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21700 Lithium-Ion Battery Market size is set to grow by USD 6.54 billion from 2024-2028, Improved capacity and performance of lithium-ion battery to boost the market growth, Technavio



NEW YORK, July 4, 2024 /PRNewswire/ — The global 21700 lithium-ion battery market size is estimated to grow by USD 6.54 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 21.22% during the forecast period. Improved capacity and performance of lithium-ion battery is driving market growth, with a trend towards rise in battery recycling initiatives. However, restrictions on transporting lithium-ion batteries by air poses a challenge. Key market players include AA Portable Power Corp., EVE Energy Co. Ltd., Far East Holding Group Co. Ltd., GODI India Pvt. Ltd., Guangdong CVATOP New Energy Technology Co. Ltd., Guangzhou Great Power Energy and Technology Co. Ltd., Jiangsu Tianpeng Power Supply Co. Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzen ACE Battery Co. Ltd., Shenzen Fest Technology Co. Ltd., Shenzhen A and S Power Technology Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Shenzhen XTAR Electronics Co. Ltd., Sony Group Corp., Taiwan Cement Corp, Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd..

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Forecast period


Base Year


Historic Data

2018 – 2022

Segment Covered

Application (Automotive, Consumer electronics, and Others), Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

AA Portable Power Corp., EVE Energy Co. Ltd., Far East Holding Group Co. Ltd., GODI India Pvt. Ltd., Guangdong CVATOP New Energy Technology Co. Ltd., Guangzhou Great Power Energy and Technology Co. Ltd., Jiangsu Tianpeng Power Supply Co. Ltd., LG Chem Ltd., Murata Manufacturing Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzen ACE Battery Co. Ltd., Shenzen Fest Technology Co. Ltd., Shenzhen A and S Power Technology Co. Ltd., Shenzhen BAK Power Battery Co. Ltd., Shenzhen XTAR Electronics Co. Ltd., Sony Group Corp., Taiwan Cement Corp, Tesla Inc., and TianJin Lishen Battery Joint Stock Co. Ltd.

Key Market Trends Fueling Growth

The global 21700 lithium-ion battery market is experiencing significant growth due to the increasing use of batteries in various applications, including electronic devices, electric vehicles, and material-handling equipment. As the number of batteries reaching their end-of-life increases, the need for effective recycling solutions becomes crucial. Recycling initiatives have gained momentum, leading to the development of new cost-effective processes to recover critical battery materials. The US Department of Energy (DOE) has established the ReCell Lithium Battery Recycling R&D Center, focusing on economically viable and environmentally friendly recycling methods. Direct recycling, a promising approach, involves recovering cathode materials as reusable mixtures, minimizing waste and reducing recycling costs. However, this technique requires specialized processes for different cathodes and depends on battery health. Additionally, second-use applications can extend the life of spent batteries, further boosting market growth. In summary, recycling initiatives and innovative recycling processes are key drivers for the growth of the 21700 lithium-ion battery market. 

The 21700-sized lithium-ion battery market is booming, with applications ranging from portable electronics to electric vehicles and energy storage systems. These batteries come in cylindrical format and offer higher energy density, making them ideal for various industries. Manufacturers are exploring novel electrode materials and manufacturing techniques to enhance battery technology’s performance. Quality standards and safety laws are crucial for electric cars, solar energy, wind turbines, data centers, telephone networks, and other applications. The market is expected to reach 750 GWh by 2027, with 100 GWh from electric vehicles, 295 GWh from energy storage, and 957GWh from portable devices. High-performance batteries power electric cars, backup power systems, and grid-scale energy storage. Traditional lithium-ion batteries like LiCoO2 and LiFePO4 are being replaced by these advanced batteries. Safety issues are a concern, but manufacturers prioritize energy efficiency and sustainability. The market caters to various sectors, including New energy vehicles, power tools, medical devices, and portable devices, with capacities ranging from 3004000 mAh to 3004800 mAh. 

