Solid-State Car Battery Market Overview

The global solid-state car battery market is projected to reach a valuation of USD 36199.9 Mn by 2031 at a CAGR of 51.7%, from USD 560.9 Mn in 2021.

“Global Solid-State Car Battery, by Component (Cathode, Anode, Electrolyte), By Vehicle Type (Compact, Mid-Size, Luxury, SUV), and by Region – Global Forecast to 2031.” This report offers a holistic view of the global solid-state car battery through systematic segmentation that covers every aspect of this target market.

Solid-state batteries use solid electrodes and a solid electrolyte, instead of liquid or polymer gel electrolytes that are found in lithium-ion or lithium polymer batteries. These batteries have excellent safety efficiency, high energy density, and a wider range of operating temperatures. This type of battery is capable enough to hold sufficient energy over liquid Li-ion batteries. In addition, these batteries offer both stability as well as safety over liquid Li-ion batteries. Solid-state batteries reduce the chance of electrolyte volatility, and flammability at high temperatures. Owing to these aforementioned parameters, this type of battery is considered to be a suitable option for Electric Vehicle (EV) manufacturers over li-ion batteries.

Solid-state batteries offer possible solutions to several problems of liquid Li-ion batteries such as limited voltage, flammability, poor cycling performance as well as strength. In addition, with recent advancements pertaining to electrolytes and processing technology, solid-state batteries are poised to aid in energy storage challenges on a larger scale. As such, these aforementioned factors are anticipated to bolster the revenue growth of the global solid-state car battery over the forecast period.

Global Solid-State Car Battery Market Revenue (US$ Mn), 2021–2031

The increasing adoption of electric vehicles across the globe, paired with the support of respective governments towards the electric vehicle industry in the form of subsidiaries, taxes, financial incentives, etc., have led to an increase in the demand for solid-state batteries. In addition to this, markets for electric vehicles such as China, the United States, and Germany are heavily investing in EVs. This, in turn, is likely to augment the demand for EVs and will play a crucial role in the financial development of the global solid-state car battery market. Volkswagen, Tesla, Ford, the Mahindra Group, BMW, and General Motors have significantly increased their respective R&D budgets for the development of EVs.

The high costs associated with solid-state car batteries compared to conventional EV batteries are likely to result in potential expansion opportunities for the global solid-state car battery to a certain extent. In addition, due to the COVID-19 pandemic, several countries have imposed complete lockdowns, which in turn, has negatively impacted the automotive sector. Manufacturing activities for the automotive industry were also hired or halted entirely. Manufacturing, and transportation activities, paired with their respective supply-chain operations were hampered on a global level. This, in turn, is likely to impact market growth prospects to a certain extent. Additionally, most industries are gradually resuming their respective manufacturing activities or operations, and this is likely to reinvigorate the global solid-state car battery market by the end of 2022.

Moreover, consistent growth in the GDP of both developed and developing nations have also aided in the evolution of the automotive industry. Owing to this aforementioned growth in GDP, particularly that of emerging countries, prominent market players have exhibited a keen sense of interest in these regions, thereby complementing revenue expansion prospects for the global solid-state car battery market. Moreover, increasing demographic dividends, surging per capita disposable incomes, and higher urbanization levels are also crucial elements that are slated to increase both the demand & availability of automotive vehicles. This in turn will create additional demand for solid-state car batteries. As such, these key elements are anticipated to positively impact this industry. For instance, as per the US Bureau of Labor Statistics (BLS), there has been an increase in the personal disposable incomes of the US population. It increased from US$11,394 Bn in 2006 to US$15,928.7 Bn in 2016 and is expected to index US$24,174.5 Bn by 2024.

Market players are developing new products/services, adopting expansion strategies, and undertaking partnerships, collaborations, as well as mergers & acquisitions to gain traction in the global solid-state car battery market.

In May 2021, Solid Power unveiled its solid-state platform technology by showcasing its new 77 kWh SSB. This battery is approximately 44% smaller and is 35 kg lighter in weight than conventional lithium-ion batteries. In March 2021, Toyota announced its rechargeable solid-state car battery development and its prototype car. This company announced that EVs using solid-state car batteries will ensure a range greater than 500 miles on a single charge, and will charge the EV battery completely within 10 minutes. In January 2021, CATL announced the development of solid-state batteries for EVs in the coming years. The batteries will come with battery densities of 200 Wh/kg, 300 Wh/kg, and 350 Wh/kg.

Competitive Landscape:

This research report on the global solid-state car battery market includes major company profiles such as

• Toyota Motor Corporation
• Solid Power
• QuantumScape
• Samsung SDI
• Ilika
• BrightVolt
• Panasonic
• Cymbet
• LG Chem, among others.

Detailed Segmentation:

Global Solid-State Car Battery Market Segmentation is Based on Product Types, End-Use, Distribution Channels, and Region

Based on Component

• Cathode
• Anode
• Electrolyte

Based on Vehicle Type

• Compact
• Mid-Size
• Luxury
• SUV

Based on Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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For the Solid-State Car Battery Market research study, the following years have been considered to estimate the market size: