Global Solid State Battery Market Report and Forecast 2024-2032

Global Solid State Battery Market Outlook

The global solid state battery market size reached approximately USD 796.92 million in 2023. The market is projected to grow at a CAGR of 33.3% between 2024 and 2032, reaching a value of around USD 10,612.37 million by 2032.

Key Trends in the Market

Solid-state batteries are advanced battery technologies that use solid electrolytes instead of liquid or gel electrolytes found in traditional lithium-ion batteries. The defining characteristic of solid-state batteries is the use of solid electrolytes. In conventional lithium-ion batteries, the electrolyte is a liquid or gel that allows ions to move between the cathode and anode.

• The surge in the demand for electric vehicles is one of the primary solid state battery market trends. Automakers worldwide are transitioning towards electrification to meet stringent emission regulations and consumer demand for sustainable transportation. Solid-state batteries offer significant advantages for EVs, including higher energy density, faster charging times, and enhanced safety features.

• Research and development in materials science play a pivotal role in the solid state battery market growth. Innovations in solid electrolytes, electrodes, and interfaces are key areas of focus. Materials with high ionic conductivity and compatibility with electrode materials are crucial for achieving high-performance solid-state batteries.

• The introduction of government policies and incentives aimed at reducing greenhouse gas emissions and promoting sustainable transportation are significantly influencing the global solid state battery market demand. Countries around the world have announced ambitious targets for the phase-out of internal combustion engine vehicles. In response, automakers are accelerating their efforts to develop electric vehicles powered by advanced battery technologies like solid-state.

Market Analysis

Based on battery type, the market can be bifurcated into a portable and thin film. The global solid state battery market segmentation, based on capacity, includes below 20mAh, 20mAh to 500mAh, and above 500mAh. Based on application, the market is divided into consumer and portable electronics, electric vehicles, energy harvesting, and wearable and medical devices, among others. The major regional markets for solid-state batteries are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solid state battery market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Toyota Motor Corporation

• STMicroelectronics International N.V.

• Ganfeng LiEnergy technology Co., Ltd. 

• Ilika Plc 

• Samsung SDI Co., Ltd  

• StoreDot Ltd. 

• Solvay S.A. 

• Saft Groupe SAS 

• Solid Power, Inc. 

• Factorial Inc.

• Others

Market Share by Capacity

According to the global solid state battery market analysis, above 500 mAh solid state batteries are expected to witness significant growth during the forecast period. This can be primarily attributed to the heightened utilisation of these batteries in the electric vehicle sector. Additionally, an increasing need for battery energy storage systems in commercial and industrial settings is anticipated to contribute to the continued expansion of this segment in upcoming years.

Market Share by Region

Europe is likely to account for a substantial portion of the global solid state battery market share, a position it is expected to maintain in the foreseeable future. This growth is influenced by the rigorous enforcement of beneficial regulatory policies to promote the adoption of battery energy storage systems and electric vehicles throughout the region. Furthermore, financial support from the European Commission towards research and development initiatives focused on batteries is anticipated to provide an additional boost to the market's expansion in the region in the coming years.

Competitive Landscape

Toyota Motor Corporation is a multinational automotive manufacturing company, based in Japan. Founded in 1937, Toyota is one of the largest automotive manufacturers in the world. Toyota produces a wide range of vehicles, including passenger cars, trucks, and SUVs. The company is known for producing reliable and fuel-efficient vehicles.

STMicroelectronics International N.V. is a global semiconductor company headquartered in Geneva, Switzerland. It is one of the largest independent semiconductor manufacturers in the world. The company was formed in 1987 through a merger of two prominent semiconductor companies, SGS Microelettronica (Italy) and Thomson Semiconductors (France). It has its roots in the semiconductor divisions of two older electronics companies, SGS and Thomson.

Ilika Plc is one of the major companies engaged in solid-state battery manufacturing for various applications including industrial IoT, MedTech, and electronics. The company develops batteries through two product lines, including Stereax and Goliath.

Other global solid state battery market players are Ganfeng LiEnergy technology Co., Ltd. Samsung SDI Co., Ltd, StoreDot Ltd., Solvay S.A., Saft Groupe SAS, Solid Power, Inc., and Factorial Inc., among others.

Key Highlights of the Report