According to a report released by international market research institutions, the global market of 21,700 lithium-ion batteries will grow by 2.63 billion US dollars in 2019-2023.
As the automotive industry increasingly uses battery technology and suppliers develop cost-effective production methods, the cost of lithium-ion batteries has decreased significantly over the past decade, reducing the total cost of ownership for electric vehicles. Products offered by lithium-ion battery manufacturers are becoming more competitive than alternative technologies such as lead-acid batteries and nickel-metal hydride batteries.
The growing global demand for electric vehicles is expected to further reduce the price of lithium-ion batteries in the coming years. The cost of a 21700 lithium-ion battery is usually lower than other lithium-ion batteries used in electric vehicles. Lower costs, better policies, and increased demand for lithium-ion batteries are expected to boost growth in the market over the forecast period.
The growing investment in electric vehicle charging infrastructure is the main driver of 21,700 lithium-ion growth worldwide. At present, the main constraint to the popularity of electric vehicles is the lack of public charging facilities. However, both the public and private sectors are investing heavily to increase the number of electric vehicle charging stations to support the popularity of electric vehicles. For example, in 2018, the global electric vehicle charging network, ChargePoint, announced plans to install 2.5 million electric vehicle charging points in North America, Europe, New Zealand and Australia by 2025. These projects will have a positive impact on the demand for lithium-ion batteries.
Based on these factors, the global 21700 lithium-ion battery market will achieve a compound annual growth rate of over 19% during the forecast period.
From the supplier's point of view, LG Chem, Panasonic, Samsung SDI, Shenzhen BAK Power Battery, Far East Battery, Tianjin Lishen Battery, etc. will become the main 21700 lithium-ion battery suppliers. In 2018, Far East Battery, a subsidiary of Far East Smart Energy, officially put into operation a 3GWh high-nickel 21700-power lithium battery project, becoming one of the few companies on the market that can mass-produce this type of battery. The company introduced two intelligent and green production lines of Nissan's 430,000 GWh21700 power battery, mainly in Japan and South Korea. The 21700 battery capacity of mass production reached 5.0Ah, which is more than 45% larger than 18650; the energy density of battery cells is more than 260Wh. /Kg, nearly 20% higher than 18650; system energy density can reach 180Wh/Kg, battery system weight drops by more than 10%.
From the application market point of view, 21700 lithium-ion battery is mainly used in the automotive market. This trend is expected to continue during the forecast period. Technological advances and falling prices of lithium-ion batteries have increased the use of 21,700 lithium-ion batteries in electric bicycles.
From the perspective of regional markets, the Asia Pacific region will set a target for the 21,700 lithium-ion battery market throughout the forecast period. These factors will contribute to the growth of the 21700 lithium-ion battery market in the Asia Pacific region.
Through a comprehensive study of the company's growth opportunities, it has been determined that the Asia Pacific region will account for 21,700 lithium-ion battery market share during the entire forecast period. Governments such as China, Japan, India and South Korea are working hard to shift their focus from fossil fuel vehicles to electric vehicles. These countries have also set goals and adopted several reforms to encourage the adoption of electric vehicles. These factors will contribute to the growth of the 21700 lithium-ion battery market in the Asia Pacific region.