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Market Challenges

Lithium-ion batteries, which use lithium as the anode due to its high electrochemical potential, are commonly used in devices such as laptops, tablets, and smartphones. However, the same property that makes lithium suitable for producing high-capacity batteries also makes it highly reactive, increasing the risk of thermal runaway and potential explosions. The International Air Transportation Association (IATA) has enforced regulations restricting the shipment of lithium-ion batteries by air due to safety concerns. These regulations limit package weight to 2.5 kg and require batteries to be labeled as Class 9 hazardous materials. Manufacturers must also comply with transportation regulations for international and domestic shipments by air, sea, and land. Strict testing requirements and packaging regulations further complicate the shipping process. These regulations pose a significant challenge to the 21700 lithium-ion battery market, increasing costs and complexities for manufacturers and suppliers.The 21700 Lithium-Ion Battery market faces challenges in various sectors such as backup power systems and grid-scale energy storage, requiring extended cycle life and high-performance batteries. Solar energy and wind turbines rely on these batteries for efficient energy management. Data centers, telephone networks, and security systems also depend on energy storage solutions for uninterrupted power supply. In the transportation sector, New energy vehicles and vehicle power batteries are driving demand for 21700 Lithium-Ion Batteries. The market size is projected to reach 750 GWh by 2027, with sub-segments like Energy storage battery, Vehicle power battery, and Power tools. Safety issues are a concern, with energy density being a critical factor. Traditional Lithium-ion batteries like LiCoO2 and LiFePO4 are being replaced by smart technologies like IoT and AI in manufacturing processes. Portable devices like power banks, laptop battery packs, flashlights, and cordless power tools also utilize these batteries. The market includes 3004000 mAh to 3004800 mAh batteries for various applications. Automotive companies are investing heavily in this sector to meet the growing demand for electric vehicles.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This 21700 lithium-ion battery market report extensively covers market segmentation by

Application 1.1 Automotive1.2 Consumer electronics1.3 OthersType 2.1 Lithium nickel manganese cobalt2.2 Lithium titanate2.3 Lithium iron phosphate2.4 Lithium cobalt oxideGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Automotive- The 21700 lithium-ion battery market, particularly in the automotive segment, is poised for significant growth due to the increasing adoption of electric vehicles (EVs) and e-bikes. The advantages of lithium-ion batteries over other chemistries, such as higher energy density, superior performance, and longer cycle life, make them a preferred choice for these applications. In the automotive sector, the shift towards EVs is driven by government initiatives to reduce environmental pollution and promote clean energy. Countries like the UK, France, Belgium, Norway, and the Netherlands offer subsidies and incentives to boost EV adoption, with some even planning to ban the sale of diesel vehicles by 2040. Furthermore, advancements in 21700 lithium-ion battery technology and the decline in prices have led to their increased use in the e-bike segment, which demands longer running times and faster charging rates. As a result, the 21700 lithium-ion battery market will experience substantial growth during the forecast period due to the expanding EV and e-bike industries.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

The 21700-sized lithium-ion batteries, with their 18650 cell counterparts, have gained significant attention due to their cylindrical format and energy storage capabilities. These batteries are essential for various applications, including energy storage systems, portable electronics, electric vehicles, and novel electrode materials. The global market for 21700-sized lithium-ion batteries is projected to grow exponentially, with estimates suggesting a potential capacity of 750 GWh by 2030. This growth is driven by the increasing demand for high-performance batteries in New Energy Vehicles and Energy storage solutions. The battery technology continues to evolve, with manufacturing techniques improving efficiency and reducing costs. Applications span from Vehicle power batteries and Energy storage batteries to power tools, portable devices such as laptops and tablets, and LiCoO2 Battery. Energy density remains a key focus area for innovation, with traditional lithium-ion batteries making way for advanced technologies to meet the growing demand for longer runtimes and higher power output.

Market Research Overview

The 21700-sized lithium-ion batteries, also known as 18650 cells in cylindrical format, have gained significant attention in various industries due to their energy storage capabilities. These batteries are used in a wide range of applications, from portable electronics to electric vehicles and energy storage systems. The battery technology continues to evolve with the exploration of novel electrode materials and manufacturing techniques. Energy efficiency and sustainability are key drivers of the market, with higher energy density being a major focus. The market for 21700-sized lithium-ion batteries is projected to grow significantly, with estimates suggesting a potential capacity of 750 GWh by 2027, up from 100 GWh in 2020. Applications include electric cars, backup power systems, grid-scale energy storage, and renewable energy sources such as solar energy and wind turbines. The batteries are also used in data centers, telephone networks, and security systems. Safety laws and quality standards are crucial considerations in the market, with a focus on extended cycle life, energy density, and safety issues. The market for high-performance batteries is expected to grow, with applications in New Energy Vehicles, power tools, medical devices, and portable devices such as laptops, tablets, and power banks. Manufacturing processes are being optimized through smart technologies, IoT, and AI to improve efficiency and reduce costs. Traditional lithium-ion batteries, such as LiCoO2 and LiFePO4, continue to dominate the market, but new advancements in battery technology are expected to disrupt the market in the coming years. The market for 21700-sized lithium-ion batteries is expected to reach 295 GWh by 2025 and 957GWh by 2030. The batteries have a capacity of 3004000 mAh to 3004800 mAh, making them ideal for various applications where high energy density and long-lasting power are required.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationAutomotiveConsumer ElectronicsOthersTypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


