The global solid state battery market was valued at USD 92.05 million in 2021 and is expected to reach over USD 1,645.60 million by 2030, poised to grow at a remarkable CAGR of 37.8% from 2022 to 2030.
Growth Factors:
Rising demand for solid-state batteries among end-use sectors along with the rising research and development activities focused on commercializing the battery cost are expected to propel the market growth over the forecast period. The growing adoption of electronic gadgets, the increasing utility of battery energy storage systems, and the rising deployment of electric vehicles are among the key factors driving the industry. These batteries offer higher energy density, low flammability, and higher electrochemical stability when compared to conventional batteries, thereby enhancing their commercial market value.
China dominates the global market on account of the bulk manufacturing of batteries and the presence of major market players across the country. Vehicle manufacturers in China, such as Nio, Enovate, and Weltmeister, are focusing on the commercial development of solid-state batteries that can be used in the transportation sector. Moreover, the Chinese government is providing heavy funding to battery production projects, thereby driving market growth across the country.
Strategic partnerships among leading industry players are expected to further boost the product demand across several end-use segments. For instance, in February 2020, Panasonic Corp. and Toyota Motor Corp. announced a joint venture named Prime Planet Energy & Solutions, Inc. that will focus on the development, manufacturing, and marketing of solid-state batteries in the automotive sector.
High costs associated with the initial stage development of solid-state batteries are expected to hinder the commercial viability of the product. In addition, the growing impact of the COVID-19 pandemic on the market supply chain is expected to further impede the market growth. Battery pack manufacturers, electrode material producers, raw material suppliers, and others have suffered a major setback and are estimated to take a significant amount of time to recover.
Scope of the Solid State Battery Market
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Report Coverage |
Details |
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Market Size |
USD 1,645.60 million by 2030 |
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Growth Rate from 2021 to 2030 |
37.8% |
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Largest Market |
Asia-Pacific |
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Fastest Growing Market |
Europe |
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Base Year |
2021 |
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Forecast Period |
2022 to 2030 |
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Segments Covered |
Type, Capacity, Application, Region |
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Companies Mentioned |
BrightVolt Inc., Cymbet Corporation, Solid Power Inc., Toyota Motor Corporation, Excellatron Solid State LLC, Robert Bosch GmbH, Altair Nanotechnologies, Quantumscape Corporation, Apple Inc., Dyson Ltd. |
Application Insights
Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2020 owing to the high demand for portable electronic devices in various end-use segments. Rapid urbanization along with rising discretionary expenditures are expected to result in higher purchasing of electronic devices including smartphones, laptops, media players, gaming consoles, and others. This trend is anticipated to stimulate segment growth over the forecast period.
The electric vehicles segment is anticipated to occupy the leading position in the market, in terms of revenue share, by 2028 owing to the rising deployment of clean energy-powered vehicles across major economies of the world. Technological advancements in batteries along with the presence of favorable regulatory policies encouraging the adoption of electric vehicles are expected to boost the segment growth.
The Wearable & medical devices segment accounted for a significant market share and is anticipated to witness prominent growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favor the segment growth. Moreover, innovations in medical technology are likely to maximize the penetration rate of wearable batteries.
Capacity Insights
Below 20 mAh segment is anticipated to register the fastest CAGR of over 42% during the forecast period. The batteries that fall under this category are mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. Limited internal space, compact size, and usage across low drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.
The above 500 mAh segment accumulated the market of 19.6% in 2019 owing to the increased usage of solid-state batteries in electric vehicles market. Government policies favoring clean energy transportation are driving the current segment demand. In addition, growing demand for battery energy storage systems across commercial and industrial sectors is further expected to augment the segment growth.
Battery Type Insights
The thin-film battery segment is expected to register the highest CAGR of 36.3% from 2020 to 2027 owing to a wide application scope of solid state batteries. These batteries are mainly used in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches, due to their efficient recharging rate and compact design. Unlike conventional batteries, thin-film batteries have a minimum environmental impact, which is expected to augment the industry growth over the forecast period.
The adoption of solid state batteries in portable devices is expected to grow at a significant rate owing to low maintenance and higher energy densities offered by them. High demand for consumer electronics is expected to propel the segment's growth.
Significant research is being conducted regarding the application of sodium sulfur batteries in consumer electronics and wearable devices. Solid state batteries are now being utilized in portable devices and consumer electronic products. Even though the application of these batteries in electronics is at a nascent stage, their application scope ranges from mobile phones, laptops, computers, tablets, torches or flashlights, to LED lighting, vacuum cleaners, digital cameras, and calculators.
Regional Insights
Asia Pacific emerged as the largest market, accounting for a 51.2% share of the global solid state battery market in 2020. The significant growth of automotive industry in China, India, Japan, and South Korea is expected to promote the demand for solid state batteries. Furthermore, increasing population in China and India coupled with favorable government regulations aimed at lowering carbon emissions from vehicles and promoting the use of electric vehicles are expected to enhance the product demand in the region over the forecast period.
Europe occupied the second-largest market share in 2020 and is anticipated to retain its market position over the forecast period. The growth can be attributed to the strict implementation of favorable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost the regional market growth.
North America, led by the U.S., Mexico, and Canada, accounted for nearly 20.69% of the global solid-state battery market share in 2020. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for North America solid-state battery market.
Some of the prominent players in the Solid State Battery Market include:
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
By Type
By Capacity
By Application
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Key Points Covered in Solid State Battery Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solid State Battery Market
5.1. COVID-19 Landscape: Solid State Battery Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solid State Battery Market, By Type
8.1. Solid State Battery Market, by Type, 2021-2030
8.1.1. Thin Film Battery
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Portable Battery
8.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Solid State Battery Market, By Application
9.1. Solid State Battery Market, by Application, 2021-2030
9.1.1. Consumer & Portable Electronics
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Electric Vehicles
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Energy Harvesting
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Wearable & Medical Devices
9.1.4.1. Market Revenue and Forecast (2019-2030)
9.1.5. Others
9.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Solid State Battery Market, By Capacity
10.1. Solid State Battery Market, by Capacity, 2021-2030
10.1.1. Below 20mAh
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. 20mAh-500mAh
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Above 500mAh
10.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Solid State Battery Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Type (2019-2030)
11.1.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Type (2019-2030)
11.2.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Type (2019-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.6.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Type (2019-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.7.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Type (2019-2030)
11.3.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Type (2019-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.6.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Type (2019-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.7.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Type (2019-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.6.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Type (2019-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.7.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Type (2019-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.4.3. Market Revenue and Forecast, by Capacity (2019-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Type (2019-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.5.3. Market Revenue and Forecast, by Capacity (2019-2030)
Chapter 12. Company Profiles
12.1. BrightVolt Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Cymbet Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Solid Power Inc.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. Toyota Motor Corporation
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Excellatron Solid State LLC
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Robert Bosch GmbH
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Altair Nanotechnologies
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Quantumscape Corporation
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Apple Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Dyson Ltd.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers