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Solid State Battery Market Analysis

ID: MRFR//7012-HCR | 121 Pages | Author: Priya Nagrale| July 2024

The solid-state battery industry is a powerful area moved by innovative progressions, the developing interest for energy capacity, and the accentuation on electric vehicles. Solid state batteries give expanded life expectancies, further developed security, and more noteworthy energy thickness than traditional lithium-particle batteries. With an end goal to change plan and execution and overcome producing impediments, Research and development endeavours are the pushing force behind advancement in this industry. The car area is applying an effect on the solid-state battery market because of the expanded requirement for refined energy capacity arrangements made by the progress electric vehicles. The target of organizations between auto organizations and makers is to integrate these batteries into vehicles of the accompanying age. Unofficial laws and drives are pushing the solid-state battery market, with impetuses for the reception of electric vehicles and tough emanation norms driving interest for cutting edge battery advances and innovative work program speculations. The market examples of solid-state batteries are unequivocally affected by the shopper hardware area, because of the rising interest for smaller and superior execution energy capacity arrangements from modern gadgets. The creation of conservative, sturdy, and secure batteries for cell phones and wearables is a cutthroat industry. Market elements for solid state batteries are essentially affected by inventory network elements, including the accessibility of fundamental materials and the limit with regards to adaptable creation. Associations are refining their creation processes to fulfil the raising requests in different businesses. Putting resources into solid state batteries is propelled by the overall accentuation on manageability, which is reliable with the goal of laying out a more maintainable energy structure. This is predictable with the rising inclination for harmless to the ecosystem and reasonable advancements. Cutthroat elements drive the solid-state battery market, as firms apportion assets towards innovative work, innovation obtainment, and key coalitions to improve execution, cost-proficiency, and versatility. Market elements are impacted by deterrents, for example, high creation costs and broad testing; in any case, by overcoming these difficulties, strong state batteries will turn out to be all the more monetarily practical and appealing in a large number of uses. The solid-state battery market is a critical member in energy capacity advances because of its defencelessness to mechanical progressions, auto industry patterns, unofficial laws, shopper gadgets requests, store network contemplations, manageability objectives, cutthroat powers, and commercialization challenges.

Covered Aspects:

Report Attribute/Metric Details
Segment Outlook Type , Capacity and Application

Solid-State Battery Market Overview

The Solid State Battery Market was valued at USD 750.66 million during the year 2023 and this is expected to grow at a CAGR of 28.48% during the end of the forecast period with a market value of usd 9402.90 Million in 2032. These batteries are used in electric vehicles. The demand for electrical vehicles is growing rapidly, as is the market. In fact, according to the International Energy Agency, the electric motors market is expanding at a breakneck pace.

Solid-State Battery Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

July 2023

WeLion and Nio are working together to include semi-solid-state batteries into a 150-kWh battery pack. Nio, a Chinese maker of electric vehicles, received the first semi-solid-state battery cells from WeLion. Incorporating these cells into its 150-kWh battery pack, Nio intends to begin shipping electric vehicles with this cutting-edge battery technology by the end of July.

In comparison to the 96 cells in the 100-kWh battery pack produced by CATL, another well-known battery manufacturer, the 150-kWh battery pack has 384 cells, a higher quantity. The battery offers an energy density of 360 Wh/kg, a rated voltage of 3.31 V, and a rated capacity of 110 Ah.

The 150-kWh battery pack has the same dimensions as conventional CATL packs, measuring 2062mm in length, 1539mm in width, and 185.6mm in height.

In January 2021, at the 2020 NIO Day celebration, Nio first showcased its 150-kWh battery pack. The pack includes solid-state battery cells that are created in a manner comparable to the company's current lithium-ion cells. Nio asserted at the time that the new pack could deliver an amazing range of 1,000 kilometers (620 miles) on a single charge. However, SUVs often consume more energy because they experience more wind resistance than sedans.

February 2023

Manufacturer of lithium-ion batteries Dragonfly Energy has signed a legally binding agreement to merge with special purpose acquisition company Chardan NexTech Acquisition 2 Corp (CNTQ), making it a publicly traded company on the NASDAQ. The money will be used by the company to commercialize its patented and exclusive All-Solid-State-Battery technology as well as to expand the market penetration of its already successful operations.

March 2023

Sakuu Corporation, a developer of solid-state battery solutions, and Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), have signed a definitive business combination agreement for the merger that would turn Sakuu into a publicly traded corporation.

