Solid State Battery Market Overview:
During the projection timeframe of 2022–2030, the solid-state battery business is expected to expand at a CAGR of 28.01%, with an overall share worth 411.48 million USD.
Hybrid cars utilize this battery. Both the industry and the demand for electric cars are expanding quickly. The International Energy Agency claims that the industry for electric motors is really growing quickly.
The solid-state battery market saw some pre-pandemic and post-pandemic decline. COVID-19 proved to be more than just a bothersome infection. It was exceedingly hazardous and seriously illumed many people. Even a few fatalities were brought on by the infection. Authorities quickly realized that this virus could not be dismissed. They implemented shutdowns and inoculations as a response. They were transient in nature since they had little impact. During the lockdowns and inoculations, individuals were less movable. As a result, they were not using their automobiles as frequently. The requirement for solid-state batteries decreased. As a result, some businesses were compelled to reduce their output or possibly close.
The industry for solid-state batteries is still rather cutthroat. The fact that there are too many businesses in this sector is one of the causes of this. The company's enormous potential for generating income and profits is what draws businesses to it. In any event, businesses discover that they need to spend a lot of money on R&D to thrive. Of course, they always have the option of merging with, purchasing, or forming alliances with other prosperous businesses.
A notable illustration of a business that has maintained its competitiveness despite the COVID-19 epidemic is Bright Volt Inc. It has made sure that it can create and sell better items that the competitors may not always be able to create and sell by extensively spending in study and development.
Because more individuals are beginning to disregard the epidemic by becoming mobile, the rate of growth of the solid-state battery industry is increasing. This indicates that they are travelling by car more frequently. As a result, more consumers and businesses are choosing to purchase electronic automobiles and other automobiles. Many auto manufacturers are putting more money into extensive research and development to create what they like to refer to as "the ideal battery"!
In 2018, there were around 5.1 million electrical vehicles on the road worldwide. About 2 million more cars were sold in 2018 compared to 2017. Electric vehicle sales climbed by 200 percent between 2017 and 2018.
Report Attribute/Metric
Details
CAGR
28.01% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type , Capacity and Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Market segmentation:
This market is segmented into three major groups that are Type, capacity and application.
Based on the type this is divided into the portable battery, thin film battery and others. Based on capacity this is divided into the less than 20MAh, 20 to 300 MAh, 301 to 500MAh and above 500MAh. Based on the application this market is segmented into the electric vehicles, medical Devices, smart Cards, electronics, wearable devices and others.
Regional classification:
This market is classified into five major regions that are north America, Asia-Pacific, South America, European union and north Africa.
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Key Players
- Cymbet Corporation (US)
- STMicroelectronics N.V. (Switzerland)
- Robert Bosch GmbH (Germany)
- Toyota Motor Corporation (Japan)
- Brightvolt Inc. (US)
- Excellatron Solid State LLC (US)
- Apple Inc. (US)
- Planar Energy Devices Inc. (US)
- Solid Power Inc. (US)
- Altairnano (US)
- Quantumscape Corporation (US)
- Infinite Power Solution Inc. (US)
