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Solid-State Car Battery Market: Segmented: By Vehicle Type (Passenger Car, Commercial Vehicle), By Propulsion (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Battery Energy Density (Less than 450 Wh/kg, more than 450 Wh/kg), Based on Component (Cathode, Anode, Electrolyte), And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Solid-State Car Battery Market to surpass USD 2,67,449.1 million by 2031 from USD 497.7 million in 2021 at a CAGR of 87.5% in the coming years, i.e., 2021-2031.
A solid-state battery is a rechargeable energy storage technology that resembles the lithium-ion battery in overall construction and operation. A lithium-ion battery has a liquid electrolyte, whereas a solid-state battery has a solid electrolyte, as the name implies. Solid-state batteries can be lighter, have a higher energy density, have a longer range, and recharge faster as a result of this. Solid-state batteries, unlike lithium-ion batteries, do not use heavy liquid electrolytes. A solid electrolyte, such as glass, ceramics, or another solid material, is utilized instead.
Increased demand for electric vehicles with these sorts of batteries is one of the primary drivers of the Solid-State Car Battery market. Solid state battery sales are likely to skyrocket as electric vehicles become more prevalent. As a result, the use of solid-state automobile batteries increases, affecting the market growth. Governments around Asia Pacific are also planning to stimulate adoption by establishing policies that encourage car ownership.
Global Solid-State Car Battery Market: SegmentsThe passenger car category, by vehicle type, is predicted to develop significantly because to strong government support for its adoption in many economies. Because of strict pollution rules and a range of subsidies, grants, and incentives for adopting EVs in numerous countries, North America and Europe are projected to see the most growth. With the increased demand for electric vehicles and the widespread manufacture of solid-state car batteries, the demand for solid-state batteries in electric vehicles will expand.
In comparison to Plug-in Hybrid Electric Vehicles, the demand for solid-state batteries in Battery Electric Vehicles is predicted to increase in the future years. This is mostly owing to the strong demand for premium BEVs with enhanced features such as higher battery capacity, faster charging, and improved safety measures. Once mass manufacture of these batteries begins on a wider scale, and other lower-end BEVs begin to use them, the price of these batteries will drop.
Growing investment in Solid-State Car Batteries technology is driving the market
Due to the increased battery density, solid-state batteries are predicted to offer a substantially longer range than ordinary lithium-ion batteries. Solid-state batteries have the potential to store twice the amount of energy as lithium-ion batteries. One of the key driving forces is this. As a result, a number of leading EV manufacturers are investing in this technology.
Rising demand for Electric Vehicles
The market is predicted to develop due to an increase in demand for long-range electric cars and a rise in the deployment of two-wheeled electric vehicles. Furthermore, the industry is likely to rise as a result of strict government rules aimed at improving vehicle fuel economy.
High cost associated with the Solid-State Car Battery
The market's expansion is being hampered by price fluctuations in raw materials as well as rising technological criteria.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
During the projected period, the Asia Pacific region would have the largest solid-state vehicle battery market. Countries like China, Japan, and South Korea will lead the Asia Pacific solid-state automotive battery industry. These countries' governments have aided the increase of EV demand by providing subsidies, enacting favorable regulations for EVs, and discouraging the use of gasoline. When solid-state automobile batteries become available, this will result in a rapid increase in demand in the region. China and Japan will be the first to introduce premium electric vehicles with solid-state batteries, followed by South Korea and India.
COVID-19 had a minor impact on the market for solid-state car batteries. The damage was primarily due to a short lag in R&D during the initial epidemic phase, when the entire world was put on lockdown. Meanwhile, due to countries' increased demand for electric vehicles during the pandemic, it is projected that the market would remain relatively unaffected. There were no material or financial losses in the market because the solid-state vehicle battery industry was planned to be introduced well after the epidemic.
| Report Attribute | Details |
| The market size value in 2021 | USD 497.7 million |
| Revenue forecast in 2031 | USD 2,67,449.1 million |
| Growth Rate | CAGR of 87.5% from 2021 to 2031 |
| The base year for estimation |
2020 |
| Quantitative units | Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Vehicle Type, Propulsion, Battery Energy Density, Component, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | Cymbet, Robert Bosch GmbH, Saft, Toyota Motor Corporation, Solid Power, Excellatron Solid State, BrightVolt, Samsung SDI Co. Ltd., QuantumScape, and SolidEnergy System. |
The Solid-State Car Battery Market size was estimated at USD 497.7 billion in 2021 and is expected to reach USD 2,67,449.1 billion by 2031
CymbetRobert Bosch GmbH, Saft, Toyota Motor Corporation, Solid Power, Excellatron Solid State, BrightVolt, Samsung SDI Co. Ltd., QuantumScape, SolidEnergy System
The passenger car segment is anticipated to hold the Solid-State Car Battery Market
Growing investment in Solid-State Car Batteries technology is driving the market
A solid-state battery is a rechargeable energy storage technology that resembles the lithium-ion battery in overall construction and operation. A lithium-ion battery has a liquid electrolyte, whereas a solid-state battery has a solid electrolyte, as the name implies.
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