Solid State Battery Market Size, Share, By Type (Thin-Film Batteries, Portable Batteries, and Others), By Category (Single-Cell, and Multi-Cell), By Capacity (Below 20mAh, 20-500mAh, 500-1500mAh, 1500-2500mAh, and Above 2500mAh), By Battery Type (Primary, and Secondary), By Application (Consumer Electronics, Electric Vehicles, Medical Devices, Industrial, Packaging, and Others), and By Region - Trends, Analysis and Forecast till 2034

• In 2023, solid state battery market was estimated to be worth USD 1.69 Billion.
• By 2034, the target market is expected to grow to USD 24.9 Billion.
• Target market is expanding at a CAGR of 34.4%

Market Overview:

Solid State Battery Market is driven by increasing demand for electric vehicles, and growing adoption of renewable energy storage solutions. In addition, requirement for high-performance and long lasting energy storage device are another factors propelling growth of the global market. Furthermore, technological advancements which increases the efficiency and cost-effectiveness of production is also anticipated to create opportunities for growth of the global market over the forecast period.

Key Takeaways:

• North America held the largest share of the market in 2024.
• Europe is projected to be the fastest-growing market in the coming years.
• By type, thin-film batteries dominate the target market growth.
• By category, multi-cell category holds the largest share of the market.
• By capacity, 20-500mAh is expected to dominate the target market growth.
• By battery type, secondary segment dominate the target market growth.
• By application, consumer electronics holds the largest share of the market.

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Key Drivers of Target Market:

Benefits of Solid State Batteries

The solid state batteries are smaller which could be applied to short-haul aircraft and heavy trucks. These batteries have ability to carry higher energy density in a smaller package which makes them a lighter option for EVs. They also tolerate higher temperatures and have a higher thermal stability, which makes them a safer alternative. Additionally, fewer materials are used for production of solid-state batteries which could reduce their climate impact by almost 39%.

Restrains:

Low Level for Mass Production  

The production efficiency of solid state batteries is low, and they have not yet reached the level for mass production. This results in high battery production costs and a lack of effective electrolyte material systems.

• Counterbalance Statements: The battery materials, production equipment, and manufacturing processes need to develop comprehensively to achieve the commercialization of solid-state batteries.  

Opportunities:

New Innovations and Technological Advancements

In the rapidly advancing field of electric vehicle (EV) technology, solid-state battery technology has emerged and steadily gained momentum, with the potential for widespread adoption. Offering greater energy density, enhanced safety, and a longer lifespan compared to traditional lithium-ion batteries, solid-state batteries are set to play a crucial role in shaping the future of multiple industries. 

• For instance, in January 2024, Toyota confirmed plans to launch solid-state EV batteries with 10-minute fast charging and up to 750 miles (1,200 km) WLTP range to close the gap with Tesla.

The market is segmented based on Type, Category, Capacity, Battery Type, Application, and Region.  

Type Insights:

On the basis of type solid state battery market is segmented into -Film Batteries, Portable Batteries, and Others. Thin-Film Batteries dominate the target market growth due to its ability to conform into various shapes.

Category Insights:

The solid state battery market by category is segmented into Single-Cell, and Multi-Cell. Multi-cell category holds the largest share of the market as they have a longer lifespan, also are important for grid energy storage system.

Capacity Insights:

The solid state battery market by capacity is segmented into below 20mAh, 20-500mAh, 500-1500mAh, and 1500-2500mAh. 20-500mAh is expected to dominate the target market growth due to widespread usage in IoT devices, smart watches, etc.  

Battery Type Insights:

On the basis of battery type solid state battery market is segmented into Primary and Secondary. Secondary segment dominate the target market growth as they are well suitable for electric vehicles.

Application Insights:

The solid state battery market by category is segmented into Consumer Electronics, Electric Vehicles, Medical Devices, Industrial, Packaging, and Others. Consumer Electronics holds the largest share of the market due to increasing demand, widespread usage, etc.

Regional Insights

North America: This region is expected to dominate the growth of the market during forecast period due to increasing demand for batteries in various sectors such as smart cards, packaging, as well as electric vehicles, high adoption rates of batteries, etc.

Europe: This region is considered to be the fastest growing region in the target market due to increasing investments from various regional manufacturing companies, European’s commissions funding in R & D projects, and among others.

Solid State Battery Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels, analyzing industry trends and opportunities across sub-segments from 2024 to 2034. It segments the market by Type, Category, Capacity, Battery Type, Application, and Region. 

Segmentation:

By Type:

• Thin-Film Batteries
• Portable Batteries
• Others

By Category:

• Single-Cell
• Multi-Cell

By Capacity:

• Below 20mAh
• 20-500mAh
• 500-1500mAh
• 1500-2500mAh
• Direct Sales

By Battery Type:

• Primary
• Secondary

By Application:

• Consumer Electronics
• Electric Vehicles
• Medical Devices
• Industrial
• Packaging
• Others

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

The key players operating in the Solid State Battery Market include QuantumScape Battery, Inc., Solid Power Inc., Ilika, Bluesolutions, Ampcera, ProLogium Technolgy CO., ID TechEx Ltd., Kanadevia Corporation, SAMSUNG SDI, Toyota, TDK Corporation, Ganfeng LiEnergy technology Co, Ltd., IONIC MATERIALS, INC., Factorial Inc., theion GmbH, SAKUU CORPORATION, and Ion Storage Systems.

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• In October 2024, SAMSUNG SDI unveils full line-up of batteries for mobility, including all solid-state batteries, 46-phi cylindrical batteries, and LFP+ batteries. The company aims to lead the global mobility market with batteries that incorporate SAMSUNGSDI's 'super gap' technological competitiveness.
• In April 2024, Factorial Inc., an industry leader in the development of solid-state battery technology for electric vehicle applications, and LG Chem, a global leader in battery materials, announced the signing of a memorandum of understanding (MoU) to accelerate the development of solid-state battery materials.

Analyst View:

The industry is placed for substantial growth due to increasing demand for electric vehicles, and growing adoption of renewable energy storage solutions, requirement for high-performance and long lasting energy storage device. New innovations and development, advance technologies as well as many collaborations and partnerships helps to boost the growth of the market in upcoming years.

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• QuantumScape Battery, Inc.
• Solid Power Inc.
• Ilika
• Bluesolutions
• Ampcera
• ProLogium Technolgy CO.
• ID TechEx Ltd.
• Kanadevia Corporation
• SAMSUNG SDI
• Toyota
• TDK Corporation
• Ganfeng LiEnergy technology Co, Ltd.
• IONIC MATERIALS, INC.
• Factorial Inc.
• theion GmbH
• SAKUU CORPORATION
• Ion Storage Systems.