LONDON--(BUSINESS WIRE)--The global 21700 lithium-ion battery market is expected to post a CAGR of over 19% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The decline in the cost of Lithium-ion battery is the result of economies of scale resulting from the increased adoption of battery technology by the automotive industry as well as the development of cost-effective production methods by vendors.
Moreover, the ongoing R&D on lithium-ion batteries has also resulted in better performance in vehicles. The price of lithium-ion batteries is expected to decrease further in the coming years as the production capacity continues to increase owing to the strong demand from EVs. Moreover, the 21700 Lithium-ion batteries generally cost around 10%-20% lesser than other lithium-ion batteries for EVs. Such cost reductions, coupled with government support for EVs, will drive the growth of the global 21700 lithium-ion battery market during the forecast period.
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As per Technavio, the growing investment in EV charging infrastructure, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global 21700 Lithium-ion Battery Market: Growing Investment in EV Charging Infrastructure
The lack of public charging facilities for EVs has been one of the major concerns for potential buyers of EVs. However, several initiatives and developments have been made globally to boost the adoption of these environment-friendly vehicles. Additionally, factors such as targets for setting up charging stations, enactments on regulations, provision of financial aid, and the mobilization of funding for installation are key reasons for the development of supporting infrastructure for EVs. Furthermore, both the public and private sector are making significant investments to increase the penetration of EV charging stations to boost the adoption of EVs. For instance, in September 2018, Charge Point Inc., a leading global EV charging network, committed to installing 2.6 million EV charging spots by 2026. Most of these charging spots will be located in North America and Europe while a small percentage will be installed in New Zealand and Australia. Therefore, such initiatives by key members in the EV value chain are expected to boost the sale of EVs and subsequently contribute to the demand of 21700 Lithium-ion Battery Market.
“Apart from the growing investments in EV charging infrastructure, the advent of EV charging with vehicle-to-grid technology and the revision in safety standards of lithium-ion batteries are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global 21700 Lithium-ion Battery Market: Segmentation Analysis
This market research report segments the global 21700 lithium-ion battery market by application (automotive and others) and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market in 2018, followed by the Americas and EMEA, respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth. This is because the region is emerging as a major manufacturing hub of lithium-ion batteries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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