New York – May 26, 2023 - Research Nester’s recent market research analysis on “Solid State Car Battery Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global solid state car battery market in terms of market segmentation by vehicle type, battery energy density, component, propulsion type and by region.
With The Advent of Electric Vehicles And Their High Energy Density, Solid State Batteries Have Become More Popular In Evs Promoting Global Market Share Of Solid State Car Batteries
Solid state batteries have gained popularity in EVs due to their high energy density, attracting the market for solid state car batteries. Solid state batteries are safer than conventional lithium ion batteries because they use solid electrolytes instead of liquid ones, making them more resistant to leaks and fires. They also have a higher energy density, allowing them to store more energy in a smaller space, making them ideal for EVs. Also, The weight of an 80-kWh battery in an EV today is about 1,000 pounds; an 80-kWh solid-state battery would weigh just 333 pounds.
Some of the major growth factors and challenges that are associated with the growth of the global solid state car battery market are:
Growth Drivers:
· Emergence of new technologies, such as fast-charging batteries
· Rising awareness among consumers regarding the environmental benefits of electric vehicles
Challenges:
Additionally, solid state car batteries have a higher cost than traditional lithium ion batteries, which makes them less desirable to consumers. Furthermore, the technology is still in its early stages and the batteries still require further research and development before they can be used widely in the automotive industry. Despite the fact that the batteries are more efficient and have a longer life span, their higher cost is a major deterrent for consumers.
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Based on the type of propulsion, the global solid state car battery market can be segmented into battery electric vehicles and hybrid electric vehicles. Battery electric vehicles are forecast to garner the highest revenue by the end of 2035 at a significant CAGR. This can be attributed to the increasing demand for electric vehicles due to their lower carbon footprint and government incentives. Additionally, the development of more efficient and affordable batteries to power these vehicles is driving the growth of the global solid state car battery market. Moreover, the development of advanced batteries with higher energy density, improved safety, and longer lifespans are contributing to the growth of the segment.
By region, the Europe solid state car battery market is to generate the highest revenue by the end of 2035. This growth is anticipated by the increased adoption of electric vehicles in the region, due to government initiatives such as subsidies, tax rebates, and promotion of electric vehicles. Additionally, the increasing awareness among consumers regarding environmental protection and policies and incentives supporting the switch to energy-efficient vehicles is also expected to drive market growth. The Basque Government in Spain contributed USD 19 million to BASQUEVOLT. This initiative is expected to support the charging infrastructure and encourage the use of electric vehicles in Basque Country, Spain.
This report also provides the existing competitive scenario of some of the key players of the Samsung SDI Co. Ltd., Solvay, Cymbet, Robert Bosch GmbH, Saft, Toyota Motor Corporation, Solid Power, Inc, Panasonic Holdings Corporation, QuantumScape, LG Chem.
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