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“Solid state battery market is expected to grow at a high rate during 2020-2027”
The solid state battery is a type of battery that uses a solid electrolyte to act as a separator between the cathode and the anode instead of a conventional liquid or a gel electrolyte. The solid state battery provides high energy density, faster charging, safety advantages, and long shelf life.
The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% from 2020 to 2027. The growth of this market is driven by the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies.
“Growth of solid state battery industry is expected to be driven by growth in electric vehicles during forecast period”
The global solid state battery market for electric vehicles is expected to grow at a significant rate during the forecast period. Electric vehicles (EV) are anticipated to be one of the major segments for solid state batteries. Cost, safety, and driving range are a few of the major concerns associated with electric vehicles. Over the past few years, manufacturers have had to work with the restraints of the conventional batteries composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, many major companies are developing solid state batteries to address the current problems of the market.
“Solid state battery market in APAC to grow at highest CAGR during 2020-2027.”
APAC is expected to witness the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the solid state battery market. Following is the breakup of the primary participants for the report:
- By Company Type: Tier 1 = 40 %, Tier 2 = 35%, and Tier 3 = 25%
- By Designation: C-Level Executives = 45%, Directors = 35%, and Others = 20%
- By Region: North America = 50%, Europe = 25%, APAC = 15%, and RoW = 10%
Moreover, the report profiles the key players in the solid state battery market and analyzes their market ranking. The prominent players in this market are Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US), among others.
This research report categorizes the solid state battery market based on type, capacity, rechargeability, application, and region. Moreover, the report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.
Key Benefits of Buying the Report:
The report would help the leaders/new entrants in the solid state battery market in the following ways:
- The report segments the solid state battery industry comprehensively and provides the closest market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for the solid state battery market.
- The report would help stakeholders understand their competitors better and gain insights to improve their position in the solid state battery market. The competitive landscape section describes the competitor ecosystem.