titanate
2.3 Lithium iron phosphate
2.4 Lithium cobalt oxide
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Automotive- The 21700 lithium-ion battery market, particularly in the automotive segment, is poised for significant growth due to the increasing adoption of electric vehicles (EVs) and e-bikes. The advantages of lithium-ion batteries over other chemistries, such as higher energy density, superior performance, and longer cycle life, make them a preferred choice for these applications. In the automotive sector, the shift towards EVs is driven by government initiatives to reduce environmental pollution and promote clean energy. Countries like the UK, France, Belgium, Norway, and the Netherlands offer subsidies and incentives to boost EV adoption, with some even planning to ban the sale of diesel vehicles by 2040. Furthermore, advancements in 21700 lithium-ion battery technology and the decline in prices have led to their increased use in the e-bike segment, which demands longer running times and faster charging rates. As a result, the 21700 lithium-ion battery market will experience substantial growth during the forecast period due to the expanding EV and e-bike industries.
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Research Analysis
The 21700-sized lithium-ion batteries, with their 18650 cell counterparts, have gained significant attention due to their cylindrical format and energy storage capabilities. These batteries are essential for various applications, including energy storage systems, portable electronics, electric vehicles, and novel electrode materials. The global market for 21700-sized lithium-ion batteries is projected to grow exponentially, with estimates suggesting a potential capacity of 750 GWh by 2030. This growth is driven by the increasing demand for high-performance batteries in New Energy Vehicles and Energy storage solutions. The battery technology continues to evolve, with manufacturing techniques improving efficiency and reducing costs. Applications span from Vehicle power batteries and Energy storage batteries to power tools, portable devices such as laptops and tablets, and LiCoO2 Battery. Energy density remains a key focus area for innovation, with traditional lithium-ion batteries making way for advanced technologies to meet the growing demand for longer runtimes and higher power output.
Market Research Overview
The 21700-sized lithium-ion batteries, also known as 18650 cells in cylindrical format, have gained significant attention in various industries due to their energy storage capabilities. These batteries are used in a wide range of applications, from portable electronics to electric vehicles and energy storage systems. The battery technology continues to evolve with the exploration of novel electrode materials and manufacturing techniques. Energy efficiency and sustainability are key drivers of the market, with higher energy density being a major focus. The market for 21700-sized lithium-ion batteries is projected to grow significantly, with estimates suggesting a potential capacity of 750 GWh by 2027, up from 100 GWh in 2020. Applications include electric cars, backup power systems, grid-scale energy storage, and renewable energy sources such as solar energy and wind turbines. The batteries are also used in data centers, telephone networks, and security systems. Safety laws and quality standards are crucial considerations in the market, with a focus on extended cycle life, energy density, and safety issues. The market for high-performance batteries is expected to grow, with applications in New Energy Vehicles, power tools, medical devices, and portable devices such as laptops, tablets, and power banks. Manufacturing processes are being optimized through smart technologies, IoT, and AI to improve efficiency and reduce costs. Traditional lithium-ion batteries, such as LiCoO2 and LiFePO4, continue to dominate the market, but new advancements in battery technology are expected to disrupt the market in the coming years. The market for 21700-sized lithium-ion batteries is expected to reach 295 GWh by 2025 and 957GWh by 2030. The batteries have a capacity of 3004000 mAh to 3004800 mAh, making them ideal for various applications where high energy density and long-lasting power are required.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Automotive
Consumer Electronics
Others
Type
Lithium Nickel Manganese Cobalt
Lithium Titanate
Lithium Iron Phosphate
Lithium Cobalt Oxide
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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