2024 Market Research Review: Fuel Cells and Batteries

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Jul 14, 2025, 13:46 ET

"Exploring the Future of EV Propulsion: Advances in Solid-State, Sodium-Ion, and Flow Batteries Pave the Way for Safer, More Efficient, and Sustainable Transportation Solutions"

BOSTON, July 14, 2025 /PRNewswire/ -- BCC Research announces the release of its "2024 Fuel Cell and Battery Research Review," offering in-depth analysis and market forecasts for the most innovative and rapidly advancing battery technologies. This review focuses on the significant growth projections for solid state batteries, sodium-ion batteries, and the electric vehicle (EV) battery reuse and recycling market.

Highlights:

Solid State Batteries Market:
The market is projected to grow from $274.0 billion in 2023 to $1.7 billion by the end of 2029.
Compound Annual Growth Rate (CAGR): 36.7%.
Electric Vehicle Batteries Market:
The market is projected to grow from $8.0 billion in 2024 to $28.1 billion by the end 2029.
CAGR: 28.5%.
Sodium-ion Batteries Market:
The market is projected to grow from $318.0 billion in 2023 to $838.5 billion by the end of 2029.
CAGR: 18.6%.

Research Coverage and Insights:

The 2024 Fuel Cell and Battery Research Review focuses on the central role of advanced battery technologies in operating various applications and driving innovation. Areas of growth include:

Rapid Advances in Battery Technology:

- Innovations in EV propulsion systems.
- Benefits include improved energy density, enhanced safety, and extended driving range.
Solid-State Batteries (SSBs):

- Utilize solid electrolytes instead of liquid solutions.
- Enhance safety by eliminating thermal runaway and electrolyte leakage.
- Enable faster charging times, longer driving range, and extended cycle life.
Sodium-Ion Batteries:

- Emerging as a promising alternative to lithium-ion batteries.
- Use abundant sodium, reducing reliance on scarce and costly materials like lithium and cobalt.
- Known for lower production costs and better performance in cold temperatures.
Diversification in EV Applications:

- Advanced batteries such as SSBs, sodium-ion batteries, and flow batteries are expanding possibilities.
- High-performance EVs, low-cost urban transportation, and efficient commercial fleets are on the horizon.
- Paving the way for the next chapter in sustainable transportation.

Research Summary:

This 2024 Research Review of Fuel Cell and Batteries exemplify the quantitative market data, analysis, and guidance that BCC Research has been developing since its inception in 1971 to help its customers make informed business decisions. This Research Review includes highlights and excerpts from the following reports published by BCC Research in 2024:

This Research Review provides a consolidated overview of key market insights from these recent reports. The full reports referenced in this review offer additional depth on each topic, offering further context and more detailed analysis.

For further information or any of these reports or to make a purchase, contact [email protected].

About BCC Research

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SOURCE BCC Research LLC