Solid-State Car Battery Market

Solid-State Car Battery Market was estimated at USD 175 Million in 2020 and projected to grow at 49% CAGR during the forecast period.

Solid-State Car Battery Market Overview

A Solid-State Car Battery has a higher energy density than a Li-ion battery that uses a solid electrolyte instead of a liquid electrolyte. Solid-state car batteries can hold more energy than liquid Li-ion batteries. They are potentially safer but at a much higher cost. A solid-state battery is a rechargeable energy system that can be a game-changer in electric vehicles (EVs) by storing more energy, charging fast, and offering excellent safety.

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Major Solid-State Car Battery Market Drivers

The increasing sales for electric vehicles around the globe have given rise to SSB, which offers higher battery capacity and other features like higher energy density and better safety. SSB can store twice as much energy as lithium-ion batteries. According to the US Department of Energy, the sales of electric vehicle in 2020 was 250,000, which will further propel the market growth. Moreover, SSB is more stable than liquid li-ion batteries, and more stability means faster charging. It can hold more energy, helping speed up the switch from gasoline vehicles to EVs, which would help drivers not stop as often to charge their cars.

Additionally, solid-state batteries are expected to become a viable alternative to lithium-ion batteries that uses electrolyte solutions. The rising research and development for faster and efficient charging methods and low-cost batteries will further fuel the market. For instance, Samsung Advance Institute of Technology has made a solid-state car battery that can be charged/discharged 1000 times with 800km of mileage on a single charge.

Restraint in the Solid-State Car Battery Market

However, the high cost and mass production of solid-state car batteries is expected to restrain market growth. It is difficult to manufacture a solid electrolyte that is stable, chemically inert, and still a good conductor of ions between electrodes. SSB is expensive to invent and are inclined to crack because of the brittleness of electrolytes when they expand and contract during use. Therefore, it affects the market of Solid-State Car Batteries.

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Vehicle – Segment Analysis

Based on vehicle, the passenger car segment is expected to witness higher growth in the coming years due to the growing demand for premium electric cars. The growing awareness about the environment among consumers and government support for the adoption of electric passenger vehicles which will use solid-state car batteries is expected to grow in coming years. For instance, Ford Motor Co. and BMW AG have invested in start-up solid power. Its solid-state technology can deliver 50% more energy density.

Propulsion – Segment Analysis

Based on propulsion, the BEV segment is expected to witness higher growth in the coming years. The superior features of Battery- Powered Electric Vehicle include larger battery capacity, faster charging, and better safety. Its electric motor uses batteries that can be recharged by plugging into an electric power source (a wall socket or EV charger). BEV is expected to grow in the coming years when the prices of batteries will reduce once their mass production starts in larger scale.

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Regional – Segment Analysis

Based on region, the Asia Pacific region is expected to grow as the largest market for Solid-State Car Battery globally during the forecast period. The government initiative to support the growth of EVs and discourage the use of petrol will lead to the fast-growing demand for solid-state car batteries. The strong regulations on emission, grants, subsidies, and incentives for adopting EVs in countries like China, Japan, South Korea, and India will further support the demand for solid-state car batteries in electric vehicles. Additionally, the presence of leading manufacturers including Toyota, Nissan, and Mitsubishi and battery manufacturers such as Samsung and LG will also support market growth in the region.

Top Market Players

Various notable players operating in the market include Toyota Motor Corporation, Samsung SDI, Quantum Scape, LG Chem, Panasonic, Solid Power, Brightvolt, Catl, Ioniq Materials, Northvolt, and among others.

Key Developments:

• •  In 2021, Toyota announced a rechargeable solid-state car battery and its prototype car. This electric vehicle with a solid-state car battery will ensure a range of more than 500 miles on a single charge and charge the battery fully in 10 minutes.
  •  In 2020, Quantum Scape released its performance data about solid-state car batteries based on the prototype. It takes 15 min charge to 80% capacity as compared to lithium-ion batteries.

Segments covered in the Report:

The Solid-State Car Battery Market has been segmented based on vehicle, propulsion, and region. Based on vehicle, the market is segmented into Passenger Car, Commercial Vehicle. Based on propulsion, market is segmented into Bev, Phev.

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Market Segmentation

Global Solid-State Car Battery Market by Vehicle

• • • Passenger Car
    • Commercial Vehicle

Global Solid-State Car Battery Market by Propulsion

• • • Bev
    • Phev

Global Solid-State Car Battery Market by Region

• • North America Solid-State Car Battery Market (Option 1: As a part of the free 25% customization)

    • North America Solid-State Car Battery Market by vehicle
    • North America Solid-State Car Battery Market by Propulsion
    • US Solid-State Car Battery Market All-Up
    • Canada Solid-State Car Battery Market All-Up

  • Europe Solid-State Car Battery Market (Option 2: As a part of the free 25% customization)

    • Europe Solid-State Car Battery Market by vehicle
    • Europe Solid-State Car Battery Market by Propulsion
    • UK Solid-State Car Battery Market All-Up
    • Germany Solid-State Car Battery Market All-Up
    • France Solid-State Car Battery Market All-Up
    • Spain Solid-State Car Battery Market All-Up
    • Rest of Europe Solid-State Car Battery Market All-Up

  • Asia-Pacific Solid-State Car Battery Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Solid-State Car Battery Market by vehicle
    • Asia-Pacific Solid-State Car Battery Market by Propulsion
    • China Solid-State Car Battery Market All-Up
    • India Solid-State Car Battery Market All-Up
    • Japan Solid-State Car Battery Market All-Up
    • Rest of APAC Solid-State Car Battery Market All-Up

  • RoW Solid-State Car Battery Market (Option 4: As a part of the free 25% customization)

    • RoW Solid-State Car Battery Market by vehicle
    • RoW Solid-State Car Battery Market by Propulsion
    • Brazil Solid-State Car Battery Market All-Up
    • South Africa Solid-State Car Battery Market All-Up
    • Saudi Arabia Solid-State Car Battery Market All-Up
    • UAE Solid-State Car Battery Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Solid-State Car Battery Market All-Up

Major Players Operating in the Solid-State Car Battery market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • • Toyota Motor Corporation
    • Samsung SDI
    • Quantum Scape
    • LG Chem
    • Panasonic
    • Solid Power
    • Brightvolt
    • Catl
    • Ioniq Materials
    • Northvolt