New York, July 27, 2023 (GLOBE NEWSWIRE) -- The global solid state car battery market size is predicted to expand at ~4% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 3 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022. Out of the total number of vehicles sold that year which reached 74 million electric cars accounted for 15%. Solid state batteries present better solutions, especially in terms of very high energy storage capacities as well as quick charge abilities.
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As a result, they prove to be an ideal choice to fuel the ever expanding electric vehicle market since they can significantly store more amounts energy in highly confined spaces and also further enable faster charging and discharging rate facilities.
Solid State Car Battery Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- The passenger car segment to garner the highest growth
- Market in North America to grow at a highest rate
Incentives and Subsidies Offered by Governments for Adoption of Electric Vehicles to Boost Market Growth
Governments are offering these incentives and subsidies as a way to encourage people to switch from traditional gasoline-powered vehicles to electric vehicles. This is seen as a way to reduce pollution and help the environment in the long run. For instance, electric vehicles in India are subsidized as part of FAME (Faster Adoption and Manufacturing of Electric Vehicles) 2 which aims to improve the uptake of electric two-wheelers, three-wheelers, and four-wheelers, as well as electric buses.
In addition, Americans can receive a tax credit of up to USD 7,500 for EV purchases. By incentivizing the adoption of electric vehicles, governments are hoping to lower emissions of greenhouse gases and reduce the dependence on non-renewable sources of energy. This will help to mitigate the effects of climate change and create a healthier environment for future generations. Solid state batteries are much smaller and lighter than traditional lithium-ion batteries, allowing for much more efficient use of space in electric vehicles. They also last longer and are more energy-dense, so they can store more energy than traditional batteries.
Solid State Car Battery Market: Regional Overview
The global solid state car battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Demand for Electric Vehicles to Drive the Growth in the Asia Pacific Region
The solid state car battery market in the Asia Pacific region is estimated to garner the largest share of 32% by the end of 2035. The shift in the automobile sector is driven by the need to reduce pollution, reduce the cost of ownership, and provide access to clean and sustainable energy sources. As governments in the region are introducing incentives such as tax benefits and subsidies to promote the use of electric vehicles, the demand for electric vehicles is expected to increase significantly. Currently, 13,92,265 electric vehicles are on Indian roads as of 2022; India plans to have 30% of private automobiles powered by electricity by 2030. The number of electric vehicles produced in China in 2021 was over 3.4 million.
Electric vehicles require batteries that are more efficient and have higher energy density than traditional car batteries. Solid state batteries have a higher energy density than other types of batteries, which makes them a great option for powering electric vehicles.
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Implementation of Government Regulation for Environmental Concerns to Drive the Growth in The North America Region
The North American solid state car battery market is estimated to garner the highest CAGR of 28% by 2035. In response to environmental concerns and stringent government regulations, automakers in the region have developed cost-efficient and environmentally friendly vehicles. A new, more ambitious set of standards for light-duty and medium-duty vehicles that will begin with the model year 2027 was announced by the Environmental Protection Agency on April 12, 2023. Solid state car batteries are lighter and more efficient than traditional batteries, allowing cars to go farther on a single charge.
Additionally, they have a longer lifespan, with some batteries expected to last up to 10 years. This makes them an attractive option for automakers looking to comply with emissions regulations. In addition, governments and automakers are providing incentives to promote electric vehicles, as well as improved battery technology among producers in the region.
Solid State Car Battery Segmentation by Vehicle Type
- Passenger Car
- Commercial Vehicle
By the end of 2035, it is expected that the passenger cars segment will account for the largest revenue share reaching approximately 53%. The improved range and reduction in charging times of electric vehicles make them more accessible and attractive to urban dwellers, who are more likely to prioritize convenience and cost savings over traditional vehicles. This has increased the demand for passenger cars, especially in developing countries, and is expected to drive market growth. A total of 38,90,100 passenger vehicles were sold in FY-2022-23 in India, up from 30,69,520 units in FY-2021-22.
Solid-state batteries have a higher energy density and require fewer components than traditional lithium-ion batteries, making them lighter and more efficient. This means they can store more energy in a smaller package, which is important for passenger cars that need a lot of power but also have limited space for the battery.
Solid State Car Battery Segmentation by Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
The battery electric vehicle segment is anticipated to hold the largest revenue by 56% by the end of 2035 due to the increasing adoption of electric vehicles as governments around the world are pushing for more regulations to reduce carbon emissions and support green energy.
Additionally, advances in battery technology are making electric vehicles more capable and affordable. The total number of electric cars worldwide has increased by 60% since 2021, with BEVs accounting for about 72% of total annual growth. Consequently, about 71% of all-electric cars in 2022 were BEVs. In addition, the increasing cost-competitiveness of BEVs over traditional internal combustion engine (ICE) vehicles, due to the relatively low cost of EV batteries and the reduction of maintenance costs, is expected to further drive the adoption of BEVs shortly.
Solid State Car Battery Segmentation by Battery Energy Density
- Less than 450 Wh/kg
- More than 450 Wh/kg
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Solid State Car Battery Segmentation by Component
- Cathode
- Anode
- Electrolyte
A few of the well-known market leaders in the global solid state car battery market that are profiled by Research Nester are Samsung SDI Co. Ltd., Solvay, Cymbet, Robert Bosch GmbH, Saft, Toyota Motor Corporation, Solid Power, Inc, Panasonic Holdings Corporation, QuantumScape, LG Chem., and other key market players.
Recent Development in the Market
- A definitive agreement was announced by Decarbonization Plus Acquisition Corporation III and Solid Power, Inc., a world-leading supplier and manufacturer of all-solid-state batteries for electric vehicles. The deal will transform Solid Power into a publicly traded company.
- Toyota Motor Corporation has stated that it intends to use solid-state batteries in hybrid cars before moving to fully electric vehicles by the year 2025. As a result, there will be a higher output, a longer range, and a shorter charging time for the battery.
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