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Cylindrical Lithium-Ion Battery Market size is set to grow by USD 11.61 billion from 2024-2028, Shift in the automotive industry to EVs to boost the market growth, Technavio

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NEW YORK, Aug. 12, 2024 /PRNewswire/ — The global cylindrical lithium-ion battery market  size is estimated to grow by USD 11.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.59% during the forecast period.  Shift in the automotive industry to evs is driving market growth, with a trend towards revisions in lithium-ion battery safety standards. However, safety concerns in lithium-ion batteries  poses a challenge. Key market players include Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Ltd., LG Corp., Lithion Power Group Ltd., Lithium Werks, Murata Manufacturing Co. Ltd., Nanograf Corp., Northvolt AB, OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., PowerTech Systems, Samsung Electronics Co. Ltd., Sony Group Corp., Tesla Inc., The Duracell Co., TotalEnergies SE, and VARTA AG.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

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

Region Covered

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

Key companies profiled

Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Ltd., LG Corp., Lithion Power Group Ltd., Lithium Werks, Murata Manufacturing Co. Ltd., Nanograf Corp., Northvolt AB, OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., PowerTech Systems, Samsung Electronics Co. Ltd., Sony Group Corp., Tesla Inc., The Duracell Co., TotalEnergies SE, and VARTA AG

Key Market Trends Fueling Growth

The International Electrotechnical Commission (IEC), established in 1906, sets the global standard for batteries, including lithium-ion batteries. With the increasing focus on lithium-ion batteries due to their unique characteristics, the IEC has revised the battery safety standards. The IEC 62133 standard, which covers testing instructions for nickel- and lithium-based batteries, has been updated. Mechanical testing now requires specific shock and vibration testing, previously covered by UN38.3 testing. Overcharging testing involves charging batteries at 1.4 times the maximum charging voltage for 1S battery packs, compared to the previous maximum voltage charging. Labeling requirements now include IEC 61960 details: battery type, manufacturing date, rated capacity, manufacturer name, nominal voltage, and polarity markings. These revisions aim to enhance safety and reduce risks associated with cylindrical lithium-ion batteries, contributing to the growth of the global market for these batteries. 

The Cylindrical Lithium-Ion Battery market is experiencing significant growth due to increasing demand from various industries. Digital cameras, battery-operated material-handling equipment, automation, and smart devices are major consumers. The renewable energy sector also drives growth, as Li-ion batteries provide efficient energy storage. Lithium ions, the key component, move between the negative electrode (carbon anode) and positive electrode (cobalt oxide cathode), releasing chemical energy and converting it into electrical energy. Li-ion batteries offer high energy density, long charge and discharge cycles, and low carbon footprint. LiCoO2 and LiMn2O4 batteries are popular types. The market’s future looks bright, with advancements in automotive, medical devices, and grid energy storage applications. 

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Market Challenges

Lithium-ion batteries are a popular choice in the automotive industry and consumer electronics due to their high energy density and superior electrochemical performance. However, these batteries have safety concerns as they use a flammable electrolyte and are susceptible to leakage and drying out, which can lead to explosions or short-circuits. The International Air Transportation Association (IATA) has regulations limiting the shipment of Lithium-ion batteries to a 2.5-kg package due to safety concerns. Separators are a crucial component in these batteries, acting as a fuse by shutting down pores during overheating. Uneven separators can cause battery failure due to poor conductivity in dry areas, posing a risk of disastrous incidents, albeit with a low probability. These safety concerns may hinder the growth of the global cylindrical lithium-ion battery market during the forecast period.The Cylindrical Lithium-Ion Battery market is experiencing significant growth due to increasing demand from various industries and applications. Automobiles and industrial operations are major consumers, with automotive applications including electric vehicles, e-bikes, and automated guided vehicles. In electronics, laptops, mobile phones, power tools, and portable products drive demand. However, challenges exist. Government policies and GHG emissions concerns are pushing for green energy solutions. Commercial charging stations and energy storage systems are essential for electric vehicles. Lithium-ion batteries, with their high-power capacity, are key. Cylindrical batteries, with their cylindrical cell design, metal casing, and various electrode materials like Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, and Lithium Manganese Oxide, cater to diverse sectors like Aerospace, Marine, Medical, Industrial, Power, Telecommunication, and consumer electronics. The automotive segment, including cars and buses, is a significant market. Despite these opportunities, challenges remain. Carbon discharges during production and disposal pose environmental concerns. Regulatory pressures and consumer expectations call for more sustainable, cost-effective, and efficient solutions. Innovations in battery technology, recycling, and circular economy models will be crucial.