Technavio Research
Jesse Maida
Media & Marketing Executive
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tKash Celebrates 1st Anniversary with Major Milestones and Exciting Promotions




Achieving 100,000 Registrations, International Reach, and Celebratory Promotions Highlight tKash’s Remarkable First Year

KUALA LUMPUR, Malaysia, July 19, 2024 /PRNewswire/ — tKash, a pioneering financial services app, is celebrating its first anniversary with notable achievements and exciting promotions. Launched with a vision to simplify financial transactions, tKash has reached impressive milestones, including 100,000 registrations and up to 10,000 daily active users.

Since its inception, tKash has been dedicated to providing seamless and secure financial services. The app has enabled users to transfer up to RM 1 million across borders, offering peace of mind with its reliable and efficient service. In addition to money transfers, tKash provides convenient currency exchange services for up to 10 countries’ currencies, including Bangladesh, Indonesia, India, the Philippines, Pakistan, Singapore, Vietnam, Thailand, and Myanmar.

One of the standout features of tKash is its Live FC (foreign currency) Rates, which allows users to track currency fluctuations in real time, ensuring they make informed decisions when exchanging currencies.

The company’s growth and success have not gone unnoticed. tKash proudly featured its video on the iconic New York Times Square billboard and displayed billboards in Kuala Lumpur, enhancing its brand visibility on an international scale. Influencers from countries such as Thailand have shared positive reviews on social media, further boosting tKash’s presence on social media.

To celebrate its first anniversary, tKash is running a special promotion where users who refer their friends have the chance to share in a RM100,000 prize pool, making it even more rewarding to engage with the app. The company continues to innovate, with regular updates to its app, which are available for download on both the PlayStore and AppStore. In January 2024, tKash launched its official website, providing users another platform to access its services.

In just one year, tKash has proven to be a game-changer in the financial services industry, making everyday transactions smoother and more accessible. With its tech-savvy team and commitment to customer satisfaction, tKash is poised for continued growth and success.

tKash is a leading financial services app committed to making financial transactions easier and more accessible. With secure money transfers, real-time currency exchange rates, and a user-friendly interface, tKash transforms how people manage their finances. For more information, visit

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Saronic Raises $175 Million in Series B Funding, Valuing Company at $1 Billion




Funding will accelerate Saronic’s growth and further scale production of its autonomous surface vessels for the U.S. Navy and its allies

AUSTIN, Texas, July 19, 2024 /PRNewswire/ — Saronic, a defense technology leader that designs and manufactures autonomous surface vessels (ASVs), today announced a $175 million Series B raise placing the company’s valuation at $1 billion. The funding round was led by Andreessen Horowitz (a16z), with participation from both new and existing investors, including 8VC, Caffeinated Capital, Elad Gil, and NightDragon, among others.

Saronic is redefining maritime superiority for the U.S. Navy and its allies by delivering the most effective and advanced ASVs at the speed and scale needed to meet the rapidly growing needs of the Joint Force. Saronic’s ASVs are designed to serve as a force multiplier for the existing Fleet, working alongside manned systems to allow naval forces to go farther and do more with less risk to life and mission. 

“We are creating an entirely new capability for the maritime domain, one that delivers naval power without the costs and delays of a shipyard,” said Saronic CEO Dino Mavrookas. “As the future of naval warfare will rely on manned and unmanned teaming, we must build solutions that easily integrate into the existing fleet and can be produced at scale to meet any emerging threat. We are grateful to our investment partners who believe so strongly in Saronic’s ability to meet that need.”

Saronic’s investor group is composed of firms committed to ensuring that the U.S. military maintains its decisive advantage in the face of an increasingly complex and competitive global threat landscape through the integration of advanced technology and innovative capabilities that truly meet the needs of the warfighter. 

