The global solid state battery market size is estimated to grow from USD 62 million in 2020 to USD 483 million by 2027; it is expected to grow at a CAGR of 34.2% from 2020 to 2027 says the report of ResearchAndMarkets.com. The growth of this market is driven by the rising requirement of solid state batteries in electric vehicles, the increasing trend toward the miniaturization of consumer electronics, and growing R&D activities by major companies.
Growth of solid state battery industry is expected to be driven by growth in electric vehicles during forecast period.
The global solid state battery market for electric vehicles is expected to grow at a significant rate during the forecast period. Electric vehicles (EV) are anticipated to be one of the major segments for solid state batteries. Cost, safety, and driving range are a few of the major concerns associated with electric vehicles.
Over the past few years, manufacturers have had to work with the restraints of the conventional batteries composed of liquid- or gel-based electrolytes that overheat and cause explosions. Moreover, the liquid electrolyte in a battery requires many layers of packaging, which adds to the size and weight of the battery. Anticipating the tremendous growth of electric vehicles in the coming years, many major companies are developing solid state batteries to address the current problems of the market.
Solid state battery market in APAC to grow at highest CAGR during 2020-2027.
APAC is expected to witness the highest CAGR during the forecast period owing to the technological advancements in wearable devices and consumer electronics sectors in this region. The major wearable devices and consumer electronics manufacturers based in APAC, such as Samsung (South Korea), LG Electronics (South Korea), and Panasonic (Japan), are developing the next-generation flexible devices. These devices require power sources that are not only small but also have high power density to complement the product design; these requirements are fulfilled by thin-film batteries.
Moreover, the report profiles the key players in the solid state battery market and analyzes their market ranking. The prominent players in this market are Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US), among others.