Solid State Battery Market size is expected to reach USD 40.6 Billion by the end of 2035, witnessing around 35.5% during the forecast period, i.e., 2023 - 2035. In the year 2022, the industry size of solid state battery was over USD 1.33 Billion. The market growth can be attributed to the rising focus on clean energy and higher integration of electric vehicles pushed by governments all across the globe. Governments all over the globe are enacting laws and regulations to cut carbon emissions and encourage the use of renewable energy sources, which is fostering an atmosphere that is conducive to the expansion of the solid state battery industry.
Moreover, the rising demand for renewable energy storage is anticipated to boost industry growth. These batteries have the capacity to store excess energy generated during times of high production and release it during emergencies.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~35.5% |
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Base Year Market Size (2022) |
~ USD 1.33 Billion |
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Forecast Year Market Size (2035) |
~ USD 40.6 Billion |
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Regional Scope |
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Application (Consumer Electronics, Wearable Devices, Electric Vehicles, Medical Devices, Packaging, Wireless Sensors)
The consumer electronics segment in the solid state battery market is estimated to reach the largest revenue share of around 40% by the end of 2035. The growth of this market can be ascribed on account of the increase in electronics manufacturing. Solid-state batteries are used in smartphones, laptops, and electrical components. They are safe, reliable, and offer high performance.
Higher purchase of consumer electronics by people and escalating urbanization all across the globe is also driving the demand for this segment in the predicted time frame. Moreover, growing concerns over safety issues related to liquid electrolytes in batteries have increased the demand for all-solid-state batteries for consumer electronics applications, which in turn influences market expansion during the forecast time period.
Category (Single-Cell Battery, Multi-Cell Battery)
The multi-cell battery segment is predicted to hold 60% share of the global solid state battery market in the projection time period i.e. between 2023 - 2035. Multi-cell batteries have a much longer lifespan than single-cell batteries and are a major growth driver in this sector. These batteries are equipped with a more efficient thermal management system that prevents overheating and extends life.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Capacity |
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Category |
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Application |
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North America Market Forecasts
The solid state battery market in North America is expected to exceed 34% by the end of 2035. The growth can be attributed to the rising demand for wearable devices in the region, followed by the surging disposable income of the population.
Europe Market Forecast
Europe region's solid state battery sector is expected to reach more than 30% market share between the time period 2023-2035. This is due to the increasing focus on reducing CO2 emissions and accelerating the transition to electric vehicles. The European Union has set a goal of becoming climate neutral by 2050. This has led to increased investment in energy storage technologies such as renewable energy, and all-solid-state batteries.
QuantumScape Corporation announced the agreement with Volkswagen Group of America, Inc. to locate their Joint-venture solid state battery pilot-line plant by the end of 2021. The corporations are now considering the location of Salzgitter, Germany. They also intend to expand the production of 1 gigawatt-hour (GWh).
Author Credits: Harshita Srivastava, Saima Khursheed
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