“Our nation’s future depends on us continuing to build and deploy the best, most innovative technology” said Katherine Boyle, General Partner at a16z. “Saronic is developing the solutions we need to protect the warfighter and stay ahead of our adversaries, and we are proud to support their continued growth.”

This new investment will accelerate Saronic’s growth both domestically and internationally. At home, it will allow further expansion of Saronic’s in-house manufacturing capabilities and enable increased production of all its ASV models. Additionally, it will advance the research and development of new autonomous capabilities for naval and maritime forces, including increased technology and payload integration with government and commercial partners. Internationally, this investment will support Saronic’s expansion to more fully serve U.S. allies and partners in key markets.

“To deter China and other adversaries, the United States and our allies must bring intelligent, autonomous new capabilities to naval warfare,” said Alex Moore, Partner at 8VC. “Saronic delivers these capabilities on a relevant scale and timeline, and has enlisted the top engineers and operators in the industry.”

Saronic’s family of ASVs includes Spyglass (6′), Cutlass (14′) and Corsair, its largest model, which is currently in development and testing. Each vessel features integrated autonomous capabilities to meet a customer’s specific requirements and can carry diverse payloads in communication- and GPS-denied environments. Through the vertical integration of hardware and software as well as the use of a Modular Open Systems Architecture (MOSA), Saronic’s ASVs deliver greater interoperability at a price point that makes them attritable. Having a cost-effective capability that can be deployed without putting human operators in harm’s way increases the survivability of the fleet and enables commanders to engage in situations where the risk is too high to deploy a traditional manned system.

For more information about Saronic, please visit:  

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Summit-Friendship Solar Village Receives Reuters’ Global Energy Transition Awards 2024




SINGAPORE, July 19, 2024 /PRNewswire/ — The ‘Summit-Friendship Solar Village’ project, located in Kabilpur within the Gaibandha district of Bangladesh, has received the prestigious Reuters’ Global Energy Transition Awards 2024 under the ‘Projects of Impact’ category in New York, USA on 25th June 2024. Among 500 entries this year from around the globe, this project was nominated for its concrete results in terms of improved energy affordability, and compensation for losses to improve local resilience for climate change.

This 57.6 kW scalable solar microgrid now benefits the 3,000 inhabitants of Kabilpur, Gaibandha. Kabilpur itself is a char—a remote sedimentary landmass found within a river—but finds itself ideally placed to act as hub for neighbouring chars within the Jamuna River, upon which it is situated.

“Summit wants to serve 100% of Bangladesh with infrastructure such as electricity and communication. Most chars fall outside the national grid. I believe these chars, like the rest of Bangladesh, deserve electricity. The award-winning NGO, Friendship, has done wonders. It’s a privilege to provide solar energy to the 3,000 people of Kabilpur Char in association with Friendship,” remarked Muhammed Aziz Khan, Chairman of Summit Power International.

“Anyone who has seen the Jamuna River in its full might will understand that mainline power grids are not really possible here. On the other hand, this solar grid will provide income-generating opportunities and livelihoods, as well as opportunities for children’s education in order for hope and dignity to thrive. We want to thank Summit for its support,” said Runa Khan, the founder of Friendship.

The solar village plays an integral role in allowing people from these isolated communities to have access to “modern” amenities, and have longer operational hours for both business and commerce, alongside academics and home use. Additionally, renewable solar energy also equates to less reliance on traditional kerosene lamps, which burn fossil fuels with toxic consequences.

About Summit Power International 

Summit Group is the largest infrastructure conglomerate in Bangladesh. Summit Power International Ltd (SPI), headquartered in Singapore, is the largest Independent Power Producer (IPP) in Bangladesh reflecting 17% of Bangladesh’s total private installed capacity and 7% of nation’s total installed capacity. In addition, it owns and operates a Floating Storage and Regasification Unit (FSRU) vessel and supplies 500 million cubic feet per day (mmcfd) of regasified LNG to Bangladesh. In 2019, Summit’s FSRU received equity investment from Mitsubishi Corporation. In 2019, JERA Co., Inc. (JERA), had acquired a 22% stake in Summit Power International. Recently, it has proposed the development of the country’s third FSRU and the Cabinet Committee on Economic Affairs has provided in-principle approval of the proposal in mid-June 2023. Most notably, the Meghnaghat II, which is a dual-fuel CCGT GE H Class plant with gross capacity of 590 MW on LNG, achieved the commercial operation date milestone on 26 April 2024.

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