Global 21700 Lithium-ion battery market 2019-2023, expanding EV charging infrastructure investment

According to Technavio's latest market research report, the global 21700 lithium-ion battery market is expected to post a CAGR of over 19% over the period 2019-2023. The decline in the cost of the Lithium-ion battery is the result of economies of scale resulting from the automotive industry's increased adoption of battery technology as well as the vendors development of cost-effective production methods. In addition, continuing research and development on lithium-ion batteries has also led in improved vehicle efficiency. Lithium-ion battery prices are expected to continue to decline in the coming years as production capacity continues to rise due to strong demand from EVs. In addition, the 21700 Lithium-ion batteries usually cost about 10%-20% less than other EV lithium-ion batteries. Such cost reductions, coupled with government support for EVs, will drive growth in the forecast period of the global market for 21700 lithium-ion batteries. The growing investment in EV charging infrastructure, according to Technavio, will have a positive impact on the market and significantly contribute to its growth over the forecast period.

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