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

Segment Overview 

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

Application 1.1 Automotive1.2 Industrial1.3 OthersType 2.1 Lithium nickel manganese cobalt2.2 Lithium titanate2.3 Lithium iron phosphate2.4 Lithium cobalt oxideGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Automotive- The automotive segment of the Cylindrical Lithium-Ion Battery market is experiencing significant growth, driven primarily by the increasing adoption of Electric Vehicles (EVs) and e-bikes. Lithium-ion batteries, including cylindrical types, offer advantages over traditional lead-acid batteries, such as higher energy density, better performance, longer cycle life, production automation, and improved security. Cylindrical lithium-ion batteries are more cost-effective due to their higher energy density, faster charging times, and longer lifespan, making them a preferred choice for leading EV manufacturers like Tesla. Government support for EVs due to environmental concerns and the deployment of subsidies and incentives are further fueling market growth. For instance, France and the UK have announced plans to ban the sale of diesel vehicles by 2040. In the e-bike segment, cylindrical lithium-ion batteries are increasingly popular due to their longer running times and faster charging rates. Technological advancements and declining battery prices are also contributing factors. The market is shifting towards 20700 and 21700 rechargeable cylindrical lithium-ion batteries, offering increased capacity and improved performance. The growth of the EV industry in the coming years is expected to continue driving the market during the forecast period.

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 Cylindrical Lithium-Ion Battery Market refers to the global industry dedicated to producing and supplying cylindrical shaped Lithium-Ion Batteries. These batteries are widely used in various applications due to their high energy density, long cycle life, and excellent power output. They store chemical energy and convert it into electrical energy, making them ideal for consumer electronics and energy storage systems. Operating at different voltage levels, these batteries are finding increasing demand in portable electronics and automotive verticals, including electric vehicles, e-bikes, automated guided vehicles, and battery-driven vehicles. Cylindrical Lithium-Ion Batteries consist of a Negative Electrode, Positive Electrode, Intercalated Lithium Compound, and an Electrolyte. Lithium ions move between the electrodes during charging and discharging. The batteries are rechargeable, making them a preferred choice for applications requiring high-power capacity and off-grid electrification. Despite their benefits, the production and disposal of Lithium-Ion Batteries have a carbon footprint, which is a concern for the environment and is being addressed through research and innovation in the industry.

Market Research Overview

Cylindrical Lithium-Ion Batteries: A Game Changer in Energy Storage Cylindrical Lithium-Ion Batteries are a type of rechargeable battery known for their high energy density, long cycle life, and excellent performance. These batteries store chemical energy and convert it into electrical energy when required. They are widely used in various applications, including consumer electronics, medical devices, automobiles, industrial operations, and automation.

Table of Contents:

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

ApplicationAutomotiveIndustrialOthersTypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideGeographyAPACNorth AmericaEuropeSouth 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.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Global AI Leader and Enterprise Transformation Visionary Zeya Ottomone Appointed Chief Executive Officer of Integrow

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Author of Empowered to Execute in the Agentic Era to Lead Next Generation of AI-Powered Enterprise Innovation

ATLANTA, July 24, 2026 /PRNewswire-PRWeb/ — Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

With more than three decades of executive leadership spanning Fortune 500 enterprises, global technology organizations, and enterprise software innovation, Ottomone joins Integrow at a defining moment in the evolution of artificial intelligence.

