Solid State Car Battery Market Size & Share Vehicle Type (Passenger Car, Commercial Vehicle), Battery Energy Density (Less than 450 Wh/kg, More than 450 Wh/kg); Component (Cathode, Anode, Electrolyte); Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4984
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Solid State Car Battery Market size is anticipated to surpass USD 3 Billion by 2035, growing at a 4% growth rate from 2023 to 2035. In the year 2022, the industry size of solid state car battery was USD 1 Billion. The increasing demand for electric vehicles (EVs) requires batteries that are more reliable, efficient, and have a longer life span. Solid-state car batteries are a perfect fit for EVs as they are lightweight, have better energy density than traditional lithium-ion batteries, and have a much longer lifespan.

The higher stability of solid-state car batteries makes them a popular choice among automakers. The lithium-ion batteries have a liquid electrolyte that can heat up and cause a chain reaction that generates more heat. Solid-state batteries, however, are made of solid materials and don't rely on combustible liquid electrolytes. This makes them much safer than traditional batteries, as they are not prone to chain reactions and fires when they become too hot.


IG Global Solid State Car Battery Market
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Global Solid State Car Battery Sector: Growth Drivers and Challenges

Growth Drivers

  • Rapid Charging Rates of Batteries - Solid state batteries can charge at much faster rates than traditional batteries due to their higher energy density and low internal resistance. Most solid-state battery startups estimate that a full charge takes between 10 and 15 minutes. The increased charging speed makes them an attractive option for charging electric cars, which require frequent recharging.
  • Emerging Popularity of Solid State Batteries in EVs Due To High Energy Density - Solid state batteries are much more energy dense than lithium-ion batteries, meaning that a given battery will be smaller and lighter. As a result, electric cars will be lighter, resulting in better performance and range, since they won't have to carry as much weight. For context, 80-kWh batteries weigh about 1,000 pounds in an EV today, whereas 80-kWh solid-state batteries would weigh just 333 pounds.
  • Growing Acceptance of Electric Vehicles (EVs)- Over 3 million electric vehicles have been sold worldwide in 2020, reflecting a 42% increase in global acceptance. The International Energy Agency (IEA) estimates that about 30% of all cars will be electric by 2030. EVs require batteries that are lightweight and durable enough to power the vehicle for long distances.

Challenges

  • Technological Challenges in Developing Solid State Batteries - Solid state batteries are more difficult to manufacture than traditional batteries due to their complex structure and the need for precise control over the materials used. This makes it difficult to achieve the desired performance and efficiency, which can limit the adoption of solid state batteries in the market.
  • Higher cost of solid state car batteries than lithium-ion batteries.
  • Lack of standardization and absence of government incentives for solid-state battery technologies

Solid State Car Battery Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~4%

Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 3 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Solid State Car Battery Segmentation

Vehicle Type (Passenger Car, Commercial Vehicle)

Around 53% of the market is expected to be occupied by passenger cars by 2035. In developing countries, a growing urbanization trend has increased passenger car demand, which is a result of higher accessibility to electric vehicles and new technologies that reduce charging times and improve range. In comparison with traditional lithium-ion batteries, solid-state batteries are safer, more efficient, and can store more energy. Thus they are ideal for use in passenger cars, which require an immense amount of energy and are also regulated for safety and reliability.

Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle)

The battery-electric vehicle segment is set to hold 56% of the solid state car battery market share by 2035. BEVs have become increasingly popular due to their superior features over hybrid electric vehicles, including larger battery capacities, faster charging, and better safety features. Also, increasing government initiatives and subsidies to promote electric vehicle adoption, technological advancements in battery technology leading to increased range and power output of electric vehicles and improved charging infrastructure.

Our in-depth analysis of the market includes the following segments:

     Vehicle Type

  • Passenger Car
  • Commercial Vehicle

     Battery Energy Density

  • Less than 450 Wh/kg
  • More than 450 Wh/kg

     Component

  • Cathode
  • Anode
  • Electrolyte

     Propulsion Type

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle

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Global Solid State Car Battery Industry - Regional Synopsis

Asia Pacific Market Forecast

The solid state car battery market in Asia Pacific is set to dominate with a share of about 32% by the end of 2035. With increased government initiatives to promote EV adoption and the presence of several leading battery manufacturers in the area, the region is producing EVs on a large scale. By 2030, India intends to have at least 30% of its private automobiles be electric vehicles; as of 2022, there are 13,92,265 such vehicles on Indian roads. Over 3.4 million EVs were produced in China in 2021.

North America Market Analysis

The North American solid state car battery market is emerging to register a value of around 28% by 2035. A growing concern about environmental sustainability, coupled with stringent government regulations, has prompted automakers in the region to develop cost-efficient and environmentally friendly modes of transportation. To reduce emissions and comply with regulations, automakers are investing in the development of electric vehicles powered by solid state car batteries, which are more efficient and have a longer lifespan than traditional batteries.

Research Nester
IG Global Solid State Car Battery Market Size
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Top Featured Companies Dominating the Global Solid State Car Battery Market

top-features-companies
    • Samsung SDI Co. Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Solvay
    • Cymbet
    • Robert Bosch GmbH
    • Saft
    • Toyota Motor Corporation
    • Solid Power, Inc
    • Panasonic Holdings Corporation
    • QuantumScape
    • LG Chem

In-the-news

In The News

  • Decarbonization Plus Acquisition Corporation III and Solid Power, Inc., one of the world's largest producers of all-solid-state batteries for electric vehicles, announced a definitive agreement. As a result of the deal, Solid Power will become a publicly traded company.
  • Toyota Motor Corporation planned to use solid-state batteries in hybrid cars before electric vehicles by 2025. The battery is expected to provide a higher output, a longer range, and a quicker charging time.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 4984
  • Published Date: Jun 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for electric vehicles and ongoing technological developments in battery manufacturing.

The market size of solid state car batteries is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Samsung SDI Co. Ltd., Solvay, Cymbet, Robert Bosch GmbH, Saft, Toyota Motor Corporation, Solid Power, Inc, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by vehicle type, battery energy density, component, propulsion type, and by region.

The passenger car segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Lack of standardization and absence of government incentives for solid-state battery technologies.

The market in the Asia Pacific region to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Solid State Car Battery Market Report Scope
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