LONDON--(BUSINESS WIRE)--Technavio’s global cylindrical lithium-ion battery market research report forecasts the market to grow at a CAGR of over 18% during the forecast period.
Advancements in cylindrical lithium-ion battery capacity will be one of the major trends in the global cylindrical lithium-ion battery market during 2019-2023. Many new cylindrical lithium-ion batteries such as 20700, 21700, and 22700 have been introduced in the market. The 20700 and 21700 cylindrical lithium-ion batteries are being highly adopted in battery packs as they can provide the required output with only a few numbers of cells, thereby relieving the pressure of manufacturing extra cells in the battery pack.
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According to Technavio’s analysts, one of the key drivers for the global cylindrical lithium-ion battery market is the increase in demand for power banks:
Global cylindrical lithium-ion battery market: Increase in demand for power banks
There is a substantial increase in the adoption of power banks across the globe owing to several factors such as the rising penetration of smartphones. Some of the other factors contributing to the increasing adoption of power banks are the extensive use of Internet services through different applications and the shift to fourth-generation (4G) cellular technology.
According to a senior research analyst at Technavio, “There is a rapid growth in the demand for power banks due to the need for power-on-the-go to charge mobile devices and the growing trend of more people accessing high-quality digital content. The global power banks market is anticipated to grow at a CAGR of over 22% during 2016-2022. Most of the power banks use batteries to store energy. They have a mini or micro USB for charging and full-sized USB sockets for discharging.”
Global cylindrical lithium-ion battery market: Segmentation analysis
This global cylindrical lithium-ion battery market analysis report provides market segmentation by application (automotive, industrial, and others) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the automotive segment held the largest cylindrical lithium-ion battery market share in 2018, contributing to nearly 53% of the market. This application segment will dominate the global market throughout the forecast period.
The APAC region held the largest share of the market in 2018, accounting for more than 53% share. It was followed by the Americas and EMEA respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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