“Solid state battery market is expected to grow at a high rate during 2022-2028”

The solid-state battery uses a solid electrolyte instead of a conventional liquid or gel electrolyte to act as a separator between the cathode and anode. Solid electrolytes used in this battery are usually made of ceramic or polymer. The solid-state battery provides high power density, high-speed charging, enhanced safety, and long shelf life.

The global solid state battery market size is estimated to grow from USD 58 million in 2022 to USD 314 million by 2028; it is expected to grow at a CAGR of 32.5% from 2022 to 2028. The growth of this market is driven by the rising requirement of solid-state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies. Solid-state batteries could be the game changer for electric vehicles, support advanced consumer electronics such as mobiles and laptops, and are adopted in emerging applications such as energy harvesting and wearable devices.

 “Growth of solid state battery industry is expected to be driven by growth in electric vehicles during the forecast period”

The global solid state battery market for electric vehicles is expected to grow at a significant rate during the forecast period. The electric vehicle (EV) is anticipated to be one of the major segments for the adoption of solid-state batteries. Cost, safety, and driving range are a few of the major concerns associated with electric vehicles. Over the past few years, manufacturers have had to work with the restraints of the conventional battery composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, several major companies are developing solid-state batteries to address the current problems of the market.

 “Solid state battery market in Europe to grow at highest CAGR during 2022-2028.”

Europe is expected to grow at the highest CAGR during the forecast period. Major applications of the solid-state battery market in Europe include packaging, consumer electronics, electric vehicles, and medical devices such as Robert Bosch (Germany) and Ilika (UK), and Blue Solutions (France) are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries. According to (International Energy Agency), Europe has overtaken China and become the main market for electric vehicles. The solid-state battery market in Europe includes regions such as the UK, Germany, France, and the Rest of Europe.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews have been conducted with key officials in the solid state battery market. Following is the breakup of the primary participants for the report:

• By Company Type: Tier 1 = 40 %, Tier 2 = 35%, and Tier 3 = 25%
• By Designation: C-Level Executives = 45%, Directors = 35%, and Others = 20%
• By Region: North America = 50%, Europe = 25%, APAC = 15%, and RoW = 10%

Moreover, the report profiles the key players in the solid state battery market and analyzes their market ranking. The prominent players in this market are Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US),among others.

Research Coverage:

This research report categorizes the solid state battery market based on type, capacity, rechargeability, application, and region. Moreover, the report describes the major drivers, restraints, challenges, and opportunities pertaining to this market, as well as the value chain analysis and market ranking analysis.

Key Benefits of Buying the Report:

The report would help the leaders/new entrants in the solid state battery market in the following ways:

• The report segments the solid state battery industry comprehensively and provides the closest market size estimation for all sub segments across different regions.
• The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for the solid state battery market.
• The report would help stakeholders understand their competitors better and gain insights to improve their position in the solid state battery market. The competitive landscape section describes the competitor ecosystem.