Solid State Car Battery Market Size, Share & Trends Analysis Report By Component (Cathode, Electrolyte, Anode), By Vehicle Type, By Propulsion, By Battery Energy Density, By Region, And Segment Forecasts, 2024 - 2030

Solid State Car Battery Market Size, Share & Trends Analysis Report By Component (Cathode, Electrolyte, Anode), By Vehicle Type, By Propulsion, By Battery Energy Density, By Region, And Segment Forecasts, 2024 - 2030

Solid State Car Battery Market Growth & Trends

The global solid state car battery market size is anticipated to reach USD 6,889.2 million by 2030 and is anticipated to expand at a CAGR of 54.0% during the forecast period, according to a new report by Grand View Research, Inc. Rising demand for cleaner alternatives fuels is expected to drive market growth.

The worldwide registration of electric vehicles (EVs) is anticipated to increase significantly over the forecast period. Rising availability of charging outlets and financial incentives have emerged as crucial factors for the development of electric vehicles market. EVs have lower running costs as compared to conventional ICE-operated vehicles.EVs form the foundation for sustainable transport systems in the future along with the optimization of urban & suburban infrastructures. However, the global deployment of all types of EVs is necessary to achieve the sustainability target set by regulatory authorities. The Paris Declaration on “Electro-Mobility and Climate Change and Call to Action” proposed a target of deploying 100 million electric cars and 400 million electric two- and three-wheelers by 2030.

Companies are increasingly focusing on innovation in solid state car battery to increase their footprint in market. For instance, In June 2024, Nio launched semi solid state car battery with capacity of 150 kWh per unit which is the biggest battery pack ever produced in China with highest energy density.

Solid State Car Battery Market Report Highlights

• Electrolyte dominated the component segment with more than 43.09% share in 2023. The ongoing research and development in electrolyte technologies, such as sulfide electrolytes, ceramic electrolytes, and polymer electrolytes are expected to further enhance the performance and efficiency of solid-state batteries
• Passenger cars dominated the vehicle type segment owing to North America and Europe are significantly investing in environment-friendly batteries and focusing on reducing dependency on petroleum by using electrically powered battery vehicles. This trend is likely to continue and boost the production of automotive batteries over the forecast period
• Plug in hybrid electric vehicle dominated propulsion segment and accounted for revenue share of 51.85% in 2023. The demand for plug-in hybrid electric vehicle (PHEV) solid-state batteries is expected to rise significantly due to the growing need for long-range electric vehicles. PHEVs offer the benefits of both electric and gasoline power, making them an attractive option for consumers
• Battery energy density dominated the application segment in terms of revenue, accounting for a market share of more than 61.39% in 2023. The demand for solid-state batteries with a capacity of less than 450 Wh/kg is expected to rise significantly due to the growing need for high-energy-density batteries in electric vehicles
• Asia Pacific dominated the solid state car battery market owing to factors such as supportive policies and growing environmental concerns

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