What Factors Propelled The Growth Of The Solid State Battery Market In The Past?
The solid state battery market has seen considerable growth due to a variety of factors.
• The market size for solid state batteries has experienced tremendous growth over the recent years. Forecasts predict a rise from $0.76 billion in 2024 to a substantial $1.13 billion in 2025, marking a compound annual growth rate (CAGR) of 49.4%.
The prominent expansion during the historic period is linked to the progress of emerging markets, a surge in consumer electronics demand, and an increase in disposable income.
What Are The Predictions for The Solid State Battery Market Size In The Coming Years?
The solid state battery market is expected to maintain its strong growth trajectory in upcoming years.
• The market for solid state batteries is predicted to expand significantly in the forthcoming years, with its value expected to reach $4.63 billion by 2029, representative of a compound annual growth rate (CAGR) of 42.1%.
This anticipated growth during the forecast period can be ascribed to factors such as government backing, global population surge, urbanization, an escalating demand for electric vehicles (EVs), and increasing research and development (R&D) activities. Expectations for the forecast period also include distinct trends like utilizing novel polymer materials to enhance solid electrolytes, greater financial input to match the burgeoning demand for solid-state battery technology, the creation of advanced battery packs for aviation application, and the development of all-silicon solid-state batteries as well as strategic collaborations to enhance the product assortment.
What Are the Critical Driver Fuelling the Solid State Battery Market's Growth?
The burgeoning uptake of electric vehicles is anticipated to fuel the expansion of the solid-state battery market. Although the economic impact of COVID-19 has curtailed the demand for petrol and diesel vehicles, there has been a surge in demand for EVs. Increasing climate change concerns and the goal to attain net-zero emissions are prompting a worldwide transition to zero-emission transportation. This move to EVs fosters economic growth by transitioning consumption from imported oil, thus reducing fuel costs and promoting the use of locally produced power. For instance, in March 2023, as reported by the International Energy Agency, a France-based intergovernmental organization, there was a rapid expansion of the electric car market with sales crossing 10 million in 2022. In 2022, electric cars comprised 14% of all new cars sold, marking a significant rise from about 9% in 2021. As such, the escalating uptake of electric vehicles is set to boost the solid-state battery market.
What Are The Core Segments Of The Globa Solid State Battery Market?
The solid state battery market covered in this report is segmented –
1) By Type: Single-Cell Battery, Multi-Cell Battery
2) By Rechargeability: Primary Battery, Secondary Battery
3) By Material Type: Thin Film Batteries, Bulk Batteries
4) By Application: Consumer And Portable Electronics, Electric Vehicle, Wearable And Medical Devices, Other Applications
Subsegments:
1) By Single-Cell Battery: Coin or Button Cells, Prismatic Cells, Small-format single cells for portable electronics
2) By Multi-Cell Battery: Battery Packs, Energy Storage Systems (for grid applications), Multi-cell configurations for consumer electronics
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Which Emerging Trends Are Reshaping The Solid State Battery Market?
The key players in the solid-state battery industry prioritize technological advancement and product innovation. This includes introducing revolutionary technologies to enhance energy density, safety, and charging speed, all of which boost the performance and durability of the overall battery. Revolutionary technology denotes exceptional developments that drastically change current procedures or bring about completely new opportunities, frequently resulting in transformative changes across many sectors. For example, in January 2024, Toyota, an automotive manufacturing company based in Japan, rolled out vehicles powered by solid-state batteries. These batteries employ solid electrolytes instead of liquid ones, thereby increasing safety and performance.
Who Are the Key Players in the Solid State Battery Market?
Major companies operating in the solid state battery market include:
• TDK Corporation
• Murata Manufacturing Co. Ltd.
• Ganfeng Lithium Group Co. Ltd
• Qingdao Energy Development
• ProLogium Technology Co. Ltd.
• Cymbet Corporation
• STMicroelectronics
• Brightvolt Inc.
• Solid Power Inc.
• Ilika
• QpiVolta
• NGK Insulators Ltd
• Toyota
• Panasonic
• SK Innovation
• HiNa Battery Technology Co. Ltd
• Contemporary Amperex Technology Co. Limited
• Great Wall Motors
• Tianjin Lishen Battery Joint-Stock Co. Ltd.
• Basquevolt
• BlueSolutions
• Nawa Technologies
• InoBat Auto
• Samsung SDI
• LG Chem
• Quantumscope
• Factorial energy
• Electrovaya
• Sakuu
• Cuberg
• SEEO
• YPF Tecnologia (Y-TEC)
What are the Regional Insights into the Solid State Battery Market?
Asia-Pacific was the largest region in the solid state battery market in 2024. The regions covered in the solid state battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
