The global solid-state battery market is estimated to be valued at US$ 121.0 million in 2023 and to grow at a CAGR of 28.6% to reach a valuation of US$ 1,497.1 million by the end of 2033. These solid electrolytes must be both non-porous and able to stop the growth of dendrites between electrodes. In solid-state batteries, a space between the electrolytes can result in short circuits, making batteries electrochemically useless.
Offering in this area opens up a number of doors, including those in item manufacturing, appropriation, retail, and show administrations. The Fact.MR examiners used many rounds of in-depth essential and optional research to give various assessments and projections for the solid-state battery market demand at both the global and provincial levels.
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Competitive analysis
The past few years have seen a tussle between some global automotive heavyweights who are trying to maximize the opportunities offered by electric vehicles. Because leadership in EVs can’t be completed with a lack of attention to solid-state battery inclusion in the plan, Toyota, Volkswagen, Hyundai Motor Co. and Ford Motor have invested in solid-state battery startups.
- In May 2021, Volkswagen announced it was increasing its investment in Quantum cape, a US-based start-up manufacturing solid-state batteries. Volkswagen said in this joint venture it aims to start a solid-state battery production line by 2024.
- US automaker Ford Motor has shown interest in investing in a Solid Power started solid-state battery. This venture will also be joined by BMW, in which Solid Power will be a focal point for both automakers in supplying large format cells for vehicle testing.
- In July 2021, Hyundai Motor Co. announced a $100 million investment in Solid Energy System, a US-based solid-state battery startup.
The examiners used various large and substantial business knowledge devices to combine facts, figures and market information in their income assessments and market projections.
Key partners in the marketplace, including industry players, policy makers and financiers in several countries, have constantly realigned their systems and the ways to manage them to take advantage of the newly opened doors. Many have recently updated their procedures to stay coordinated in the context of the general unrest caused by the COVID-19 pandemic.
Market Segments Covered in Solid State Battery Industry Analysis
- By Battery Type
- Thin Film Solid State Batteries
- Portable Solid State Batteries
- By Capacity
- Below 20mAh Solid State Batteries
- 20mAh-500mAh Solid State Batteries
- Above 500mAh Solid State Batteries
- 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
“Growing Miniaturization of Devices to Supplement Solid State Battery Market”
With the advancing technology and shrinking world, the demand for small and lightweight gadgets that are easy to carry is increasing. Further, work-from-home policies, work during travel, and digitalization leads to the growing miniaturization of devices for better work efficiency.
The miniaturization of gadgets is restrained by battery size, due to which the demand for solid-state batteries increased. Solid-state batteries are thin and flexible and hence, easy to be fitted in any small or miniature electronic device.
Regional analysis includes
- North America (USA, Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS and Russia
- Japan
- Asia Pacific Ex-Japan (Greater China, India, South Korea, ASEAN Countries, Rest of EPAJ)
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