The Global Solid State Battery Market is projected to reach a value of over USD 454.7 million by 2027 at a CAGR of around 32.6%
Solid state batteries are defined as those batteries which uses solid electrodes and solid electrolytes. They are considered as prospective replacement of usual lithium- ion batteries in which electrolytes used is in liquid form. As compared to conventional batteries, solid state batteries are gaining consideration because of high performance, low flammability, higher energy density, higher potential cathode, and better electrochemical stability. The solid state batteries can be used primarily in electric vehicles, beside it they can also be used in smartphones, smart wearables, and devices used in smart homes.
Market Driver:
The demand for electric vehicles is a prominent factor driving the solid state battery market. Electric vehicles are gaining enormous popularity primarily in the developed nations. According to International Energy Agency, in 2019, the sales for electric cars was around 2.1 million across the globe. The supportive regulations by the governing authorities, developing charging infrastructure, giving benefits to the private charging station owners are few key factors supporting growth of the electric vehicles which results in the demand of solid state battery.
Market Opportunity:
The automobile makers are investing huge amount in the development of the solid state battery to get the edge in the market. Some key players of the automotive sector may partner with the battery manufacturers to get the backward integrated supply unit in the near future. BMW, a Germany-based automotive company invested USD 20 million in Solid Power a battery manufacturing firm to boost the production of solid state battery, as the automaker has planned to launch 12 different models of electric vehicles by 2025.
Thus, partnership of automobile manufacturers and battery manufacturers in coming decade can be a driving factor for the growth of the market during the assessment years.
The report on the solid state battery market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Component, Type, End Use Industry, and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Solid State Battery Market, by Component
Solid State Battery Market, by Type
Solid State Battery Market, by End Use Industry
Solid State Battery Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE SOLID STATE BATTERY MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY