Electric Vehicle Solid State Battery Market Size, Share & Trend Analysis, By Types of Vehicle, By Battery Capacity, By Technology, By End-Use, By Applications, By Sales Channel, Regional Stance, Competitive Tactics, and Segment Forecast to 2030

Electric Vehicle Solid State Battery Market at a Glance:

According to Reports and Insights analysis, the global electric vehicle solid state battery market is estimated to be US$ 2.3 Bn in 2022. Furthermore, the electric vehicle solid state battery market to register a CAGR of 21.0% which is expected to result in a market forecast value for 2030 of US$ 5.3 Bn.

This market research report on the global electric vehicle solid-state battery market constructed by the Reports and Insights team intends to address market aspects such as key drivers, challenges, and opportunities for industry participants. Furthermore, it will encompass a regional outlook, market segmentation outlook, market trends for an electric vehicle solid-state battery, market size, and share, industry, and product insights, SWOT analysis, Porter's five forces analysis, PESTEL analysis, heat map analysis, market prediction, and information on the key players active in the market of electric vehicle solid-state battery.

 

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The electric vehicle solid-state battery market is a speedily growing sector of the automotive industry. In comparison to conventional lithium-ion batteries, solid-state batteries have a higher energy density, a longer driving range, quicker charging times, and improved safety, all of which have the potential to transform the EV market.

 

Scope of the Report:  

Report Metric	Report Details
Market Size available for the years	2022-2030
Base year	2021
Forecast Period	2022-2030
Segments Covered	By Types of Vehicle, By Battery Capacity, By Technology, By End-Use, By Applications, By Sales Channel, By Region
Regions Covered	North America   The U.S., & Canada  Latin America   Brazil, Mexico, Argentina, & Rest of Latin America   Asia Pacific   China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific   Europe   The U.K., France, Spain, Italy, Russia Poland, BENELUX, NORDIC, & Rest of Europe   Africa   North Africa, Egypt, & Rest of Africa The Middle East   GCC Countries, Israel, & Rest of the Middle East
Key Players	QuantumScape, Solid Power, Toyota, Samsung SD, LG Chem, Panasonic, BMW, Volkswagen, Ford, General Motors, Hyundai, and Tesla amongst others.

 

Electric Vehicle Solid State Battery Market Dynamics:

Market Drivers:

Higher Energy Density and Faster Charging Times:

Compared to conventional lithium-ion batteries, solid-state batteries offer a higher energy density, allowing them to store more energy in a given volume. Traditional lithium-ion batteries need a longer time to charge than solid-state batteries. They can handle higher charging rates without overheating or deteriorating. Range anxiety may be lessened and EV use may become more convenient with quicker charging periods. As a result, EVs may have greater driving ranges and smaller battery packs, which can lighten the load on the car and increase efficiency in general.

Improved Safety:

Compared to conventional lithium-ion batteries, which contain a flammable liquid electrolyte, solid-state batteries are less prone to thermal runaway or fire. This can enhance EV safety and lower the chance of battery-related accidents.

Government Regulations:

Numerous countries all around the world are putting legislation into place to promote the use of EVs and clean energy. As a result, there is a tremendous demand for EV batteries with increased energy density, greater range, and quicker charging periods.

Environmental Concerns:

Demand for more environmentally friendly transportation options is booming as people become more conscious of environmental problems like air pollution and climate change. Solid-state batteries used in electric vehicles (EVs) can be a cleaner and more environmentally friendly substitute for conventional fossil fuel-powered cars.

Altogether, these factors are generating significant demand for solid-state batteries and are anticipated to hasten the uptake of electric vehicles (EVs) using this technology.

Market Restraints:

Expensive:

Solid-state batteries are currently far more expensive to produce than lithium-ion batteries, which makes them less practical for use in electric vehicles (EVs).

Scalability and Durability:

Manufacturers have not yet figured out how to mass-produce solid-state batteries on a large scale because the technology is still in the early phases of development. Uncertainty surrounds the long-term viability of solid-state batteries, which are still undergoing testing.

