Solid state batteries have a number of advantages over conventional lithium-ion batteries like higher energy density, greater safety as they don't use a flammable liquid or gel electrolyte and increased stability. They are being widely adopted in electric vehicles as a power source and have lower charging time than lithium-ion batteries allowing EV owners to travel farther on a single charge.
The global Solid State Battery Market is estimated to be valued at US$ 1171.44 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of electric vehicles has boosted the solid state battery market significantly. Many leading automakers have announced plans to adopt solid state batteries in future electric vehicles owing to their safety and high energy storage capacity advantages over lithium-ion batteries. Solid state batteries allow EVs to travel longer distances on a single charge and charge faster. This addresses range anxiety issues associated with EVs and makes them more viable for daily usage. Growing commercialization of EVs is expected to drive solid state battery deployment in automotive applications resulting in the market witnessing a CAGR of over 9% during the forecast period.
Segment Analysis
The global solid state battery market is dominated by the consumer electronics sub segment. This sub segment accounted for over 40% share of the total market in 2024. Growing adoption of wearable devices and electric vehicles which heavily rely on batteries is driving the demand for high performance solid state batteries from the consumer electronics sub segment.
Key Takeaways
The Global Solid State Battery Market Size is expected to witness high growth over the forecast period of 2024 to 2030. Rapid adoption of electric vehicles and demand for high capacity, safe and durable batteries is fueling market expansion.
Regional analysis: North America is expected to dominate the global solid state battery market during the forecast period. Early adoption of advanced battery technologies as well as presence of leading battery manufacturers in the US and Canada is driving the market in the region. In addition, strong government support for electric vehicles adoption in the region is also contributing to market growth.
Key players operating in the solid state battery market are Stallergenes Greer, ALK-Abello A/S, Allergy Therapeutics, Allergopharma, HAL Allergy Group, Aimmune Therapeutics, DBV Technologies, Leti Pharma, and Jubilant HollisterStier. Stallergenes Greer leads the market with innovative research on advanced solid electrolyte materials for solid state batteries.
Get more insights on this topic: https://www.dailyprbulletin.com/solid-state-battery-market-regional/
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