Global EV Solid State Battery Market to Record Electrifying Growth at 43.8% CAGR to Cross USD 7.2 Billion by 2028

Published | 06 October 2022

Global EV solid state battery market is booming, as the demand for solid state batteries grows in tandem with rapidly increasing number of electric vehicles (EVs) sold across the countries. Favorable characteristics of solid state batteries attract high investments in R&D of solid state batteries.

BlueWeave Consulting, a leading strategic consulting and market research firm, forecasts the size of Global EV Solid State Battery Market to expand at an impressive CAGR of 43.8% between the period 2022 and 2028, to reach a value of USD 7.26 billion by 2028. Major growth factors for the market include solid state battery’s favorable features, growing demand for solid state batteries in EVs, and increasing investments by large corporations in the research and development (R&D) of solid state batteries.

Solid State Battery - Overview

When compared to traditional Li-ion batteries with liquid electrolytes, solid state batteries are safer, more stable, and have higher energy densities. Solid state batteries find its use across different industries, including consumer electronics, EVs, energy harvesting, medical gadgets, smart cards, and wireless communication. In addition, investments from industry behemoths, such as Apple, Samsung, Volkswagen, and BMW, are accelerating the market growth. The solid state battery market is growing because of factors such as rising demand for solid state batteries in EVs, a growing trend toward miniaturization of consumer electronics, and increased R&D activities by leading companies.

The use of solid state batteries in EVs is one of the most promising growth prospects for the industry. Electric car demand is rapidly increasing due to the passage of favorable legislations by major countries, such as the United States, the United Kingdom, China, Germany, and Japan. Furthermore, the adoption of EVs is assisting countries in reducing their reliance on imported oil and lowering greenhouse gas emissions in the transportation sector. Light EV sales are increasing year after year around the world. China, the United States, the United Kingdom, Germany, France, and Japan are just a few of the major markets for EVs. Solid state batteries are gaining popularity as electric automobiles become more widespread.

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Global EV Solid State Battery Market - By Application

In 2020, the consumer and portable electronics segment had the most market share. Rapid urbanization and consumer spending on consumer electronics, such as laptops, smartphones, computers, and other consumer gadgets, are to blame in developing countries. Furthermore, rising concerns about the safety of liquid-based electrolytes in batteries are driving demand for solid state batteries in consumer electronics applications, which is expected to drive market growth throughout the research period.

Global EV Solid State Battery Market – Regional Analysis

Asia Pacific (APAC) is likely to increase at the quickest rate during the forecast period, owing to the rapidly increasing popularity and sales growth of EVs in major APAC countries, such as China, Japan, India, and South Korea. Europe would be the second largest market for EV SSBs. Packaging, consumer electronics, EVs, and medical devices are among the major applications of the solid state battery industry in Europe. Companies like Robert Bosch in Germany, Ilika in the UK, and Blue Solutions in France are creating next-generation flexible devices. To complement the product design, these gadgets require power sources that are not only compact but also have a high-power density and thin-film batteries meet these requirements. Europe has surpassed China as the leading market for EVs, according to the International Energy Agency. The European solid state battery market comprises countries including the United Kingdom, Germany, France, and the rest of Europe.

Restraints

The costs of making solid state batteries are significant. Solid state battery development demands significant capital expenditures for research and development as well as the building of manufacturing facilities. It necessitates the utilization of sophisticated equipment as well as innovative solid state battery manufacturing technologies. It is challenging to create a stable, chemically inert solid electrolyte that is also a good ion conductor between the two electrodes of a solid state battery. They are more expensive to make than lithium-ion batteries and are more prone to breaking due to the brittleness of the electrolytes as they expand and compress during use. Making a solid state cell now costs eight times more than a liquid Li-ion battery does.

Impact of COVID-19 on Global EV Solid State Battery Market

COVID-19 outbreaks can be used to estimate growth in the solid state battery sector. Throughout the world, the COVID-19 pandemic forced the shutdown or partial closure of the industry, warehouses, businesses, and educational institutions. In every industry around the world, supply chain operations and logistics-related services were affected. Limited consumer and business investment, lockdown measures, and supply chain disruptions have all impeded the growth of the solid state battery market. The COVID-19 outbreak has caused a decline in the market, resulting in the closure of several SMEs, logistical challenges, lockdowns, and other issues.

Competitive Landscape

The solid state battery market is dominated by firms such as Cymbet in the US, Robert Bosch in Germany, Toyota Motor in Japan, Solid Power in the US, Excellatron Solid State in the US, and BrightVolt in the US. Cymbet specializes in solid state energy storage. EnerChip is the brand name under which the company sells its products. Cymbet's core products are solid state thin-film rechargeable batteries with built-in power control. Integrated circuits (ICs), sensors, industrial control systems, telecommunications, networking systems, military aerospace transportation, RFID tags, medical devices, and portable electronic gadgets can all be added to these batteries.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global EV Solid State Battery Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global EV Solid State Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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