 In the third quarter of 2023, the deal is anticipated to close. After closing, it is anticipated to be listed under the ticker "SAKU" on a U.S. national exchange. Approximately 80% of the pro forma company is anticipated to be owned by Sakuu's current equity holders.

April 2024

On June 1st, over two years later than first anticipated, Nio's much anticipated semi-solid state battery will finally be launched. With the best energy density, the 150 kWh unit is the largest capacity battery pack made in China. It will undoubtedly only be accessible initially as a daily-charged upgrade.

Nio CEO William Li conducted a live-streamed endurance test in a Nio ET7 in December of last year, marking the penultimate step towards the prototypes being a reality. Nio had earlier said that the battery will start deliveries in 2022. The automobile traveled 1044 km at an average speed of 83.9 km/h throughout the course of 14 hours of driving.

The fresh battery is available to all Nio owners because of the company's battery switching technology. The size of the battery that came with the automobile determines how much the rental will cost. To utilize the 150 kWh pack, owners of 70/75 kWh battery packs must pay 150 yuan (21 USD) every day. The daily fee for those who currently own a bigger 100 kWh pack is lowered to 100 yuan (14 USD). Owing to Nio's battery switching technology's modular design, the 150 kWh unit has the same proportions as all previous Nio batteries.

The 150 kWh battery pack, according to Nio, is the first soft-pack CTP (cell to pack) battery in history to prevent thermal runaway. With an energy density of up to 360 Wh/kg, the battery is semi-solid state and has the greatest energy density of any pack presently being mass-produced in China.

Previous claims have said that the 150 kWh pack is quite costly, costing around the same as a Nio ET5 vehicle. This is thought to be the cause of the 150 kWh not being made available for real client purchase. With the battery, Nio models have a range of around 1000 km CLTC.

Solid-State Battery Market - COVID-19 Analysis

The solid-state battery market suffered a bit during and slightly after the pandemic. COVID-19 turned out to be more than a nuisance virus. It was very dangerous and made many people extremely ill. The virus even caused more than a few deaths. Governments soon noticed that this virus could not be taken lightly. They responded by imposing quarantines and lockdowns. These were temporary in nature since they had limited effect.

People were not as mobile during the lockdowns and quarantines. Therefore, they were not driving their cars nearly as much. The solid-state battery industry saw a decline in demand. Some companies were forced to scale back production or shut down temporarily as a result. 

Solid State Battery Market Competitive Landscape

The solid-state battery market remains highly competitive. Part of the reason for this is the fact that there are too many companies in this industry. What attracts companies to the industry is the fact that revenue and profit generation potential is high. In any case, companies find that they must invest heavily in research and development in order to survive. Of course, they can always merge with/acquire other successful companies and/or enter into strategic partnerships with successful companies.

BrightVolt Inc is a good example of a company that has stayed competitive even during the COVID-19 pandemic. By investing heavily in research and development it has ensured that it can develop and market superior products that the competition may not necessarily be capable of making and marketing.

List of Companies

  • Cymbet Corporation (US),

  • Robert Bosch GmbH (Germany),

  • Toyota Motor Corporation (Japan),

  • Brightvolt Inc. (US),

  • Excellatron Solid State, LLC (US),

  • Apple Inc. (US),

  • STMicroelectronics N.V. (Switzerland),

  • Planar Energy Devices, Inc. (US),

  • Solid Power Inc. (US),

  • Altairnano (US),

  • Quantumscape Corporation (US), and

  • Infinite Power Solution, Inc. (US).

Recent Developments in Solid-State Battery Market

  • Cymbet corporation launched a more efficient and battery

  • Panasonic and Toyota entered into a strategic partnership

Solid State Battery Market Dynamics

  • Solid-State Battery Market Drivers

The solid-state battery market growth rate is picking up now that people are starting to ignore the pandemic and become more mobile. This means that they are driving around more often. This is leading to more people and companies buying electronic cars and other vehicles. Many companies that make these types of cars are investing more in intensive research and development to develop what they like to call ‘the perfect battery!’

There were about 5.1 million electric cars in the entire world in 2018. This represented an increase of about 2 million car sales from 2017. The number of new sales of electronic cars increased by 200% from 2017 to 2018.

There is another trend that is likely to drive growth in the global market. This is the increased popularity of the FitBit and other smart wearables technology. In this case, the sale of thin-film solid batteries is on the rise.