Widely recognized for helping organizations modernize operations, simplify complex business ecosystems, and deliver measurable transformation outcomes, Ottomone has led some of the industry’s largest enterprise modernization initiatives across ERP, CRM, workforce management, cloud computing, cybersecurity, artificial intelligence, and intelligent automation. His appointment signals Integrow’s commitment to redefining how enterprises execute strategy in the era of autonomous AI.

“Artificial Intelligence is no longer about automation alone, it’s about empowering organizations to execute faster, make smarter decisions, and fundamentally rethink how work gets done,” said Zeya Ottomone, Chief Executive Officer of Integrow. “We’re entering the Agentic Era, where intelligent AI agents become trusted digital teammates capable of planning, reasoning, collaborating and executing alongside people. At Integrow, we’re building the enterprise platform that makes that future practical, secure and measurable for every organization.”

Ottomone is internationally recognized as a leader in enterprise technology, SaaS transformation, digital modernization and AI-enabled business strategy. Throughout his career he has held executive leadership and C-level positions with ABB, Honeywell, AmerisourceBergen, Cable & Wireless, Chicago Tribune and Rimini Street, leading global organizations through large-scale transformation initiatives across North America, Europe, Asia-Pacific and the Middle East. His expertise spans enterprise applications, Salesforce ecosystems, ServiceNow, ERP modernization, customer experience, intelligent operations, data strategy, and the emerging field of Agentic AI.

Before joining Integrow, Ottomone led global SaaS Centers of Excellence focused on enterprise transformation, helping organizations modernize critical business operations while reducing technology complexity and accelerating innovation. A certified Lean Six Sigma Master Black Belt and recognized executive advisor, Ottomone has consistently delivered operational excellence by combining strategic leadership with emerging technologies to create sustainable business value.

His appointment also coincides with the upcoming publication of his new book, Empowered to Execute in the Agentic Era, which explores how organizations can bridge the gap between strategy and execution by leveraging AI, empowering people, and building intelligent enterprises capable of continuous innovation. The book reflects many of the same principles that will guide Integrow’s next phase of growth: human-centered AI, intelligent automation, operational excellence, and measurable business outcomes.

Under Ottomone’s leadership, Integrow will accelerate investment across:

Agentic AIEnterprise AI PlatformsIntelligent ERPAI-powered CRMHuman Capital ManagementIT Service ManagementPredictive AnalyticsAutonomous WorkflowsEnterprise CopilotsIndustry-specific AI Solutions

The company’s vision is to deliver a unified enterprise platform where AI is embedded into every business process, enabling organizations to eliminate operational silos, automate decision-making, increase productivity, and create competitive advantage through intelligent execution. “Zeya represents exactly the type of visionary leader required for the next generation of enterprise software,” said Harvey Nicholson, Chair of Corporate Governance and Member of Integrow’s Board of Directors. “His global experience, deep understanding of enterprise technology, and forward-looking vision for Agentic AI position Integrow to become one of the industry’s most innovative AI-powered enterprise software companies.”

Wayne Gadson, Chair of Growth Strategy, added: “The future belongs to organizations that can execute strategy with intelligence, speed and confidence. Zeya has spent his career helping enterprises achieve exactly that. His appointment marks the beginning of an exciting new chapter for Integrow, our customers and our partners worldwide.” As enterprises face mounting pressure to modernize operations, reduce costs, improve workforce productivity and harness the power of artificial intelligence, Integrow is uniquely positioned to help organizations transform through a single AI-powered enterprise platform that unifies finance, operations, customer engagement, workforce management, projects and service delivery.

“Our mission is simple,” Ottomone concluded. “We don’t believe AI should replace people. We believe AI should elevate people. The organizations that will define the next decade won’t simply adopt AI—they’ll empower every employee to execute better decisions every day. That’s the future Integrow is building.”

About Integrow

Integrow is a global enterprise software company delivering next-generation AI-powered business applications built on Salesforce. The platform unifies ERP, CRM, Human Capital Management, IT Service Management, Project Management, Field Service, Finance and Operations into a single intelligent ecosystem enhanced by Agentic AI.

