Report highlights battery industry trends

Shenzhen-based GGII, an organization focusing on the lithium battery industry chain, recently released its 2024 Blue Book on the Development of China's Big Cylindrical Lithium Battery Industry. The report comprehensively reviews the industry's technical and technological breakthroughs and trends, and provides an analysis of the current market landscape and future development trends.

Increasing demand for lithium batteries has led to the continued growth of cylindrical lithium battery shipments, the report noted. GGII expects that China's cylindrical lithium battery shipments will exceed 400 GWh by 2030, with a compound growth rate of over 50.1 percent from 2023 to 2030. The Blue Book also said big cylindrical batteries stand out in several market segments in 2024, projecting over 100 percent year-on-year shipment growth in residential energy storage, portable energy storage, and two-wheeler markets.

As the use of lithium batteries becomes more widespread, users are demanding battery cells with better performance. In this case, battery providers are investing more in research and development, focusing on optimizing and innovating material formulations and production technologies. For example, the energy density of producer BAK Battery's third-generation big cylindrical battery cell has reached 300 Wh/Kg and the manufacturer has developed an exclusive low-temperature electrolyte formulation, enabling batteries to maintain exceptional discharge performance even in harsh environments.

Furthermore, the Blue Book predicts that the period from 2025 to 2030 will mark an acceleration phase in the industrialization of the new 4680 big cylindrical battery, as production lines for such batteries are gradually being established.