Cylindrical Lithium-Ion Battery Market Size Analysis - Market Share, Forecast Trends and Outlook Report (2025-2034)

The global market for cylindrical lithium-ion battery reached a value of D 67.08 Billion in 2024. The market is further expected to grow at a CAGR of about 19.20% in the forecast period of 2025-2034 to reach a value of around USD 388.47 Billion by 2034, owing to the rapid growth in the sale of plug-in hybrid electric vehicles (PHEVs).

North America and Asia Pacific to be Among the Significant Regional Markets for Cylindrical Lithium-Ion Battery

North America is expected to be one of the significant regional markets for cylindrical lithium-ion batteries due to the availability of advanced technology for efficiently deploying different energy storage systems. The increasing investment by the government for the development of the products in the region is further anticipated to propel market growth.

The Asia Pacific region is anticipated to witness robust growth due to a rapid rise in portable electronics demand and the rising concerns about effectively curbing carbon discharges from the region. China, South Korea, and Japan are the key markets for the cylindrical lithium-ion battery market in Asia Pacific. Continuous developments in the consumer electronics and automotive verticals have increased the application of lithium-ion batteries as they offer various advantages, such as high-power capacity, increased safety, and reduced pollution. Several countries in the Asia Pacific region are planning off-grid electrification, especially in remote areas, which is expected to accelerate the market growth in the region.

Automotive Segment Expected to Lead the Market Growth

During the forecast period, the automotive segment is expected to hold the largest share in the cylindrical lithium-ion battery market. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of cylindrical lithium-ion batteries. Increasing adoption and awareness of electric vehicles propels the growth of the market. Favourable government policies and rising measures to curb greenhouse gas emissions are also expected to augment the segment growth.

Market Segmentations

Cylindrical lithium batteries have electrodes enclosed in a cylindrical cell that is tightly wound within a specifically constructed metal casing. This distinct design helps to reduce the likelihood of the electrode material within breaking apart, even under the most rigorous use conditions.

The different types of cylindrical lithium-ion batteries are:

• Lithium Nickel Manganese Cobalt (LI-NMC)
• Lithium Iron Phosphate (LFP)
• Lithium Cobalt Oxide (LCO)
• Lithium Titanate Oxide (LTO)
• Lithium Manganese Oxide (LMO)
• Lithium Nickel Cobalt Aluminium Oxide (NCA)

On the basis of capacity, the market is divided into:

• 0-3,000 mAh
• 3,000-10,000 mAh
• 10,000-60,000 mAh
• 60,000 mAh and Above

Based on voltage, the market is segmented into:

• Low (Below 12V)
• Medium (12V - 36V)
• High (Above 36V)

The several industries in the cylindrical lithium-ion battery market are as follows:

• Consumer Electronics
• Automotive
• Aerospace
• Marine
• Medical
• Industrial
• Power
• Telecommunication

The regional markets for the cylindrical lithium-ion battery can be divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Increasing Demand for Plug-In Vehicles Propelling the Market Growth

Rapid growth in the sale of plug-in hybrid electric vehicles (PHEVs) due to rising concerns about keeping a check on carbon footprint is anticipated to impact the global cylindrical lithium-ion battery market positively. The growing shift in the automotive industry to EVs and an increase in demand for power banks and charging systems are anticipated to propel the marke4t growth. Also, the rise in demand for consumer electronics across the globe is one of the major factors augmenting the growth of the global market. The penetration of portable variants, such as laptops, gaming consoles, smartphones, torches, and digital cameras, along with high-speed internet connectivity, is significantly impacting the market. In addition, the growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in the renewable energy sector is also accelerating the global market growth.

Key Players in the Global Market for Cylindrical Lithium-Ion Battery

The report gives a detailed analysis of the following key players in the global cylindrical lithium-ion battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Panasonic Corporation
• LG Energy Solution
• Samsung SDI Co., Ltd.
• TianJin Lishen Battery Joint-Stock CO.,LTD.
• Jiangsu Tenpower Lithium Co., Ltd.
• Shenzhen BAK Battery Co., Ltd.
• EVE Energy Co., Ltd.
• Others

The comprehensive report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.