By embedding artificial intelligence into every workflow, Integrow enables organizations to modernize operations, accelerate innovation, improve decision-making and execute strategy with confidence.

For more information, visit www.integrow.com.

Media Contact

Media Team, Integrow, Inc., 1 855-333-4769, info@integrow.com, www.integrow.com 

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SOURCE Integrow, Inc.

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Lufax Announces Board and Management Changes

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SHANGHAI, July 24, 2026 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai (“Ms. Cai”), Mr. Shibang Guo (“Mr. Guo”) and Mr. Peifeng Li (“Mr. Li”) have resigned as non-executive directors of the Company and from their respective positions on the Board’s committees. Mr. Tongzhuan Xi (“Mr. Xi”) has resigned as an executive director, the chief financial officer and the authorised representative of the Company (“Authorised Representative”) under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders’ attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO’s duties will be temporarily assumed by the Company’s internal team to ensure continuity of the Company’s financial functions. Mr. Xiang Ji, an executive director and the Company’s chief executive officer, has been appointed as the Authorised Representative, the Company’s designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim (“Mr. Chim”) as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company’s Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

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SOURCE Lufax Holding Ltd

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UMD Smith School Researchers Warn AI Security Lapses Highlight Urgent Need for Independent Oversight

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COLLEGE PARK, Md., July 24, 2026 /PRNewswire/ — A series of recent AI security lapses—including the OpenAI–Hugging Face breach—raises a fundamental question, say a pair of researchers at the University of Maryland’s Robert H. Smith School of Business: Can tech companies safely govern the powerful AI systems they build, or is stronger outside oversight now essential?

In its incident report, OpenAI confirmed that one of its experimental AI agents exploited a weakness in its testing environment while working on a routine benchmark task. The system wasn’t instructed to behave maliciously; instead, its persistence turned a small design flaw into a real escape. Earlier tests showed similar behavior, including agents that learned to bypass security checks by manipulating authentication tokens.

This pattern echoes findings from Dean’s Professor of Information Systems Siva Viswanathan at the Smith School, who studies how large technology platforms enforce rules. His research on mobile app privacy—published in Management Science—examined Google’s rollout of Android 6.0, which gave users more control over what data apps could collect. Developers were granted a flexible window to update their apps. Many used that flexibility to delay compliance for months, continuing to gather user data until Google imposed consequences such as lower search rankings and reduced visibility in its app store.

Viswanathan’s takeaway: when companies rely on voluntary compliance, self‑interested actors often exploit the slack. Real accountability requires pairing flexibility with firm, enforceable penalties.

That lesson now reverberates across the AI sector. As companies race to build increasingly capable systems, Viswanathan says oversight must treat these AI systems as strategic actors and must include strong safeguards that can pause or reverse a system before harm occurs.

He notes that a separate study from Anthropic underscores the stakes. In controlled tests, even an AI system designed to monitor another AI inherited the same flaws it was supposed to catch. In some cases, the “judge” model failed to flag clear sabotage because it agreed with the agent’s goals, allowing dangerous behavior to pass without human review.

Balaji Padmanabhan, Dean’s Professor of Decisions, Operations and Information Technologies and director of the Smith School’s Center for Artificial Intelligence in Business, extends Viswanathan’s governance argument into the realm of autonomous AI agents, warning that the same structural weaknesses now carry far higher stakes.

“The fact that this breach occurred organically without the AI agent being asked to be malicious is itself notable. Imagine what someone who actually intends to do harm can do. It’s also not terribly reassuring that the same firms we depend on for AI infrastructure, who are facing these issues, are the ones assuring enterprises that their systems with guardrails are perfectly safe,” says Padmanabhan. “We have to wake up to the fact that we’ve created capabilities that let software become as powerful as we want it to be—and then some. It’s time we seriously ask what’s needed to create an infrastructure to play defense well.”

Across the independent studies, the pattern is consistent, says Viswanathan: Voluntary compliance fails when the governed actor is more capable than the regulator. And AI systems cannot be governed by trust or good intentions alone. Oversight must be preventive, independent and capable of stopping harmful behavior before it spreads.

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

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