Evolve Business Intelligence has published a research report on the Global Solid State Battery Market, 2023–2033. The global Solid State Battery market is projected to exhibit a CAGR of around 35.26%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Solid State Battery Market: ROBERT BOSCH, Toyota Corporation, Solid Power, Blue Storage, BrightVolt, Sakti3 Inc., StmicroElectronics, LG Energy Solution, QuantumEscape, Hitachi Zosen Corporation.
More Information: https://evolvebi.com/report/solid-state-battery-market-analysis/
Global Solid State Battery Market Highlights
The global Solid State Battery market was valued at $57.54 Million in 2022 and is anticipated to grow at a CAGR of 35.26% from 2023 to 2033. The Solid-State Battery Market is rapidly growing, with projections to reach 661,724 units by 2030 at a CAGR of 89.5%. Major players in this market include Quantum Scape Corporation, Ilika plc, Solid Power, Inc., and others. Solid-state batteries offer high performance and safety benefits compared to traditional liquid electrolyte batteries, making them ideal for various applications like electric vehicles, consumer electronics, and energy storage systems. Europe is expected to be the fastest-growing region in this market, driven by initiatives like the European Union’s ASTRABAT project. The market is witnessing significant advancements, such as the development of large-capacity batteries by companies like Maxell Corporation and Panasonic, as well as partnerships like Toyota’s collaboration with Idemitsu Kosan for solid-state battery production
The Solid State Battery market experienced a detrimental effect due to the Covid-19 pandemic. The Solid State Battery Market has been positively impacted by COVID-19, with increased demand due to the shift to online and remote working, leading to a surge in consumer electronics sales like laptops and smartphones. The market is expected to reach $3.87 billion by 2029, growing at a CAGR of 58%, with a volume growth of 72% to reach 7.7 GWh by 2029. Major players in this market include QuantumScape Corporation, Ilika plc, Solid Power, Inc., and others, with Europe offering significant growth opportunities, especially driven by initiatives like the European Union’s ASTRABAT project.
Segmental Analysis
The global Solid State Battery market has been segmented based on Type, End User, Component, Capacity
Based on the Type, the market is segmented based on Single-cell Battery and Multi-cell Battery. Single-cell batteries are standalone units suitable for smaller devices like wearables and IoT sensors, offering simplicity and compactness. Multi-cell batteries, on the other hand, combine multiple cells to increase energy capacity and power output, making them ideal for larger applications such as electric vehicles, grid-scale energy storage, and aerospace systems.
Based on End User, the market has been divided into Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors and Others. The electronic vehicles sub-segment is expected to have the greatest market share. The reason being that more people are buying electric vehicles and these vehicles tend to use solid-state batteries and solid-state battery isolators more often.
Based on the Component, the market has been divided into Primary Battery and Secondary Battery. Primary batteries are non-rechargeable and provide a one-time energy supply, commonly used in devices like medical implants and remote sensors. Secondary batteries are rechargeable, offering multiple charge-discharge cycles, and find applications in electric vehicles, consumer electronics, and energy storage systems.
Based on Capacity, the market has been divided into Below 20 mAh, Between 20 mAh and 500 mAh, Above 500 mAh. The above 500 mAh sub-segment is expected to have the highest growth rate. The reason why is that it’s increasingly being used in IoT products and accessories. These types of batteries are small and recharge easily and quickly.
More Information: https://evolvebi.com/report/solid-state-battery-market-analysis/
Regional Analysis
The Solid State Battery market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Solid State Battery market. North America has the largest market share because to its generally well-educated and rich inhabitants. North America consists of three countries: Mexico, Canada, and the United States of America. People in these two countries, in particular, want their electronics to be better, faster, and more efficient. This necessitates the use of high-quality, better batteries. This is the sort of battery that solid-state batteries are. Packaging, smart cards, and electric vehicles are among the most popular electronics items in North America. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Solid State Battery industry. The Asia-Pacific region’s solid-state battery market is expanding rapidly. This is due to the rising industrialization and urbanization of all nations in the region, especially India and China. Their citizens are getting affluent. They want and need better vehicles, and they are willing to pay more for electric ones. As a result, there is a higher need for solid-state batteries.