  • Solid-State Battery Market Opportunities

Solid-state batteries offer their users many advantages that conventional batteries don’t. The first one is that they operate for longer because they have greater electrochemical stability. They also release more energy when they do operate and they don’t catch fire easily.

Many companies are seeing that there is a lot of money to be made in the market if they market and develop the right products. That’s why they’re investing heavily in research and development to come up with the ideal solid-state battery.

  • Solid-State Battery Market Restraints

Solid-state batteries tend to be of higher quality. This is why they’re more expensive than traditional batteries are. This could be a key factor that restrains growth in the future.

  • Solid-State Battery Market Challenges

Perhaps the biggest challenge that companies in the global market face lie in creating more energy-efficient batteries while continuing to keep the prices at points where the masses can afford them.

  • Solid-State Battery Market Technology Analysis

Brightvolt Inc is a successful American company. It has managed to succeed by creating a sustainable competitive advantage through research and development. It has managed to come up with a product that is superior to what the competition produces and sells. This is the lithium-polymer battery.

Solid State Battery Market Segment Overview

Solid-State Battery Technology Type Outlook

The market can be grouped into the following sub-segments based on type:

  • Portable battery

  • Thin-film battery

  • Others

The thin-film battery sub-segment is projected to have the greatest market share. The reason for this is that the materials used to make solid-state and thin-film batteries are increasingly being used in packaging, smart cards, medical cards, wearable devices, and wireless communications. Thin-film batteries, especially, are friendlier to the environment than other types of batteries. Hence, they are expected to become more popular in a world where the population is increasingly worried about the environment.

Solid State Battery Capacity Outlook

The market can be grouped into the following sub-segments based on capacity:

  • 20mAH

  • 20-300 mAH

  • 301-500 mAH

  • Above 500 mAH

The above 500 mAh sub-segment is expected to have the highest growth rate. The reason why is that it’s increasingly being used in IoT products and accessories. These types of batteries are small and recharge easily and quickly.

Solid State Battery Application Outlook

The market can be grouped into the following sub-segments based on application:

  • Electric vehicles

  • Electronics

  • Medical devices

  • Wearable technologies

  • Smart cards

  • Others

The electronic vehicles sub-segment is expected to have the greatest market share. The reason being that more people are buying electric vehicles and these vehicles tend to use solid-state batteries and solid-state battery isolators more often.

Also, many companies are engaging in intensive research and development to try to develop and market higher-quality batteries. Many governments are trying to make their nations greener bypassing strict rules regarding vehicular emissions. This is also driving growth in the solid-state battery market.

Solid State Battery Region Outlook

The market can be grouped into the following sub-segments based on region:

  • North America

  • The European Union

  • Asia-Pacific

  • The Middle East and North Africa

  • South America

Solid State Battery Market Regional Analysis

North America may have the highest solid-state battery market share, but the Asia-Pacific region has the highest solid-state battery market growth rate. One reason for this is that many of the companies that make solid-state batteries are in China.

The North American region leads in terms of market share because its populations are relatively well-educated and wealthy. North America consists of three nations: Mexico, Canada, and The United States of America. People in the latter two nations especially are demanding that their electronics products be better, faster, and more efficient. This requires the use of higher-quality and superior batteries. Solid-state batteries happen to be this type of battery. Some electronics products that are in high demand in the North American region include packaging, smart cards, and electric vehicles.

These two nations also have some of the strictest rules and regulations in the world regarding the number and type of vehicular emissions that can be released into the air. This is leading to a rapid increase in demand for smart cars which use solid-state batteries.

The Asia-Pacific region is seeing huge growth in the solid-state battery market. The reason for this is that all nations in this region, including India and China, are industrializing and urbanizing rapidly. Their citizens are becoming wealthier. They want and need better vehicles and are willing to spend more on electric vehicles. Hence, the increase in demand for solid-state batteries. Also, the governments in the nations in this region are starting to get stricter in terms of the amount and type of vehicular emissions that can be released into the environment.

The European Union had the second largest market share last year. The reason for the European Union’s larger market share is because its governments have been encouraging the development and usage of solid-state batteries in a variety of devices. This includes electric cars.

Solid State Battery Market Report Overview

The CAGR for the solid-state battery market is 28.01%. The market is expected to be worth USD 411.48 million. The North American region has the highest market share but the Asia-Pacific region has the highest CAGR. The insights provided in this report will help you analyze the future growth trends of this market.

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