CHICAGO, July 13, 2021 /PRNewswire/ -- According to the new market research report "Solid-State Car Battery Market by Vehicle (Passenger Car and Commercial Vehicle), Battery Energy Density (>450 Wh/kg, >450 Wh/kg), Propulsion (BEV, PHEV), Component (Cathode, Anode, and Electrolyte), and Region - Global Forecast to 2030", published by MarketsandMarkets™, the Solid-State Car Battery Market is projected to grow from 27,070 units in 2025 to 661,724 units by 2030, at a CAGR of 89.5%.
The growth of the market is influenced by factors such as increasing demand for electric vehicles around the world, higher battery capacity and EV range using solid-state car batteries and other features of SSB's like higher battery life, higher energy density and better safety features compared to presently used lithium-ion batteries. The growing concern for larger distance commuting using EV's will also boost the market.
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Asia is expected to be the largest market during the forecast period.
The Asia Pacific Solid-State Car Battery Market will be led by countries such as China, Japan, and South Korea. The governments of these countries have supported the growth of EV demand through subsidies, favorable policies for EVs and discouraging the use of petrol. This will lead to a fast-growing demand for solid-state car batteries in the region once they come into the market. Premium EVs using solid-state batteries will be launched in China and Japan, followed by South Korea and India. Growth will be slower in the initial years but will speed up after 2026. India will be the fastest-growing market in the region due to current and upcoming EV policies. Japan will also be one of the fastest-growing markets in the region due to top OEMs such as Toyota, Nissan, and Mitsubishi and battery manufacturers working to develop solid-state batteries.
BEV is estimated to account for the largest market size during the forecast period
The demand for solid-state batteries in BEV is expected to be higher in the coming years compared to PHEVs. This will be mostly due to its high demand for premium BEVs with superior features such as larger battery capacity, faster charging, and better safety features. The prices of these batteries will reduce once their mass production starts on a larger scale and other lower-end BEVs also start using these batteries. The market for solid-state batteries in BEVs in North America is expected to grow at the highest rate due to the presence of top OEMs in the region, along with companies like QuantumScape and Solid Power working on the development of solid-state battery technology.
Passenger Car segment is estimated to account for the largest and the fastest market during the forecast period
Passenger cars and a small part of commercial vehicles are considered under vehicle types in the automotive solid-state battery market due to the growing demand for premium electric cars. The demand for other electric cars and commercial vehicles using solid-state batteries will increase in the coming years once solid-state batteries are commercialized to be used in automobiles. Asia Pacific is expected to be the market for passenger cars, followed by Europe and North America. This is due to the strong government support for the adoption of electric passenger vehicles in the region. North America to be the fastest-growing region with fast-growing demand for premium electric vehicles that will use solid-state batteries in the coming years. The market in Europe is expected to grow in the coming years. This is due to strong emission regulations and a variety of subsidies, grants, and incentives for adopting EVs in countries such as Germany, France, Netherlands, Norway, Sweden, and the UK. The demand for solid-state batteries in electric vehicles will be growing with the increased demand for EVs and the mass production of automotive solid-state batteries.
The global Solid-State Car Battery Market is dominated by global players such as Toyota Motor Corporation (Japan), Solid Power (US), QuantumScape (US), Samsung SDI (South Korea), and LG Chem (South Korea). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth Solid-State Car Battery Market.
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