Solid State Battery Market Analysis and Global Forecast 2023-2033

Solid State Battery Market Overview

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.

Global Solid State Battery Market Synopsis

COVID-19 Impact Analysis

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.

Global Solid State Battery Market Dynamics

The major factors that have impacted the growth of Solid State Battery are as follows:

Drivers:

⮚     Technological Advancements

Continuous advancements in solid-state battery technology, such as improvements in electrode materials, manufacturing processes, and overall performance, are driving market growth. These technological innovations are leading to cost reductions, increased energy density, and improved reliability, making solid-state batteries more competitive with traditional lithium-ion batteries.

Restraint:

• Cost

One of the primary restraints for solid-state batteries is their current high production cost compared to traditional lithium-ion batteries. The manufacturing processes involved in producing solid-state batteries, such as deposition techniques for solid electrolytes and specialized assembly methods, contribute to their higher cost. Until economies of scale are achieved and production processes are further optimized, cost may remain a significant barrier to widespread adoption.

Opportunity:

• Electric Vehicles (EVs) and Transportation

One of the most significant opportunities for solid-state batteries lies in the automotive sector. As the world transitions towards electric mobility to reduce greenhouse gas emissions and dependence on fossil fuels, solid-state batteries offer several advantages, including higher energy density, faster charging times, and improved safety. The long-term opportunity includes not only passenger vehicles but also commercial vehicles, buses, trucks, and even aircraft.

 Solid State Battery Market Segment Overview

By Type

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.

By End User

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.

By Component

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.

By Capacity

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.

Global Solid State Battery Market Regional Analysis

Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Solid State Battery, followed by those in Asia-Pacific and Europe.

Solid State Battery North America Market

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.

Solid State Battery Asia Pacific Market

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.

Competitive Landscape

The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as ROBERT BOSCH, Toyota Corporation, Solid Power, Blue Storage, and BrightVolt are some of the leading players in the global Solid State Battery Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.

Key Market Players:

• ROBERT BOSCH
• Toyota Corporation
• Solid Power
• Blue Storage
• BrightVolt
• Sakti3 Inc.
• StmicroElectronics
• LG Energy Solution
• QuantumEscape
• Hitachi Zosen Corporation

Key Development:

In September 2022, Toyota Corporation announced a breakthrough in solid-state battery technology, achieving significant advancements in energy density and charging capabilities. Their innovation promised to revolutionize the electric vehicle industry by potentially enabling longer driving ranges and shorter charging times, marking a significant milestone in the development of next-generation battery solutions.

Scope of the Report

Global Solid State Battery Market, by Type

• Single-cell Battery
• Multi-cell Battery

Global Solid State Battery Market, by End User

• Consumer Electronics
• Electric Vehicles
• Energy Harvesting
• Medical Devices
• Packaging
• Wireless Sensors
• Others

Global Solid State Battery Market, by Component

• Primary Battery
• Secondary Battery

Global Solid State Battery Market, by Capacity

• Below 20 mAh
• Between 20 mAh and 500 mAh
• Above 500 mAh

Global Solid State Battery Market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of Middle East & Africa

Parameters	Indicators
Market Size	2023: USD 57.54 Million
CAGR (2023-2033)	35.26%
Base year	2022
Forecast Period	2023-2033
Historical Data	2021 (2017 to 2020 On Demand)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, End User, Component, Capacity
Geographies Covered	North America, Europe, Asia-Pacific, South America, Middle East, Africa
Key Vendors	ROBERT BOSCH, Toyota Corporation, Solid Power, Blue Storage, BrightVolt, Sakti3 Inc., StmicroElectronics, LG Energy Solution, QuantumEscape, Hitachi Zosen Corporation
Key Market Opportunities	·       Advancement in wearable devices
Key Market Drivers	·       Increasing demand for electronic devices ·       Rise in need for solid-state batteries in electric vehicles ·       Growing R&D activities by major companies

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Solid State Battery Industry trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
• Historical market size for the year 2021, and forecast from 2023 to 2033
• Solid State Battery market share analysis for each segment
• Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
• Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
• To identify and understand the various factors involved in the global Solid State Battery market affected by the pandemic
• To provide year-on-year growth from 2022 to 2033
• To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
• Provide Total Addressable Market (TAM) for the Global Solid State Battery Market.