Solid-State Batteries Market

Solid-State Batteries Market Overview

The Solid-State Batteries Market size was valued at USD 1.33 billion in 2023 and is predicted to reach USD 11.04 billion by 2030 with a CAGR of 35.3% from 2024-2030.

Solid-state batteries are a type of rechargeable battery that uses solid electrodes and solid electrolytes instead of the liquid or polymer gel electrolytes found in conventional lithium-ion or lithium polymer batteries. They offer higher energy density, faster charging, and improved safety compared to conventional batteries. Solid-state batteries are manufactured in a variety of shapes and sizes, making them suitable for electric vehicles, wearables, portable electronics, medical devices, and grid storage. The potential for longer cycle life and increased energy storage capacity makes them particularly appealing for applications in electric vehicles and portable electronic devices. As industries strive for more sustainable and efficient energy solutions, the emergence of solid-state batteries stands out as a significant development with the potential to reshape the landscape of energy storage across various sectors.

Market Dynamics and Trends

The demand for solid-state batteries is significantly boosted due to the rising adoption and usage of these batteries in electric vehicles (EVs). For instance, in April 2022, Nissan announced the launch of an electric vehicle with all solid-state batteries by 2028. With the growing concerns related to conventional lithium-ion batteries, automotive industry, in particular, is recognizing the potential benefits of solid-state batteries as a promising solution for the future of electric mobility.

Moreover, the market for solid-state batteries is experiencing significant growth, driven by its expanding application in various electronic gadgets, including mobile phones, watches, and medical equipment. The adoption of solid-state batteries in these devices is driven by the technology's advantages, such as improved energy storage, enhanced safety features, and a more compact and lightweight design. As consumer electronics industry continue to evolve with a focus on efficiency and safety, solid-state batteries offer a promising solution to meet these demands, which in turn, boosts the growth of the market.

Furthermore, the increasing research and development (R&D) activities for the development of solid-state batteries is further boosting the growth of the market. For instance, in May 2022, SOLiTHOR raised USD 10.6 million to develop a new solid-state battery cell technology. Through this, the company aims to increase its R&D to develop reliable, economical, and high-energy storage solutions with faster charging speed.

However, the high manufacturing cost of solid-state batteries is the major factor restraining the growth of the market. On the contrary, the introduction of sulfide electrolyte and a silicon anode combined solid-state batteries will create ample number of opportunities for the solid-state batteries market in the forecast period. The integration of a sulfide electrolyte and a silicon anode addresses key challenges faced by traditional batteries, offering potential advantages such as enhanced energy density, improved stability, and increased overall performance.

Market Segmentations and Scope of the Study

The solid-state batteries market report is segmented on the basis of type, capacity, application, and region. On the basis of type, the market is divided into thin film batteries, bulk batteries, and other batteries. On the basis of capacity, the market is classified into less than 20mAh, 20mAh to 500mAh, and above 500mAh. On the basis of application, the market is segmented into consumer and portable electronics, electric vehicles, energy harvesting, and wearable & medical devices. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and Rest of the World.

Geographical Analysis

Asia-Pacific holds the dominant share of solid-state batteries market during the forecast period. This is attributed to factors such as the presence of large population base coupled with the rising demand for IoT and consumer electronics such as tablets, smartphones, and other electronic devices with fast charging in this region. As per the latest report published by the GSM Association, smartphone adoption in Asia Pacific is anticipated to grow from 76% in 2022 to 94% by 2030.

In addition, the adoption of 5G technology is poised for substantial growth, projected to rise from 4% in 2022 to a substantial 41% by 2030. This shift in smartphones and 5G connectivity is driving the demand for solid-state batteries industry in this region.

Moreover, the presence of key market players such as LG Corporation, Toyota Motor, Gangfeng Lithium Co. Ltd, and others plays a major role in the development of the solid-state batteries market. Their presence in this region contributes significantly to technological advancements and market growth. For instance, in December 2021, Toyota Motors announced to launch of solid-state batteries technology in hybrid automobiles to deliver higher output, longer range, and shorter charging times, by 2025. This strategic move aims to deliver higher output, longer range, and shorter charging times, to revolutionize the automotive industry and accelerate the transition to more efficient and sustainable energy storage solutions.

On the other hand, North America is expected to show a steady rise in the solid-state batteries market due to the driven by the increasing demand for electric vehicles and stringent emissions regulations imposed by the government in the region. For instance, In July 2021, the US government passed an infrastructure bill to invest USD 15 billion to promote the usage of EVs and build 500,000 electric vehicle charging outlets. This substantial investment was aimed toward fostering cooperation within the automotive industry to implement anti-pollution rules and address climate change concerns, creating a conducive environment for the expansion of solid-state batteries market in this region.

Also, the increasing investment by key market players such as Factorial Energy and QuantumScape Corporation to manufacture and accelerate the commercialization of solid-state batteries is further boosting the market growth in this region. For instance, in January 2022, Factorial Energy raised USD 200 million to accelerate commercial production and deployment of Factorial’s solid-state Battery technology for EVs. The strategic investments by these industry leaders is driving the commercialization of solid-state batteries, contributing to the overall expansion and advancement of this innovative technology in this region.

Competitive Landscape

The solid-state batteries industry comprises of various market players such as SK Innovation Co. Ltd., STMicroelectronics, TotalEnergies, Store Dot, QuantumScape Corporation, Toyota Motor Corporation, Cymbet Corporation, Automotive Cells Company, Factorial Inc., Excellatron Solid State, Ganfeng Lithium Co. Ltd., Prieto Batteries, Bright Volt, Store Dot, LG Corporation, and others. These market players are adopting various strategies such as partnerships, joint ventures, and product development to remain dominant in the market.

For instance, in October 2022, Automotive Cells Company and ProLogium Technology collaborated for the development of electric vehicle (EV) solid-state Batteries. The collaboration was aimed toward driving innovation and addressing the growing demand for efficient and sustainable energy storage solutions in the EV market.

Additionally, in January 2022, QuantumScape partnered with Fluence for advancing solid-state lithium-metal battery technology. This collaboration was aimed towards leveraging cutting-edge battery technologies to enhance the efficiency and reliability of energy storage solutions in stationary applications.

Furthermore, in October 2021, Solid Power partnered with SK Innovation to develop solid state batteries for automotive industries. This collaboration was aimed at advancing battery technologies to address the specific needs of the automotive sector, emphasizing the growing significance of solid-state batteries in electric vehicles.

Key Benefits

• The report provides quantitative analysis and estimations of solid-state batteries market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the solid-state batteries market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the solid-state batteries market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Solid-State Batteries Market Key Segments

By Type

• Thin Film Batteries

• Bulk Batteries

• Other Batteries

By Capacity

• Less than 20mAh

• 20mAh to 500mAh

• Above 500mAh

By Application

• Consumer and Portable Electronics

• Electric Vehicle

• Energy Harvesting

• Wearable & Medical Devices

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 1.33 Billion
Revenue Forecast in 2030	USD 11.04 Billion
Growth Rate	CAGR of 35.3% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Million (USD)
Growth Factors	Increasing adoption in EVs drives the market growth Rising penetration of consumer electronics across the world boosts the market Increasing R&D is driving the growth of the market
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

Key Players

• SK Innovation Co. Ltd.

• STMicroelectronics

• TotalEnergies

• Store Dot

• QuantumScape Corporation

• Toyota Motor Corporation

• Cymbet Corporation

• Automotive Cells Company

• Factorial Inc.

• Excellatron Solid State

• Ganfeng Lithium Co. Ltd.

• Prieto Batteries

• Bright Volt

• Store Dot

• LG Corporation