The global solid-state car battery market size is projected to grow from 27,070 units in 2025 to 661,724 units by 2030, at a CAGR of 89.5%. The demand for solid-state car batteries will grow with the demand for EV’s. Electric vehicles have been growing in demand for the last few years. The increasing emission levels and stringent government regulations have compelled automakers to develop cost-efficient and environment-friendly modes of transport.
The rising volume of toxic gases emitted by vehicles has created an alarming situation and made it imperative for various governments to take preventive steps to reduce pollution. Hence, governments of different countries have taken stringent measures to increase the adoption of electric vehicles. Electric vehicles produce zero or very low emissions of local air pollutants. In addition, BEV’s produce lower noise due to the absence of IC engines.
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“Asia is expected to be the largest market during the forecast period.”
In this report, Asia is expected to be the largest market during the forecast period. Asia Pacific is segmented into China, Japan, South Korea, and India. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these developing economies have recognized the growth potential of the electric vehicle market and, hence, have taken different initiatives to attract major OEMs to manufacture electric vehicles in domestic markets. Major OEMs such as Samsung, Panasonic, LG, and CATL in this region have been working on the development of automotive SSB technology for use in EVs. The demand for the solid-state car market in the region will be largely affected by the government measures for promoting the growth of electric vehicles and related technology.
BEV is estimated to account for the largest market size during the forecast period
The demand for BEVs is growing with the increased focus of several companies to reduce emissions across geographies. BEV is powered by an electric battery stored with chemical energy. The battery used in a BEV is rechargeable and accounts for about 70% weight of the vehicle. OEMs are investing heavily in research and development to increase the efficiency of electric vehicles. Companies such as Tesla and Chevrolet have invented electric vehicle batteries, with long-range. BEVs are emission-free, and several advancements in technology have also helped improve the sales of these vehicles.
BEVs are available in multiple segments, including sedans, SUVs, and hatchbacks. Many OEMs are launching electric vehicles to cater to the market demand. BYD (China) and Tesla (US) are the pure electric vehicle companies topping sales, while OEMs such as Nissan, BMW, Volkswagen, Toyota, and GM are also being major competitors to electric vehicle manufacturers. Tesla is the bestseller around North America and Europe, and the new Wuling HongGuang Mini EV is a low-cost EV in China.
Passenger Car segment is estimated to account for the largest and the fastest market during the forecast period
The global solid-state car battery industry will increase in demand with the growth of EVs. It will be mostly dependent on the amount of premium EV passenger cars being sold in the earlier years and on mass production for use in all EVs by the later part of the decade. Asia Pacific is pegged to be the largest market due to countries such as China, Japan, and South Korea supporting the demand for EVs. Various top EV battery manufacturers such as Samsung SDI, LG Chem, Panasonic, and CATL and top OEMs such as Toyota, Hyundai, and Honda are present in this region, working on developing solid-state batteries for use in automobiles. Europe will also have a fast-growing demand, especially for PHEVs in the market, with Germany, the UK, and France leading the market. North America will be the fastest-growing region, with the US increasing the demand for premium EVs in the region. Top OEMs and battery manufacturers in the region have plans to develop solid-state batteries for automobiles in the coming years.
Key Market Players
The global solid-state car battery companies are Toyota Motor Corporation (Japan), Solid Power (US), QuantumScape (US), Samsung SDI (South Korea), and LG Chem (South Korea). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth market.
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