According to the latest research report released by the international market research institution Markets and Markets, from 2019 to 2023, the global cylindrical lithium ion battery market will grow at a compound annual growth rate of 18.28%.
According to reports, the report covers the market landscape and growth prospects for the next few years. It also discusses the major suppliers operating in this market. To calculate the market size, the report considers the revenue generated by the use of the cylindrical lithium-ion battery market in different applications.
According to the report, the latest trend in the market is the revision of lithium-ion battery safety standards. Due to the continuous progress and research and development of lithium batteries, lithium-based chemicals have undergone many changes. This revision of battery safety standards is expected to reduce the risks involved in using cylindrical lithium-ion batteries.
According to the report, the transition of the automotive industry to electric vehicles and the increasing popularity of electric vehicles will lead to an increase in sales of cylindrical lithium-ion batteries, thereby driving market growth.
In addition, the report states that one of the main factors hindering the growth of this market is competition from other alternative batteries. The market is facing fierce competition for various other battery chemicals based on applications. For example, laptops can also use prismatic lithium-ion and nickel-metal hydride battery chemicals.