The latest market report published by Credence Research, Inc. “Global Electric Vehicle Solid State Battery Market: Growth, Future Prospects, and Competitive Analysis, 2023 – 2030”. The Global Electric Vehicle Solid State Battery Market generated revenue of around USD 351.9 million in 2022 and is anticipated to grow a CAGR of over 18.9% during the forecast period from 2023 to 2030 to reach around USD 1182.2 million in 2030.
In contrast to the polymer gel electrolytes or the liquid electrolytes used in lithium-ion or lithium-polymer batteries, solid-state batteries use solid electrolytes and solid electrodes. These batteries are ideal for the newest electronic cars because they don’t overheat and charge more quickly due to their low resistance. The market is anticipated to expand due to benefits such as improved stability, reduced flammability, and higher potential cathodes. The market is anticipated to expand due to rising two-wheeler electric vehicle sales and rising demand for high-range electric automobiles. Also, growing investments by several significant market participants in solid-state battery research and development in conjunction with stringent government mandates to improve vehicle fuel efficiency are anticipated to fuel market expansion. However, some main things impeding the market’s expansion are the shifting costs of commodities and the advancing technological standards.
The vehicle type, propulsion type, battery energy density, and geography segments of the worldwide electric vehicle solid-state battery market are separated. The market is divided into two categories based on the kind of vehicle: passenger cars and commercial vehicles. The global market is divided into battery electric vehicles and hybrid electric vehicles based on the type of propulsion. The global market is divided into two categories based on battery energy density: less than 450 WH/kg and more than 450 WH/kg. The market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on geography.
In recent years, the market for electric vehicles has shown steady expansion. EV sales are expected to increase by double digits in many European nations in 2020. Around 43% of all electric vehicle sales worldwide were made in the European region in 2020, up from 26% in 2019. Over 3.24 million plug-in vehicles were sold globally, up from 2.26 million in 2019. Sales increased significantly due to stricter regulations being implemented by various organizations and governments to reduce emissions and promote zero-emission automobiles.
The Electric Vehicle Solid State Battery Market major players analysis has become increasingly important in recent years as the demand for electric vehicles continues to rise. The analysis focuses on the major companies that are at the forefront of developing and producing solid-state batteries for electric vehicles. These companies include Toyota, BMW, Volkswagen, Samsung SDI, LG Chem, and Panasonic among others. Each company has its unique approach to solid-state battery technology with some focusing on improving energy density while others concentrate on reducing production costs. The competition between these players is fierce as they strive to gain a larger share of the rapidly expanding electric vehicle market.
Some of the key factors driving the growth of the electric vehicle solid state battery market worldwide include:
· Increasing demand for electric vehicles: The demand for electric vehicles is increasing, and solid state batteries are considered to be a key technology for advancing the performance and range of electric vehicles.
· Advancements in solid state battery technology: Technological advancements in solid state batteries have led to the development of more efficient, durable, and safer batteries, which is expected to drive the growth of the market.
· Government initiatives and regulations: Governments around the world are implementing initiatives and regulations to promote the adoption of electric vehicles, which is expected to drive the demand for solid state batteries.
· Environmental concerns: The increasing concern over the environmental impact of traditional vehicles is leading to a shift towards electric vehicles, which is expected to drive the demand for solid state batteries.
· Reduction in battery cost: The cost of solid state batteries is expected to decrease in the coming years, making them more affordable and driving the growth of the market.
Why to Buy This Report-
- The report provides a qualitative and quantitative analysis of the global Electric Vehicle Solid State Battery Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2018-2021, base year- 2022, and forecast period 2023-2030.
- The report contains information related to the competitive landscape like how the key players in the market are operating at a global, regional, and country level
- In-depth global Electric Vehicle Solid State Battery Market segmentation analysis based on vehicle type, propulsion type, and battery energy density.
- Major countries in each region with their import/export statistics
- The global Electric Vehicle Solid State Battery Market report also includes analysing of the global, regional, and country levels, along with key market trends, significant players analysis, market growth strategies, and key application areas.