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The Global Solid-State Car Battery Market size is predicted to reach $1.8 billion by 2030, growing at a CAGR of 46% over the forecast period 2024-2030 according to the latest market research report published by IndustryARC. An increase in EV range due to better capacity solid-state batteries are fueling the growth of the Solid-State Car Battery Market over the forecast period, finds IndustryARC in its recent report, titled “Solid-State Car Battery Market Size, Share & Trends Analysis Report By Type(Passenger Car, Commercial Vehicle), By Battery Energy Density (Less than 450 Wh/kg and More than 450 Wh/kg), By Propulsion(Battery Electric Vehicle(BEV), Plug-in Hybrid Electric Vehicle(PHEV)), By Component(Cathode, Anode, Electrolyte), and By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030.”
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Asia-Pacific to Register Highest Growth:
Over the forecast period of 2024-2030, the Asia-Pacific region is expected to exhibit the highest compound annual growth rate (CAGR) of 59% in the global Solid-State Car Battery market. Over the forecast period, the solid-state vehicle battery market with the biggest size will be found in Asia Pacific. China, Japan, and South Korea will be the market leaders in the Asia-Pacific region. Through incentives, regulations that favour EVs, and campaigns to discourage petrol consumption, the governments of these nations have contributed to the expansion of the EV market. When solid-state automobile batteries are introduced to the market, this will cause the demand for them in the area to grow quickly.
Solid-State Car Battery Market 2024-2030: Scope of the Report
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Solid-State Car Battery Market Report – Key Takeaways:
●BEV’s Sector to Grow the Fastest
As per the Solid-State Car Battery Market forecast, the BEV (Battery Electric Vehicle) sector is estimated to grow at the fastest CAGR of 51% over the forecast period in terms of propulsion. In comparison to PHEVs, solid-state batteries for BEVs are anticipated to be more in demand in the upcoming years. This is largely because there is a high demand for high-end BEVs with better features such more powerful batteries, quicker charging times, and more safety measures. As the batteries begin larger-scale mass production and are incorporated into other lower-end BEVs, their prices will decrease.
● Growing acceptance of EV’s to Boost the Market Size
The solid-state car battery market is expanding mostly due to the increasing popularity of electric cars (EVs). There is a greater need than ever for high-performance, safe, and efficient energy storage devices as the globe moves towards more environmentally friendly and sustainable modes of transportation. Solid-state auto batteries have drawn more interest and funding due to its potential to completely transform the EV industry.
● Higher cost compared to conventional lithium-ion batteries to Hamper Market Growth
Compared to conventional lithium-ion batteries, the process of creating solid-state batteries is more intricate. Tight quality control is necessary due to the complex production processes in order to guarantee performance and safety. Higher production costs are generally the outcome of complex manufacturing procedures. Although solid-state batteries can lessen the need for some costly and rare materials that are used in conventional lithium-ion batteries, they might also need other, less accessible components. These components may add to the battery's overall cost as they can be expensive.
Key Opportunity Analysis:
Longer Battery Lifespan
The longer battery lifespan offered by solid-state car batteries is an opportunity that drives the growth of this market. It addresses one of the most significant concerns for electric vehicle (EV) owners and potential buyers—battery degradation and replacement costs. EV owners may operate their cars for longer periods of time before needing to replace the battery thanks to longer battery life spans. Because of the lower total cost of ownership, EVs are now more affordable and competitively priced when compared to cars with conventional internal combustion engines.
Solid-state batteries give electric vehicles (EVs) greater value since they last longer. This may increase the appeal of used EVs on the secondary market, hence promoting adoption. Extended-life batteries broaden the scope of uses for electric vehicles. When used for business purposes, including fleet cars, delivery services, and taxis, where longer vehicle lifespans are essential, they become more useful.
Improved Electric Vehicle (EV) Performance
By resolving some of the basic issues with conventional lithium-ion batteries, solid-state batteries have the potential to completely transform the electric vehicle (EV) market. When compared to traditional lithium-ion batteries, solid-state batteries have a substantially better energy density. As a result, EVs with solid-state batteries have the ability to go farther between charges. Electric vehicles become more feasible for daily use, including long-distance travel, thanks to their extended driving range, which also reduces "range anxiety," a major concern for EV owners.
