Solid State Car Battery Market Trends

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)

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 â€“ 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 Trends