NEW YORK — The global solid state battery market was valued at US$ 56.9 Mn in 2020. The estimated market growth between 2021 and 2031 is expected to be much larger than prior years, with a CAGR of over 30%. By 2031, the market for portable solid state batteries is estimated to be worth almost US$ 911 million in absolute dollars.
The worldwide electric car industry has been rising at a rate of over 40% per year, as the world’s most well-known passenger car manufacturers direct their investments toward alternative fuel vehicles. In 2019, worldwide electric car sales reached 2.1 million units, driving up demand for components utilized in them, such as solid state batteries.
As electric vehicles become more common, solid state battery sales are expected to grow tremendously.
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By 2031, East Asia is predicted to account for more than 35% of worldwide solid state battery consumption. In its rush to electrify its vehicles, China presents considerable prospects for relevant raw materials and components.
Around 2.6 million battery electric vehicles and 0.8 million plug-in hybrid electric vehicles were registered in China in 2019. Although, as a result of the reduction in electric car purchase subsidies, the pace of adoption of electric vehicles has decreased. Now, the government plans to encourage adoption by enacting regulations that encourage vehicle ownership.
Li-ion batteries have changed not just the portable electronics ecology, but have also laid the groundwork for the electric car revolution. The physiological constraints of lithium-ion batteries have been uncovered due to the expanding application area of end-use goods. Transition from li-ion to solid state batteries due to this limitation to result in high demand of solid state batteries.
Key Takeaways:
- According to consumption analysis, the solid state battery market will be worth US$ 56.9 million in 2020.
- Revenue from solid state batteries would increase 13 times between 2021 and 2031, reaching over US$ 985 million.
- Throughout the analysis period, solid state batteries with capacities more than 500mAh are predicted to be the most profitable.
- South Asia is expected to register growth of over 36% over the next decade.
- Application of solid state battery in electric vehicles to generate over US$ 215 Mn absolute dollar opportunity during 2021 – 2031.
Growth Drivers:
- Rising adoption of electric vehicles globally to propel the solid state battery market growth.
- Physiological limitations of li-ion batteries to bode well for the demand of solid state batteries.
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In recent years, there has been a battle between several global automotive heavyweights who want to take advantage of the opportunities afforded by electric vehicles. Toyota, Volkswagen, Hyundai Motor Co., and Ford Motor have all invested in solid state battery start-ups, recognising that leadership in electric vehicles cannot be achieved by focusing only half-heartedly on solid state batteries.
Volkswagen stated in May 2021 that it would raise its investment in QuantumScape, a solid-state battery start-up based in the United States. Volkswagen stated that it plans to launch a solid-state battery production line in this joint venture by 2024.
Ford Motor Company has expressed interest in investing in Solid Power, a solid-state battery startup in the United States. BMW will also join this cooperation, with Solid Power serving as a focal point for both manufacturers in terms of providing large format cells for car testing.
In July 2021, Hyundai Motor Co. made a $100 million investment in SolidEnergy System, a solid state battery start-up based in the United States,
Key Players in the Solid State Battery Market Include:
- Cymbet
- Robert Bosch GmbH
- Saft
- Toyota Motor Corporation
- Solid Power
- Excellatron Solid State
- BrightVolt
- Samsung SDI Co. Ltd.
- QuantumScape
- SolidEnergy System
More Valuable Insights on Solid State Battery Market
Fact.MR provides an unbiased analysis of the Solid State Battery market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global Solid State Battery market with a detailed segmentation on the basis of:
- By Battery Type
- Thin Film Solid State Batteries
- Portable Solid State Batteries
- By Capacity
- Below 20mAh Solid State Batteries
- 20mAh-500mAh Solid State Batteries
- Above 500mAh Solid State Batteries
- By Application
- Solid State Batteries for Consumer & Portable Electronics
- Solid State Batteries for Electric Vehicles
- Solid State Batteries for Energy Harvesting
- Solid State Batteries for Wearable & Medical Devices
Key Questions Covered in Solid State Battery Market Report
- The report offers insight into the Solid State Battery market demand outlook for 2021-2031.
- The market study also highlights projected sales growth for Solid State Battery market between 2021 and 2031.
- Solid State Battery market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Solid State Battery market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
