The increased demand for solid-state batteries in electric vehicles and the longer shelf life that solid-state batteries offer compared to traditional batteries are some of the key drivers propelling the market's expansion. In addition, rising implant and wearable device applications, as well as rising global demand for electric vehicles, are anticipated to offer market players expansion prospects.
The Solid State Battery Market is anticipated to expand at a CAGR of 32.5% from USD 58 million in 2022 to USD 314 million by 2028.
Some of the key firms active in the Solid State Battery Market include Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US).
Higher CAGR is anticipated for secondary batteries during the projection period.
Secondary batteries are the most frequently used batteries, including thin-film and solid-state chip batteries. Manufacturers are constantly attempting to develop novel designs suitable for such devices, such as bendable, flexible, and high-capacity rechargeable batteries that can last a long time, which is increasing the demand for secondary micro-batteries. This is due to advancements in the technologies used in wearables and medical devices.
By capacity, the market for solid state batteries is anticipated to be led by the sub-20 mAh category during the projected period.
In 2021, the market segment with capacities under 20 mAh held the biggest share. Thin-film batteries, which are frequently utilised in applications like packaging, wireless sensors, medical & cosmetic patches, and other low drain devices, are the majority of batteries that fall within the capacity range of 20 mAh or less. These low drain gadgets don't require large capacity batteries to function because they are small and have a small internal footprint. In the near future, it is anticipated that the market would be driven by rising demand for solid-state batteries from a variety of applications.
Europe's market will expand at the highest CAGR between 2022 and 2028.
During the forecast period, Europe is anticipated to have the highest CAGR. Solid-state batteries are mostly used in packaging, consumer electronics, electric vehicles, and medical devices in Europe. In order to complement the product design, devices that are appropriate for such applications require power sources that are not only compact but also have a high power density. Thin-film batteries meet these requirements. Major factors influencing the market growth in Europe include the mass digitalization of key sectors and the presence of significant automakers who support solid-state battery development.
Study Coverage
The solid-state battery market is segmented in this study based on type, capacity, rechargeability, application, and region. The report also discusses the possibilities, risks, and difficulties for the development of this industry. The research also contains an overview of the solid-state battery ecosystem's value chain.
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