Global EV Solid-state Battery Market Assessment, By Vehicle Type [Passenger Cars, Commercial Vehicles], By Battery Energy Density [<450 Wh/kg, >450 Wh/kg] By Propulsion [Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), Battery Electric Vehicle (BEV)], By Region, Opportunities and Forecast, 2017-2031F

Global EV solid-state battery market is projected to witness a CAGR of 25.2% during the forecast period 2024-2031, growing from USD 201.32 million in 2023 to USD 1215.41 million in 2031. The adoption of electric, hybrid, and fuel-cell vehicles has increased in the last five years. The increasing prices of fossil fuel, rising vehicular emissions, government initiatives for EV adoption, and higher compliance policies for ICE vehicles drive the EV solid-state battery market growth. Furthermore, battery technology is constantly transforming with the addition of more efficient elements. The solid-state battery is likely to be the dominant future battery technology for electric and hybrid vehicles. The solid-state battery has a solid lithium metal anode and ceramic electrolyte, acting as a perpetrator. Instead of a liquid medium, ions flow through a solid medium, increasing the safety of the vehicle with no chemicals onboard. The solid-state battery’s anode holds a smaller volume, delivering more energy through the smaller battery. The elimination of the separator reduces battery size, making solid-state batteries suitable for heavy trucks and short-haul aircraft. 

The integration of advanced technologies such as artificial intelligence, machine learning, and sensory technology has made EV battery operations smart. It includes real-time monitoring of road conditions, power dynamics, and efficiency. Additionally, government support through incentives, loans, and grants to EV manufacturers and battery vendors also propel the market expansion. The automakers will likely adopt the solid-state battery concept on a large scale.

For instance, in January 2024, Toyota Motor Corporation announced that it will introduce a couple of vehicles comprising solid-state batteries with higher range. The company states that the batteries will charge in 10 minutes and would have a range of 1200 km. In October 2023, the company partnered with Idemitsu Kosan to mass develop and manufacture all-solid-state batteries. Both companies are planning to commercialize future batteries in 2027-28.

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As an emerging automotive market with a higher EV adoption rate and implementation of advanced technologies, the Asia-Pacific region holds the major portion of the market. Major regional automakers are also adopting solid-state batteries with a higher performance range. Companies such as BYD, CATL, Mahindra, Tata, and Hyundai are adopting the latest battery technology to lead the EV manufacturing and technology race. The expanded battery manufacturing line and the battery technology innovation are expected to build the base for solid-state batteries in the region. The enhanced supply chain of raw materials such as lithium through exploration programs and advanced logistics is anticipated to help the region lead in the global market. Companies also help each other grow exponentially through collaborations and partnerships. 

For instance, in February 2024, Beijing established the China All-Solid-State Battery Collaborative Innovation Platform (CASIP) to create a solid-state battery supply chain by 2030. CASIP unites government, academia, and industry, and includes competitors in EV batteries, CATL and BYD.

Future Market Scenario (2024–2031F)

• Demand for high-range EVs with longer shelf lives is expected to gain traction for the EV solid-state battery during the forecast period.
• The advanced battery management systems and technological advancements are anticipated to shape the market dynamics.
• New companies investing in battery technology and automakers extending their R&D facilities are projected to expand the market space.
• Government projects and initiatives to promote EV adoption and production-linked incentives are expected to expand solid-state battery manufacturing worldwide. 

Report Scope

“EV Solid-state Battery Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, that provides an in-depth analysis and qualitative and quantitative assessment of the current state of global EV solid-state battery market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031
Projected Growth Rate	CAGR of 25.2% between 2024 and 2031
Revenue Forecast in 2031	USD 1215.41 million
Segments Covered	Vehicle Type, Battery Energy Density, Propulsion
Regions Covered	North America, Europe, South America, Asia-Pacific, Middle East and Africa
Key Companies Profile	Toyota Motor Corporation Ltd., Contemporary Amperex Technology Ltd. (CATL), BYD INDIA PVT. LTD, QuantumScape Corporation, Solid Power Inc., LG Chem, Inc., Samsung SDI, Hyundai Group, Renault Group, Stellantis NV
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In this report, global EV solid-state battery market has been segmented into the following categories: 

·         By Vehicle Type

o   Passenger Cars

o   Commercial Vehicles

·         By Battery Energy Density

o   <450 Wh/kg

o   >450 Wh/kg

·         By Propulsion

o   Plug-in Hybrid Electric Vehicle (PHEV)

o   Hybrid Electric Vehicle (HEV)

o   Battery Electric Vehicle (BEV)

·         By Region

o   North America

o   Europe

o   Asia-Pacific

o   South America

o   Middle East and Africa

Key Players Landscape and Outlook

The EV solid-state battery market comprises major automotive players and EV battery manufacturers. While major market players build their technology with the help of battery makers, EV solid-state battery manufacturers are expanding their production capacity to fill up the consumption. Furthermore, the companies seek government grants linked to production and innovation. Key players also collaborate, partner, and acquire to expand their market hold.   

For instance, in April 2023, CATL unveiled a condensed battery, a cutting-edge battery technology at Auto Shanghai. It can achieve both high energy density and high level of safety at the same time, with an energy density of up to 500 Wh/kg, creating a whole new electrification scenario for passenger airplanes.

In March 2024, Renault declared that it might employ solid-state batteries free of cobalt in its electric vehicles. Battery manufacturer Ionic Materials will provide technical support for the next generation of solid-state battery products.

Key Players Operating in Global EV Solid-state Battery Market are:

·         Toyota Motor Corporation Ltd.

·         Contemporary Amperex Technology Ltd. (CATL)

·         BYD INDIA PVT. LTD

·         QuantumScape Corporation

·         Solid Power Inc.

·         LG Chem, Ltd.

·         Samsung SDI

·         Hyundai Group

·         Renault Group

·         Stellantis NV

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·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

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