Solid State Battery Market Report and Forecast 2024-2032

Market Outlook

According to this report, the solid state battery market size reached a value of USD 796.92 million in 2023. Aided by the increasing demand for high-performance energy storage solutions and the growing applications of solid state batteries across various sectors, the market is projected to further grow at a CAGR of 33.3% between 2024 and 2032 to reach a value ofUSD 10.61 billion by 2032.

Solid state batteries are energy storage devices that utilise solid electrodes and a solid electrolyte, as opposed to the liquid or gel electrolytes found in conventional lithium-ion or lithium-polymer batteries. These batteries offer several advantages, including higher energy density, improved safety, and longer lifespan. Solid state batteries are gaining popularity across various applications, including electric vehicles (EVs), consumer electronics, and renewable energy storage systems.

The increasing demand for high-performance energy storage solutions is driving the solid state battery market growth. With the growing adoption of electric vehicles, there is a significant need for batteries that offer higher energy density, faster charging times, and improved safety. Solid state batteries address these requirements, making them an ideal choice for EV manufacturers looking to enhance vehicle performance and extend driving range.

Technological advancements in solid state battery technology also play a significant role in the market's growth. Innovations such as the development of advanced solid electrolytes, improved manufacturing processes, and the use of novel materials have enhanced the performance and reliability of solid state batteries. These advancements not only improve battery efficiency but also reduce production costs, making solid state batteries more accessible and affordable to consumers.

The expanding applications of solid state batteries in various sectors significantly contribute to the solid state battery market share. In the automotive sector, solid state batteries are widely used in electric vehicles to provide high energy density, improved safety, and longer lifespan. The growing demand for electric vehicles, driven by environmental concerns and government incentives, has boosted the adoption of solid state batteries in the automotive sector.

In the consumer electronics sector, solid state batteries are used to power a wide range of devices, including smartphones, laptops, and wearable devices. The high energy density and compact size of solid state batteries make them ideal for consumer electronics, where space and weight are critical considerations. Additionally, the improved safety and longer lifespan of solid state batteries enhance the performance and durability of electronic devices, consequently driving up the solid state battery market share.

In the renewable energy sector, solid state batteries are used for energy storage in solar and wind power systems. The high energy density and long cycle life of solid state batteries make them suitable for storing and managing energy generated from renewable sources, ensuring a stable and reliable power supply.

North America holds a significant share in the market, driven by the presence of leading technology companies and a well-established automotive sector in the region. The increasing focus on renewable energy and the growing adoption of electric vehicles have boosted the demand for solid state batteries in North America. Moreover, government initiatives and funding for research and development in advanced battery technologies further support market growth in the region.

As per the solid state battery market analysis, Europe is another prominent market for solid state batteries, with countries like Germany, the United Kingdom, and France being major contributors. The region's stringent emission regulations, coupled with the rising demand for electric vehicles and renewable energy storage solutions, have fuelled the adoption of solid state batteries. Additionally, the increasing investments in battery research and development and the presence of leading automotive manufacturers drive market growth in Europe.

Market Segmentation

The market can be divided based on battery type, capacity, application, and region.

Market Breakup by Battery Type

• Portable
• Thin Film

Market Breakup by Capacity

• Below 20mAh
• 20mAh to 500mAh
• Above 500mAh

Market Breakup by Application

• Consumer and Portable Electronics
• Electric Vehicles
• Energy Harvesting
• Wearable and Medical Devices
• Others

Market Breakup by Region

• North America
• Europe
• Latin America
• Middle East and Africa
• Asia Pacific

Competitive landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in global solid state battery market. some of the major players explored in the report are as follows:

• Toyota Motor Corporation
• STMicroelectronics International N.V.
• Ganfeng LiEnergy technology Co., Ltd.
• Ilika Plc
• Samsung SDI Co., Ltd
• StoreDot Ltd.
• Solvay S.A.
• Saft Groupe SAS
• Solid Power, Inc.
• Factorial Inc.
• Others