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According to the latest research report released by Markets and Markets, an international market research institute, the global cylindrical lithium-ion battery market will grow
at a compound annual growth rate of 18.
28% between 2019 and 2023.
According to the report, the report covers the market landscape and its growth prospects in the coming years, and also discusses the key vendors
operating in this market.
To calculate the market size, the report considers the revenue
generated by the use of cylindrical lithium-ion batteries 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 advancement 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 the use of cylindrical lithium-ion batteries.
According to the report, the shift to electric vehicles in the automotive industry and the growing popularity of electric vehicles will lead to an increase in the sales of cylindrical lithium-ion batteries, thereby driving the market growth
.
Moreover, the report states that one of the major factors hindering the growth of this market is competition
from other alternative batteries.
The market is facing stiff competition
from a variety of other battery chemistries based on the application.
For example, laptops can also use prismatic lithium-ion batteries and nickel-metal hydride battery chemistries
.
According to the latest research report released by Markets and Markets, an international market research institute, the global cylindrical lithium-ion battery market will grow
at a compound annual growth rate of 18.
28% between 2019 and 2023.
According to the report, the report covers the market landscape and its growth prospects in the coming years, and also discusses the key vendors
operating in this market.
To calculate the market size, the report considers the revenue
generated by the use of cylindrical lithium-ion batteries 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 advancement 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 the use of cylindrical lithium-ion batteries.
According to the report, the shift to electric vehicles in the automotive industry and the growing popularity of electric vehicles will lead to an increase in the sales of cylindrical lithium-ion batteries, thereby driving the market growth
.
Moreover, the report states that one of the major factors hindering the growth of this market is competition
from other alternative batteries.
The market is facing stiff competition
from a variety of other battery chemistries based on the application.
For example, laptops can also use prismatic lithium-ion batteries and nickel-metal hydride battery chemistries
.
