Solid State Battery Market to Expand at an Impressive 30% CAGR: Fact.MR

Solid State Battery Market to Expand at an Impressive 30% CAGR: Fact.MR

PR Newswire

NEW YORK, Jan. 10, 2022

Solid State Battery Market to Grow 13X during 2021-2031

The latest Fact.MR report offers actionable and valuable insights on the solid state battery market. It provides a thorough analysis of growth drivers, restraints, opportunities and emerging trends shaping the market dynamics across key regions. To present the information in a coherent manner, the report has been segmented on the basis of battery type, capacity, and sales channel across major regions.

NEW YORK, Jan. 10, 2022 /PRNewswire/ -- The global solid state battery market was valued at US$ 56.9 Mn in 2020. The estimated market growth between 2021 and 2031 is expected to be much larger than prior years, with a CAGR of over 30%. By 2031, the market for portable solid state batteries is estimated to be worth almost US$ 911 million in absolute dollars.

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The worldwide electric car industry has been rising at a rate of over 40% per year, as the world's most well-known passenger car manufacturers direct their investments toward alternative fuel vehicles. In 2019, worldwide electric car sales reached 2.1 million units, driving up demand for components utilized in them, such as solid state batteries.

As electric vehicles become more common, solid state battery sales are expected to grow tremendously.

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By 2031, East Asia is predicted to account for more than 35% of worldwide solid state battery consumption. In its rush to electrify its vehicles, China presents considerable prospects for relevant raw materials and components.

Around 2.6 million battery electric vehicles and 0.8 million plug-in hybrid electric vehicles were registered in China in 2019. Although, as a result of the reduction in electric car purchase subsidies, the pace of adoption of electric vehicles has decreased. Now, the government plans to encourage adoption by enacting regulations that encourage vehicle ownership.

Li-ion batteries have changed not just the portable electronics ecology, but have also laid the groundwork for the electric car revolution. The physiological constraints of lithium-ion batteries have been uncovered due to the expanding application area of end-use goods. Transition from li-ion to solid state batteries due to this limitation to result in high demand of solid state batteries.

Key Takeaways:

Growth Drivers:

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Competitive Landscape

In recent years, there has been a battle between several global automotive heavyweights who want to take advantage of the opportunities afforded by electric vehicles. Toyota, Volkswagen, Hyundai Motor Co., and Ford Motor have all invested in solid state battery start-ups, recognising that leadership in electric vehicles cannot be achieved by focusing only half-heartedly on solid state batteries.

Volkswagen stated in May 2021 that it would raise its investment in QuantumScape, a solid-state battery start-up based in the United States. Volkswagen stated that it plans to launch a solid-state battery production line in this joint venture by 2024.

Ford Motor Company has expressed interest in investing in Solid Power, a solid-state battery startup in the United States. BMW will also join this cooperation, with Solid Power serving as a focal point for both manufacturers in terms of providing large format cells for car testing.

In July 2021, Hyundai Motor Co. made a $100 million investment in SolidEnergy System, a solid state battery start-up based in the United States,

Key Players in the Solid State Battery Market Include:

More Valuable Insights on Solid State Battery Market

Fact.MR provides an unbiased analysis of the Solid State Battery market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global Solid State Battery market with a detailed segmentation on the basis of:

Key Questions Covered in Solid State Battery Market Report

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Sodium Nickel Chloride Battery Market Scope - Increased automotive manufacturing will have a direct impact on battery demand, which will accelerate the expansion of the sodium nickel chloride battery market. The market has been pushed to change to highly efficient and abundant energy storage materials and batteries by the rising global economy.

Lithium-ion Battery Recycling Market Forecast - Lithium polymer is currently controlling the battery business due to its compact size and capacity, according to industry specifications. Because of new technological breakthroughs and finest market strategies, the lithium-ion battery recycling businesses have the best future.

Li-Ion Battery Pack Market Trends - The lightweight quality of lithium-ion batteries, as well as a decline in the price of lithium-ion batteries, are driving sales. Furthermore, the need for li-ion battery packs will be boosted by the desire for electric vehicles.

About Fact.MR

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