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A solid-state battery is a battery technology that employs a solid electrolyte and solid electrodes; instead of polymer gel electrolytes or the liquid electrolyte discovered in lithium polymer or lithium-ion batteries. These batteries don’t overheat because of the low resistance which increases the charging speed of the batteries, which makes them the best option for next-generation electronic vehicles. Also, additional advantages such as an increase in stability, less flammability and higher potential cathodes are expected to drive the market growth.
The increase in demand for high range electric vehicles and the rise in implementation of two-wheeler electric vehicles in the market is expected to drive the market growth. Also, increased investments made by several major key players in the R&D of solid-state batteries with severe government regulations to develop the fuel economy of vehicles are expected to drive the market growth. However, the fluctuation in prices of materials and increased technological parameters are some of the major factors hampering the growth of the market.
Key Market Driver -
the increased capacity of solid-state batteries which increases the range of EVs and increased adoption of electric two wheeler vehicles are some of the major factors driving the market growth.
Key Market Restraint -
the fluctuation prices of materials and increased technological parameters are some of the major factors hampering the growth of the market
The global solid-state car battery market is segmented by vehicle type, by propulsion type, by component and by geography. Based on vehicle type the market is further sub-segmented into passenger type, two-wheeler (electric). Among these, the passenger vehicles segment is expected to account for the largest market share in 2020 and it is expected to continue its dominance over the forecast period. Factors such as increased adoption of electric passenger vehicles in the APAC region and increased demand for luxury passenger cars in the North American region are expected to drive the market growth.
Based on propulsion type the market is segmented into BEV and PHEVs. The BEV segment accounted for the largest market share in 2020 and it is expected to dominate the market during the forecast period with a steady CAGR. Factors such as increased demand for premium BEVs with features such as faster charging, larger charging capacity and better safety features are expected to drive the market growth. Based on components the market is segmented into cathode material, electrolyte and anode materials. The electrolyte segment accounted for the largest market share in 2020 and it is expected to dominate the market during the forecast period. Factors such as increased electrical energy storage, lower risk of explosions are expected to drive the market growth.
Major players operating in the global solid-state car battery market include Hitachi Ltd., Enevate Corporation, BMW Group, Ionic Materials, Ilika plc, LG Chem Ltd., NGK Spark Plug Co., Johnson Battery Technologies, NanoGraf Corporation and Murata Manufacturing Co. Ltd. among others.
Geographically, the global solid-state car battery market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America held the largest share of the market in 2020 and it is likely to dominate the market in the coming years with the highest CAGR. Factors such as the increased adoption of electric vehicles in the countries like USA and Canada with severe government regulations to increase fuel economy are some of the major factors driving the growth of the market.
The Asia Pacific is anticipated to grow rapidly from 2021 to 2028. Factors such as increased sales of passenger vehicles, rapid adoption of electric vehicles and increase in disposable income of the consumers are expected to drive the market growth. Europe is expected to account for a considerable share in the market and grow steadily over the forecast period. Factors such as the presence of major market players in the region and increased adoption of luxury cars in the region are anticipated to drive the market growth.
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