Authored By: Sarah
17 Jul 2023

Solid State Battery Market expected to witness revenue growth by USD 550.68 million across the globe

The rising requirement for long-range EVs globally, with growing awareness of environmental concerns, followed by increased government support, and lastly rising stringent laws against lead pollution is driving the market expansion of the Solid-State Battery Market at a large scale. The market for Solid State Battery is expected to witness revenue growth of USD 550.68 million with a growth momentum accelerating at a CAGR of 57.53%. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

The Solid State Battery market can be segmented by application (transportation, grid storage, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa).

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Solid State Battery Market at a Glance

Navigating through the major growth drivers of the market: As per data since  2012 sales of EVs have been increasing steadily, therefore it is one of the major determinants of market growth  followed by 

  • The increasing requirement for solid-state batteries is rising due to huge demand generation from the increasing sales volume of long-term EVs.
  • Solid-state batteries are light in weight and have a high energy density and are nonflammable and do not require any cooling system, which in turn leads to more battery space in vehicles with increased mileage. fueling the increased adoption of solid-state batteries in EVs.
  • Governments and automotive manufacturers are taking cumulative efforts to drive focus toward the EV industry due to growing environmental concerns, which in turn impactive the solid-state battery market.

Vendor Analysis: Some of the strategic means deployed by the key players to capitalize on the market growth are

  • Rising vendor collaborations are one of the key solid-state battery market trends that are expected to impact the industry positively.
  • An increased number of new market players and their collaborations in will significantly intensify the competition in the market, leading to more R&D activities for gaining a competitive edge. 

For instance, BrightVolt company offers BrightVolt PME under solid battery technology. 

  • Some of the market leaders worth mentioning in this sector are General Motors Co., Hitachi Zosen Corp, Ilika PLC, Ion Storage Systems, Johnson Energy Storage Inc., LG Energy Solution, Murata Manufacturing Co. Ltd., Poly Plus Battery Co., Prime Planet Energy, and Solutions Inc, QuantumScape Corp.

Our report includes a statistical study of the solid-state battery market and encompasses successful business strategies deployed by the key vendors. Request a  sample report today for more insights.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of 57.53%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 550.68 million through 2022-2026.

  3. What is a key factor driving this market?
    Growing requirements for long-range EVs will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, South America, and the Middle East and Africa are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    48% growth will originate from APAC

  6. What are the market segments covered in this report?
    The market is segmented by Application (Transportation, Grid storage, and Others) and Geography (APAC, Europe, North America, South America, and Middle East and Africa)
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