Solid-state batteries' higher conductivity allows them to be designed to withstand faster charging rates. This reduces the amount of time spent at charging stations for EV owners as they can refuel their cars more quickly. Electric vehicles (EVs) are a more attractive and convenient option than conventional gasoline-powered cars when they have fast charging capabilities. Solid-state batteries continue to function at the same level for a longer amount of time. In contrast to conventional lithium-ion batteries, which may gradually lose capacity and produce less power over time, solid-state batteries provide dependable and steady performance all the way through their lifecycle. Both owner satisfaction and the overall driving experience are improved by this reliability.
Sustainability and Environmental Benefits
Sustainability and environmental benefits are powerful drivers of growth for the solid-state car battery market. These benefits address not only consumer and industry demands for more eco-friendly technologies but also global efforts to reduce greenhouse gas emissions and combat climate change. The production and disposal of conventional lithium-ion batteries have a negative environmental impact that is frequently mitigated by solid-state batteries. They are a more sustainable option because they rely less on scarce and environmentally delicate materials. Longer battery life spans also mean fewer battery replacements needed, which cuts down on waste even more. Solid-state batteries make it possible for electric cars (EVs) with zero tailpipe emissions to be widely used. Adoption of solid-state batteries in electric vehicles (EVs) contributes to the reduction of carbon footprints and mitigation of climate change, as the transportation industry is a major source of greenhouse gas emissions.
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The Report also Covers the Following Areas:
● Solid-State Car Battery Market Size and Forecast
● Solid-State Car Battery Market Trends
● Solid-State Car Battery Market Analysis by Deployment Type
Solid-State Car Battery Market 2024-2030: Key Highlights
● CAGR of the market over the forecast period 2024-2030
● Value Chain analysis of key stake holders
● Detailed analysis of market drivers and opportunities over the forecast period
● Solid-State Car Battery Market size estimation and forecast
● Analysis and predictions on end users’ behavior and upcoming trends
● Competitive landscape and Vendor market analysis including offerings, developments, and financials
● Comprehensive analysis of challenges and constraints in the Solid-State Car Battery Market
Covid and Ukrainian Crisis Impact:
The COVID-19 pandemic lockdown led to a temporary ban on import and export as well as manufacturing and processing activities across a number of battery-related industries. This reduced consumer demand for solid-state rechargeable batteries, which is particularly relevant for portable electronics and electric vehicles. Additionally, a stop in the production of renewable energy plants, automobiles, and consumer electronics due to a labour shortage and a widening supply-demand imbalance hinders the growth of the solid-state battery business during the pandemic.
The growth of the solid-state automobile battery sector has been impacted by the conflict between Russia and Ukraine, both directly and indirectly. The disruption of the global supply chain for essential materials and components needed in the production of batteries is one of the most prominent immediate effects. Russia and Ukraine are major producers of metals and minerals, including nickel, cobalt, and rare earth elements, that are utilized in the production of batteries.
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List of Key Market Players in Solid-State Car Battery Market:
The key companies profiled in the Solid-State Car Battery Market Report are listed below:
● Toyota Motor Corporation
● Solid Power
● QuantumScape
● Samsung SDI
● Prieto Battery
● Battrixx
● Contemporary Amperex Technology Co., Ltd. (CATL)
● LG Chem
● BrightVolt
● Panasonic.
Related Reports:
Solid State Battery Market Research Report: Market size, Industry outlook, Market Forecast, Demand Analysis, Market Share, Market Report 2024-2030 (industryarc.com)- The global Solid State Battery Market is estimated to surpass $5 billion mark by 2030 growing at an estimated CAGR of more than 34.5% over the forecast period 2024 to 2030. Solid-state batteries technology that involves solid electrolytes and solid electrodes and not using the polymer or liquid electrolytes are found in lithium-ion batteries.
Lithium Ion Battery Market Size Report (industryarc.com)- he Lithium Ion Battery Market is estimated to surpass $150 billion mark by 2030 growing at an estimated CAGR of more than 14% over the forecast period 2024 to 2030. Lithium – ion batteries are the secondary (Rechargeable) batteries commonly used in consumer electronics such as cell phones, laptops, tablets and other portable devices
Automotive Battery Market Size Report (industryarc.com)- The Automotive Battery Market size is analysed to grow at a CAGR of 5.5% during the forecast 2024-2030 to reach $65 billion by 2030. The Automotive Battery Market is expected to grow steadily over the forecast period, owing to an increasing preference among end users for zero-emission hybrid and electric vehicles, because of falling battery prices, shrinking crude oil reserves, and the environmental effects of conventional automobiles.
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