Solid State Battery Market to Record a Growth of USD 234.81 million between 2022 and 2027, APAC to Occupy 46% Market Share - Technavio

NEW YORK, Jan. 22, 2024 /PRNewswire/ -- The solid state battery market size is expected to grow by USD 234.81 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 31.9% during the forecast period. The APAC region is poised to contribute significantly, accounting for 46% of global market growth during the forecast period. China leads in solid-state batteries due to a large customer base and surging demand for electric vehicles (EVs). Japan, South Korea, Hong Kong, and India are also aggressively adopting EVs, fostering the solid-state battery market. Governments and automakers collaborate to reduce fossil fuel reliance, focusing on EVs amid environmental concerns. With targets for EV adoption, the growth of the solid-state battery market in APAC hinges on the widespread acceptance of electric vehicles. To find a preview of the market overviews, market drivers, opportunities, and potentials request a free sample report

What are some of the major market players during the forecast period?

The solid-state battery market is fragmented due to the presence of many global and regional players. The market comprises category-focused, industry-focused, and diversified vendors. The global off-grid solid-state battery market is expected to grow rapidly during the forecast period due to the growing requirement for long-range EVs. Hence, the competition among companies is expected to intensify during the forecast. The report analyzes the market's competitive landscape and offers information on several market companies. BrightVolt, BYD Co. Ltd., Factorial Energy, General Motors Co., Hitachi Zosen Corp., Ilika PLC, Ion Storage Systems, Johnson Energy Storage Inc., LG Chem Ltd., Murata Manufacturing Co. Ltd., Poly Plus Battery Co., ProLogium Technology Co. Ltd., QuantumScape Corp, Robert Bosch GmbH, Samsung SDI Co. Ltd., STMicroelectronics International N.V., TDK Corp., Toyota Motor Corp., AMP Inc, and Ampcera Inc.

• Ampcera Inc.: The company offers solid-state batteries such as solid-state and metal-air batteries which are safer and demonstrate higher performance than lithium-ion batteries.

Which segment is a major contributor to the market growth based on application?

• The Network Access Control (NAC) market's transportation segment is poised for substantial growth, driven by the surge in solid-state battery adoption, particularly in electric vehicles (EVs). With a focus on sustainability and environmental concerns, the electric vehicle market is expanding globally. Solid-state batteries, a key element in this transition, offer safer, lighter designs and superior energy storage compared to traditional lithium-ion batteries. This transformation aligns with the imperative to reduce greenhouse gas emissions, emphasizing the role of electric vehicles in achieving this goal. The NAC market within the transportation sector intersects with innovative battery technology and sustainable energy trends.

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Imperative Insights on the following aspects:

• What was the size of the global solid state battery market by value?
• What will be the size of the global solid state battery market in 2027?
• How has the industry perform over last 5 years?
• What factors are affecting the strength of competition in the global solid state battery market?
• What main segments make up the global solid state battery market?

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio