Solid state batteries are rechargeable batteries that use solid electrolytes instead of liquid or polymer electrolytes, which are commonly used by conventional lithium-ion batteries. Solid state batteries offer advantages such as higher energy density, greater safety due to the non-flammable nature of solid electrolytes as compared to liquid electrolytes. With the rapid growth of the electric vehicle market, there is a rising demand for high energy density batteries which can power electric vehicles for longer ranges on a single charge. Solid-state batteries hold great potential to fulfill this demand, owing to their high energy density and safety benefits over lithium-ion batteries.
The global solid state battery market is estimated to be valued at US$ 1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rapid adoption of electric vehicles is one of the key drivers propelling growth of the solid state battery market size. According to some estimates, electric vehicles sales are projected to grow at a CAGR of over 30% during the forecast period. With continuous focus on extending driving range of EVs on a single charge, automotive manufacturers are actively investing in developing solid state batteries with higher energy density compared to lithium-ion batteries which are commonly used currently. Ongoing research and development activities aimed at resolving challenges like increasing costs of raw materials and manufacturing processes are playing a major role in accelerating commercialization of solid state batteries. Partnerships between battery developers and automotive OEMs indicate solid state batteries could start replacing lithium-ion batteries in electric vehicles from 2030 onwards and capture a sizable market share in the coming decade.
Segment Analysis
The global solid state battery market is dominated by the consumer electronics segment. Within consumer electronics, smartphones currently capture a significant share of the solid state battery market owing to their higher energy density and increased safety as compared to conventional lithium-ion batteries. These advantages make solid state batteries highly suitable for use in smartphones where extended battery life, safety and smaller form factor batteries are critical requirements.
Key Takeaways
The global solid state battery market is expected to witness high growth over the forecast period driven by growing demand for electric vehicles and increasing investments in research and development of solid state batteries by major technology companies and battery manufacturers. The global solid state battery market is estimated to be valued at US$ 1016.87 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030.
Regional analysis Asia Pacific region currently dominates the global solid state battery market and is expected to continue its dominance during the forecast period backed by presence of leading battery manufacturers, electric vehicle manufacturers and significant investments in battery technologies by countries like China, Japan and South Korea. North America and Europe are also expected to emerge as high potential markets for solid state batteries due to rising adoption of electric vehicles and growing consumer electronics industries in these regions.
Key players operating in the solid state battery market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. Major players are focusing on research and development to enhance solid state battery performance, reduce manufacturing costs and facilitating commercialization of these batteries to accelerate market adoption. Strategic collaborations with automotive OEMs and technology companies is another key focus area.
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