Supply Chain and Performance:

Since the solid-state battery supply chain is still developing, it can take some time before manufacturers can find trustworthy and affordable suppliers of raw materials. Solid-state batteries nevertheless have a lower power density than conventional lithium-ion batteries, despite having a higher energy density and quicker charging periods. As a result, they might not be appropriate for high-performance EVs or vehicles carrying large loads.

Even though solid-state batteries have several advantages over conventional lithium-ion batteries, there are still several issues that must be resolved before they can be a practical alternative for EVs.

Market Opportunities:

Increased Demand for EVs:

Nowadays there is a great demand for EVs, this, in turn, needs batteries that have a higher energy density, quicker charging periods, and improved safety as the market for electric vehicles continues to expand. These requirements may be satisfied by solid-state batteries, making them an attractive EV battery alternative.

Partnerships and Collaborations:

Collaboration and partnerships will be essential to overcoming the issues the solid-state battery business is now facing. Manufacturers can create more affordable and scalable solid-state batteries by collaborating and sharing knowledge, resources, and experience.

Diversification of Applications and Government Policies:

Solid-state batteries could potentially be utilized in other applications, such as grid storage or wearable technologies, even if electric vehicles (EVs) are now their primary purpose. To promote the use of EVs, numerous governments all around the world are providing incentives and legislation. Solid-state battery demand may increase as a result of this support, which may also encourage manufacturers to make R&D investments.

Overall, there are numerous chances for growth and development in the market for solid-state batteries for electric vehicles.  It anticipates that solid-state batteries will play a bigger role in the EV ecosystem as technology develops and the demand for EVs rises.

 

Electric Vehicle Solid State Battery Market Segmentation Stance:

By Type of Vehicle:

Passenger cars

Commercial vehicles

Two-wheelers

By Battery Capacity:

Low-capacity batteries (less than 20 kWh)

Medium-capacity batteries (20-50 kWh)

High-capacity batteries (more than 50 kWh)

By Technology:

All-solid-state batteries

Lithium-ion solid-state batteries

Sodium-ion solid-state batteries

By Application:

Powertrain

Lighting

HVAC

Infotainment

Others

By End Use:

Personal use

Commercial use

By Sales Channel:

Original equipment manufacturers (OEMs)

Aftermarket

Online retail

By Region:

North America

Asia-Pacific

Europe

Latin America

Middle East

Africa

Electric Vehicle Solid State Battery Market Regional Stance:

The Asia-Pacific area is a significant market for electric vehicles. Moreover, the area is home to some of the biggest battery producers in the world, making it a significant player in the EV solid-state battery industry. The solid-state battery market will likely experience tremendous growth over the next few years thanks in large part to China's significant investments in this field.

The market for electric vehicles is also significant in Europe. The area is also home to several battery producers and places a high emphasis on renewable energy, which makes it a desirable market for solid-state batteries.

One of the biggest markets for electric vehicles is the United States, and solid-state battery technology will likely be crucial to the expansion of this industry. The development of solid-state batteries by several major automakers, notably Ford and General Motors, will undoubtedly attract a lot of investment in the following years.

Contemporary Developments by the Key Players:

• BMW stated in 2021 that they had teamed up with Solid Power to create a new solid-state battery that will have a 500-mile range on a single charge.
• In the market for solid-state batteries for electric vehicles, Toyota is one of the top competitors. They declared in 2021 that they had created a solid-state battery that had a 500 km (310 miles) range and could power an electric car on a single charge. By the middle of 2020, solid-state batteries will be manufactured in large quantities.
• A US-based business called QuantumScape is working to create solid-state batteries for electric vehicles. They declared a solid-state battery technology breakthrough in 2020, attaining a charging time of just 15 minutes for an 80% charge.
• The leading producer of solid-state batteries for electric vehicles is Samsung SDI. They declared in 2020 that they had created a new solid-state battery with a high energy density of 900 Wh/L. Shortly, they also intend to start mass-producing solid-state batteries.