Enjoy complimentary customisation on priority with our Enterprise License!
The solid state battery market size is estimated to grow by USD 234.81 million at a CAGR (Compound Annual Growth Rate) of 31.9% between 2022 and 2027. The growth of the market depends on several factors such as the growing requirement for long-range EVs, the increased government support for the adoption of EVs, and the rising stringent laws against lead pollution.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increased government support for the adoption of EVs is one of the key drivers for the market share. The increase in greenhouse gas emissions worldwide has prompted countries across the globe to radically change their views on the use of fossil fuels in the transportation sector. The use of electric vehicles is the only solution to end the use of fossil fuel-powered vehicles. Many countries are introducing active mandates to regulate the transition from diesel and gasoline-powered vehicles to electric vehicles.
Furthermore, European countries are also working with China and the US and offering various subsidies to meet the stringent emissions standards set by the EC. In addition to the subsidy, many other benefits such as free parking or exclusive parking, free tax, and free charging at public charging stations are also offered to electric vehicle owners. Hence, the global solid state batteries market is expected to grow significantly during the forecast period.
The use of nanotechnology in batteries is one of the primary trends shaping the market growth. Nanotechnology is the manipulation of materials at the nanoscale level to enable improved performance and efficiency in various applications, including batteries. One way nanotechnology could improve solid-state batteries is by improving electrode materials. Nanotechnology can improve the electrolyte composition of all-solid-state batteries.
Moreover, incorporating nanomaterials such as nanoparticles, nanowires, and nanotubes into solid-state batteries improves their electrochemical properties, thermal stability, and overall efficiency. As a result, nanotechnology-based solid-state batteries are expected to revolutionize the field of energy storage, especially in the electric vehicle industry. Thus, the use of nanotechnology will boost the growth of the market trends during the forecast period.
Declining Li-ion battery prices is a challenge that affects the growth of the market. Lithium-ion batteries are the most commonly used batteries across the globe. Lithium is a light metal with excellent electrochemical potential compared to other battery technologies due to its high energy density. Lithium batteries use acetonitrile and lithium salts in an electrolyte based on sulfur dioxide.
Moreover, Lithium-ion battery advantages such as low maintenance, low discharge, lightweight, and high energy storage capacity support their use in modern applications. Falling prices of lithium-ion batteries will increase the sales of lithium-ion batteries. This may hinder the growth of the market to some extent during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The transportation segment is estimated to witness significant growth during the forecast period. A significant increase in the use of solid-state batteries in the transportation sector is seen in electric vehicles. The electric vehicle market is growing due to growing environmental concerns and the shift to a sustainable ecosystem in the automotive industry. Greenhouse gas (GHG) emissions are increasing significantly, forcing countries around the world to reduce their use of fossil fuels. This can be achieved through the use of electric vehicles. All-solid-state batteries currently being developed for electric vehicles have a safer, lighter design and significant energy storage capacity compared to traditional lithium-ion batteries.
Get a glance at the market contribution of various segments View the PDF Sample
The transportation segment was the largest segment and was valued at USD 22.69 million in 2017. The growth of the automotive sector is modernizing vehicles with sensors and many features that require wireless systems such as Bluetooth, Wireless Fidelity (Wi-Fi), and Radio. These devices require a power source to operate autonomously for long periods of time. All-solid-state batteries have extended the armament of modern vehicles with automotive devices. Automotive devices that use solid-state batteries include key fobs, rain sensors, battery packs, exhaust gas sensors, and pre-crash sensors. Solid-state batteries allow these devices to operate more efficiently and for longer than traditional lithium-ion batteries. Hence, the growth of the automotive sector during the forecast period will increase the demand for solid state batteries in the transportation segment.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China has become the leading solid-state battery market in the APAC region due to its large customer base and rapidly increasing demand for electric vehicles. In addition, countries such as Japan, South Korea, Hong Kong, and India are also aggressively introducing electric vehicles to replace conventional vehicles. This has facilitated the growth of the market in APAC.
Moreover, governments and automakers are working together to reduce the heavy reliance on fossil fuels to power vehicles, putting more attention on the electric vehicle industry amid rising environmental concerns. Countries such as Japan, South Korea, Hong Kong, and India are aggressively introducing electric vehicles as an alternative to conventional vehicles and have set targets to achieve this in the next few years. The growth of the market is highly dependent on the introduction of electric vehicles. Popularization of electric vehicles is expected to grow sales in the region during the forecast period.
The Global Solid State Battery Market is propelled by the demand for safer, high-performance alternatives to conventional Li-ion batteries, particularly in consumer electronics, electric vehicles, and energy harvesting applications. Industry giants like Apple, Volkswagen, and BMW invest heavily in research and development, fostering agreements and collaborations to expand their product portfolios. Key players such as LG Energy Solution Ltd and Toyota Motor Corporation drive innovation in thin film and portable battery segments, catering to a wide range of applications. While safety concerns and the dominance of liquid-based electrolytes present challenges, the market anticipates significant growth, especially in regions like North America, Europe, Asia-Pacific, and LAMEA, fueled by urbanization and increased consumer spending on portable devices.
The market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Solid State Battery Market Scope |
|
Market Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.9% |
Market growth 2023-2027 |
USD 234.81 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
30.9 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 46% |
Key countries |
US, China, Japan, Norway, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
BrightVolt, BYD Co. Ltd., Factorial Energy, General Motors Co., Hitachi Zosen Corp., Ilika PLC, Ion Storage Systems, Johnson Energy Storage Inc., LG Chem Ltd., Murata Manufacturing Co. Ltd., Poly Plus Battery Co., ProLogium Technology Co. Ltd., QuantumScape Corp, Robert Bosch GmbH, Samsung SDI Co. Ltd., STMicroelectronics International N.V., TDK Corp., Toyota Motor Corp., AMP Inc, and Ampcera Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.