Top 7 Companies Bolstering the Global Cylindrical Lithium-Ion Battery Market

As per the analysis by Expert Market Research, the global cylindrical lithium-ion battery market reached a value of about USD 47.21 billion in 2021. The market is further expected to grow at a CAGR of about 19.2% in the forecast period of 2022-2027 to reach a value of around USD 135.21 billion by 2027, owing to the increasing demand for plug-in vehicles.

The electrodes of cylindrical lithium batteries are encased in a tightly coiled cylindrical cell that is housed inside a specially designed metal casing. In comparison to other battery kinds, 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 therefore more popular among the leading electric vehicle (EV) manufacturers like Tesla. The rapid increase of the electric vehicles will likely propel the market forward in the following years.

The global cylindrical lithium-ion battery market is predicted to benefit from the rapid growth in the sales of plug-in hybrid electric vehicles (PHEVs) as a result of growing concerns about keeping a check on carbon footprint. One of the key factors boosting the growth of the global market is the increase in demand for consumer electronics across the globe. The market is being considerably impacted by the widespread use of portable devices including computers, gaming consoles, smartphones, flashlights, and digital cameras as well as high-speed internet connectivity. Additionally, the continuous development of smart gadgets, the increasing acceptance of lithium-ion batteries in the renewable energy sector, and the expanding requirement for battery-operated material-handling equipment in industries due to automation are all boosting the global market expansion.

The automotive industry is anticipated to hold the largest market share for cylindrical lithium-ion battery market during the forecast period. Cylindrical lithium-ion batteries are mostly used in battery-powered vehicles including electric cars, e-bikes, and automatically guided vehicles. Electric vehicle usage and awareness are rising, which is driving the market's expansion. Government initiatives and expansion of efforts to reduce greenhouse gas emissions are also anticipated to boost the segment growth.

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Top 7 Global Cylindrical Lithium-Ion Battery Companies:

LG Energy Solutions

LG Energy Solutions is leader in the sector for environmentally friendly energy, producing next-generation batteries and premium materials. A chemical-based battery supplier, it leads in the production of lithium-ion batteries due to its advanced technologies for superior materials. At a global level, LG Energy Solutions is a key player for the battery and energy storage system industries.

Panasonic Corporation

Panasonic Corporation is a Japan based company engaged in the development, production, and marketing of electronic products, electrical devices, heating and air conditioning systems, and food distribution. They use specialised technologies for lighter and thinner batteries for applications in gadgets like laptop computers and mobile phones. In addition, Panasonic produces batteries for solar-powered electricity storage systems, electric vehicles (EV), and mobile phone backup base stations, among other industrial applications.

Samsung SDI Co., Ltd.

Founded in 1970, Samsung SDI has been working toward an inventive and creative future, establishing Lithium Ion Battery (LIB) technology development as its area of expertise. The company also creates cathode ray tubes (CRTs) for computer and television monitors, along with rechargeable batteries and liquid crystal display (LCD) parts. Samsung SDI products are utilised for solar panels, PDAs, energy storage systems, and mobile devices.

EVE Energy Co., Ltd.

A technologically advanced business, EVE has a focus on lithium battery development, and its key end-users include the Internet of Things, electric vehicles, and energy storage systems. EVE creates, produces, and sells battery-related goods, with its bestseller comprising of lithium-ion batteries, lithium primary batteries, and electronic cigarettes.

Tianjin Lishen Battery Joint-Stock Co., Ltd.

Tianjin Lishen Battery Joint-Stock Co., Ltd. (Lishen Battery) is a high-tech corporation that is operated by a state-owned organisation as well as individual owners. The business manufactures and markets lithium-ion batteries, prismatic batteries, cylindrical batteries, and other products.

Jiangsu Tenpower Lithium Co., Ltd.

Tenpower, a pioneer in the development and production of cylindrical lithium-ion battery cells, was established in 2006. To ensure the uniformity and safety of its products, the company has made significant investments in basic material research and electrochemical technologies. These investments are supplemented by its cutting-edge machinery and stringent quality control procedures.

Shenzhen BAK Battery Co., Ltd.

The cylindrical, prismatic, and polymer batteries, battery packaging, and battery solutions offered by BAK Power are primarily employed for new energy vehicles, consumer goods, and backup energy storage systems. The business specialises in power battery applications throughout the entire range of automobile models. It provides reliable power for new energy cars to more than ten of the world's top manufacturers.

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