According to Fact.MR – a market research and competitive intelligence provider, portable solid state batteries accounted for around three-fourth of global solid state battery sales in 2022. Apart from this, there also has been a meteoric rise in the demand for electronic devices and wearables that has elevated overall solid state battery sales.
Vehicle electrification has been the core factor for the increase in demand for portable solid state batteries. There has been significant rise in the number of electric vehicle registrations in the recent past, which has accelerated the demand for solid state batteries.
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As per the new report published by Fact.MR, the global solid state battery market is anticipated to exceed a valuation of around US$ 75 Mn in 2021, and is expected to surge at an impressive CAGR of around 30% over the forecast period of 2022 to 2031. East Asia dominates the consumption of solid state batteries owing to significant adoption of electric vehicles in the region.
Key Takeaways from Market Study
- South Asia is estimated to witness major growth during the forecast period, compared to 2021, accounting around 38% CAGR.
- In 2021, East Asia is anticipated to register highest market share of around 30%, followed by North America.
- Portable solid state batteries commanded higher revenue share of around 78% in 2020, though the market for thin film solid state batteries is estimated to witness faster growth.
- In terms of capacity, revenue through 20mAh – 500mAh solid state batteries is expected to grow by 130 BPS.
- Electric vehicles are expected to generate around US$ 129 Mn absolute dollar opportunity for solid state battery manufacturers during 2021 – 2031.
- Top five players manufacturing solid state batteries accounted for 67% market share in 2020.
“Growing interest of automotive manufacturers towards increasing their fleet of electric vehicles can be observed in their partnerships with solid state battery manufacturers – most of them being start-ups. It is suggestive of the opportunity lying ahead for solid state battery manufacturers with surge in the penetration of electric vehicles,” says a Fact.MR analyst.
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Winning Strategy
With physiochemical limits observed in li-ion batteries, solid state batteries have started to make inroads in the battery market. Battery manufacturers should thus turn their focus towards eliminating the bottlenecks in solid state battery manufacturing to accelerate the transition from li-ion to solid state batteries.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global solid state battery market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of battery type (thin film batteries and portable batteries), capacity (below 20mAh, 20mAh – 500mAh, and above 500mAh), application (consumer and portable electronics, electric vehicles, energy harvesting, wearable and medical devices, and others), across seven major regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
Solid State Battery Market Report Scope
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | Units for Volume and US$ Mn for Value |
| Key Regions Covered |
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| Key Countries Covered |
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| Key Market Segments Covered |
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| Key Companies Profiled |
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| Pricing | Available upon Request |
Full Access of this Report Is Available at
Market Segments Covered in Solid State Battery Industry Analysis
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By Battery Type
- Thin Film Solid State Batteries
- Portable Solid State Batteries
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By Capacity
- Below 20mAh Solid State Batteries
- 20mAh-500mAh Solid State Batteries
- Above 500mAh Solid State Batteries
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By Sales Channel
- Solid State Batteries for Consumer & Portable Electronics
- Solid State Batteries for Electric Vehicles
- Solid State Batteries for Energy Harvesting
- Solid State Batteries for Wearable & Medical Devices
- Others
The Solid State Battery Market report answers important questions which include:
- What are some of the latent areas of investments in the Solid State Battery Market?
- Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
- What trends are likely to change the status quo of the positions held by leading players of the Solid State Battery Market in the not-so-distant future?
- Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the Solid State Battery Market?
- What are the strategies adopted by top players to retain their stronghold in the Solid State Battery Market?
- Which strategic moves will new entrants adopt to gain a strong foothold in the Solid State Battery Market?
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