The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% from 2020 to 2027. The growth of this market is driven by the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies.
Growth of solid state battery industry is expected to be driven by growth in electric vehicles during forecast period.
The global solid state battery market for electric vehicles is expected to grow at a significant rate during the forecast period. Electric vehicles (EV) are anticipated to be one of the major segments for solid state batteries. Cost, safety, and driving range are a few of the major concerns associated with electric vehicles.
Over the past few years, manufacturers have had to work with the restraints of the conventional batteries composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, many major companies are developing solid state batteries to address the current problems of the market.
Solid state battery market in APAC to grow at highest CAGR during 2020-2027.
APAC is expected to witness the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries.
Moreover, the report profiles the key players in the solid state battery market and analyzes their market ranking. The prominent players in this market are Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US), among others.
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 APAC Holds Huge Opportunities for Solid State Battery Market 4.2 Solid State Battery Market, by Type (2019-2027) 4.3 Solid State Battery Market, by Rechargeability 4.4 Solid State Battery Market, by Capacity 4.5 Solid State Battery Market, by Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 184.108.40.206 Surge in Research and Development Activities Related to Solid State Batteries 220.127.116.11 Increase in Adoption of Solid State Batteries in Electric Vehicles 18.104.22.168 Extended Shelf Life of Solid State Batteries Than Conventional Batteries 22.214.171.124 Miniaturization of Electronic Devices 5.2.2 Restraints 126.96.36.199 High Cost of Solid State Batteries 188.8.131.52 Complicated Manufacturing Process of Solid State Batteries 5.2.3 Opportunities 184.108.40.206 Increase in Investments and Partnerships Among Automobile Companies and Solid State Battery Manufacturers 220.127.116.11 Surge in Demand for Electric Vehicles 18.104.22.168 Integration of Flexible and Lightweight Batteries in Wearable Devices 5.2.4 Challenges 22.214.171.124 Manufacturing Cost-Efficient Solid State Batteries 5.3 Impact of COVID-19 on Solid State Battery Market 5.4 Value Chain Analysis
7 Solid State Battery Market, by Type 7.1 Introduction 7.2 Single-Cell Battery 7.2.1 Single-Cell Battery Technology is Well-Adopted in Medical Devices Application 7.3 Multi-Cell Battery 7.3.1 Multi-Cell Batteries Would Be Most Trending Battery Technology for Electric Vehicles Due to Their High Power Density
8 Solid State Battery Market, by Rechargeability 8.1 Introduction 8.2 Primary Battery 8.2.1 Primary Solid State Batteries Have Smaller Life Span 8.3 Secondary Battery 8.3.1 Secondary Solid State Batteries Have Immense Opportunities in Electric Vehicles
9 Solid State Market, by Capacity 9.1 Introduction 9.2 Battery Capacity: Below 20 Mah 9.2.1 Below 20 Mah Solid State Batteries Are Mostly Used in Wearables, Wireless Sensors, and Rfid Tags 9.3 Battery Capacity: Between 20 Mah and 500 Mah 9.3.1 Batteries of Capacity Range Between 20 Mah and 50 Mah Are Mostly Used in Energy Harvesting and Consumer Electronics Applications 9.4 Battery Capacity: Above 500 Mah 9.4.1 Solid State Batteries of Above 500 Mah Capacity Are Mostly Employed in Applications Requiring High Power
10 Solid State Battery Market, by Application 10.1 Introduction 10.2 Impact of Covid-19 on Applications Using Solid State Batteries 10.3 Consumer Electronics 10.3.1 Smartphones 10.3.1.1 Manufacturing Requirements in Smartphones Pose Opportunities for Solid State Batteries 10.3.2 Wearables 10.3.2.1 Growing Popularity of Wearables Poses Significant Scope for Solid State Batteries 10.4 Electric Vehicles 10.4.1 Portable Batteries Have Remarkable Growth Opportunities in Electric Vehicles 10.5 Medical Devices 10.5.1 Life Span of Solid State Batteries Supports Efficient Operations of Medical Devices 10.6 Energy Harvesting 10.6.1 Energy Harvesting Systems Could Largely Benefit from Longer Shelf Life of Solid State Batteries 10.7 Wireless Sensors 10.7.1 Internet of Things Technology Supports Employment of Solid State Batteries in Wireless Sensors 10.8 Packaging 10.8.1 Rfid Tags and Smart Labels Hold Potential for Solid State Batteries 10.9 Others
11 Solid State Battery Market, by Region 11.1 Introduction 11.2 North America 11.2.1 US 126.96.36.199 Prevalent R&D Activities by Major Players to Support Solid State Battery Market 11.2.2 Canada 188.8.131.52 Growing Deployment of Iot to Encourage Adoption of Solid State Batteries 11.2.3 Mexico 184.108.40.206 Mexico'S Energy Harvesting Application Holds Opportunities for Solid State Batteries 11.3 Europe 11.3.1 Germany 220.127.116.11 Germany Holds Significant Potential for Growth of Electrical Vehicles 11.3.2 UK 18.104.22.168 Uk to Witness Significant Growth in Solid State Battery Market During Forecast Period 11.3.3 France 22.214.171.124 France Expected to Be Major European Solid State Battery Market for Consumer Electronics and Wireless Sensors 11.3.4 Rest of Europe 11.4 APAC 11.4.1 China 126.96.36.199 Consumer Electronics and Electric Vehicles Expected to Boost Chinese Solid State Battery Market 11.4.2 Japan 188.8.131.52 Presence of Key Players Offering Solid State Batteries to Support Japanese Market 11.4.3 South Korea 184.108.40.206 Energy Harvesting Holds Potential for Solid State Batteries 11.4.4 India 220.127.116.11 India Has Potential to Propel Solid State Battery Market Growth 11.4.5 Rest of APAC 11.5 Row 11.5.1 Middle East & Africa 18.104.22.168 Middle East & Africa Expected to Have Significant Growth Potential for Thin-Film Batteries 11.5.2 South America 22.214.171.124 Brazil Holds Potential to Adopt Solid State Batteries
13 Company Profiles 13.1 Key Players 13.1.1 Cymbet 13.1.2 Robert Bosch 13.1.3 Toyota Motor 13.1.4 Brightvolt 13.1.5 Excellatron Solid State 13.1.6 Blue Solutions 13.1.7 Solid Power 13.1.8 Quantumscape 13.1.9 Prologium Technology 13.1.10 Keracel 13.2 Right-To-Win 13.3 Other Players 13.3.1 Ilika 13.3.2 Samsung 13.3.3 Planar Energy Devices 13.3.4 Fisker 13.3.5 NGK Spark Plug 13.3.6 Gangfeng Lithium 13.3.7 Qing Tao Energy Development