The Global Solid-State Car Battery Market was valued at USD 197.6 Mn in 2020 and is expected to reach USD 3005.5 Mn by 2027, with a growing CAGR of 46.8% during the forecast period.
A solid-state battery is a battery technology that makes use of solid electrodes and a solid electrolyte, rather than the liquid or polymer gel electrolytes found in lithium-ion or lithium polymer batteries. By which, they have very low resistance, so they don’t overheat, which is one of the solutions to fast recharging. Solid-state batteries are an emerging alternative for next-generation traction batteries ensuring low cost, high performance, and high safety.
The growing demand for electric vehicles coupled with the emergence of advanced technology is one of the important factors that drive the solid-state car battery market growth during the forecast period. Electric vehicle batteries were subordinated to extensive research and development, with vehicle producers evolving up with numerous technology and chemical compositions to provide cost-effective energy sources, which can be used for electric vehicles. The market has gained significant attraction because of the swiftly increasing demand for electric cars. Moreover, increasing government support across the globe is anticipated to boost the market growth during the forecast period. For instance, according to the report of the International Energy Agency (IEA) published in 2021, governments across the globe spent USD 14 Bn to support electric car sales.
By Vehicle Type
By Battery Energy Density
Solid-State Car Battery Market Company Profiles and Competitive Intelligence:
Based on the vehicle type, the passenger car segment is expected to hold the largest market share during the forecast period owing to the increasing demand for premium electric cars
Based on the vehicle type, the solid-state car battery industry has been segmented into passenger cars and commercial vehicles. The passenger car segment is expected to hold the largest market share during the forecast period owing to the increasing demand for premium electric cars. Moreover, the demand for other electric cars and commercial vehicles for the usage of solid-state batteries will increase in the coming years as soon as solid-state batteries are commercialized and be used in automobiles. Furthermore, Asia Pacific is anticipated to be the market for passenger cars, accompanied by Europe and North America. This is attributed to the robust government support for the adoption of electric passenger vehicles in the region. Thus, proliferating the segment growth during the forecast period.
Based on the propulsion, the BEV segment is expected to dominate the market during the forecast period due to the huge demand for premium BEVs with superior features such as larger battery capacity, faster charging, and better safety
Based on the propulsion, the solid-state car battery industry is segmented into BEV and PHEV. The BEV segment of solid-state car battery market is expected to dominate the market during the forecast period due to the huge demand for premium BEVs with superior features such as larger battery capacity, faster charging, and better safety. The costs of these batteries is predicted to decline as soon as their mass manufacturing starts on a larger scale and other lower-end BEVs additionally start the usage of these batteries. The market for solid-state batteries in BEVs in North America is anticipated to develop at the highest rate because of the presence of top OEMs in the region, along with companies like QuantumScape and Solid Power operating in the development of solid-state battery technology.
Based on region, the Asia Pacific region is expected to dominate the solid-state car battery market during the forecast period
The Asia Pacific region is expected to dominate the market during the forecast period owing to favourable government support. The Asia Pacific solid-state car battery market will be led by countries such as China, Japan, and South Korea. The supportive government initiatives of these countries are anticipated to drive electric vehicles demand by providing subsidies, favourable policies and discouraging the use of conventional fuels. This is in turn, expected to fuel the growth of the solid-state battery market in the region. Moreover, the premium EVs using solid-state batteries will be launched in China and Japan, followed by South Korea and India. Japan will also be one of the fastest-growing markets in the region due to top OEMs such as Toyota, Nissan, and Mitsubishi and battery manufacturers working to develop solid-state batteries, proliferating the growth of the market during the forecast period.
The report also provides an in-depth analysis of solid-state car battery market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Solid-State Car Battery Market Analysis:
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. Similarly, the solid-state car battery market was negatively impacted by the COVID-19 pandemic due to the huge decline in the growth of the automotive industry across the globe. For instance, according to the report by the International Organization of motor vehicle manufacturers, global auto production in 2020 was severely hit by the COVID-19 pandemic with a 16% decline in world auto production. However, the increasing government support will further be anticipated to boost the growth of the solid-state car battery market soon.
*Note: A detailed analysis is specific to the solid-state car battery market will be provided in the report
The report also provides an in-depth analysis of key trends in the solid-state car battery market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis