Solid State Car Battery Market size was valued at USD 1.1 billion in 2024 and is likely to exceed USD 1.94 billion by the end of 2037, registering over 4.6% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of solid state car battery is evaluated at USD 1.14 billion.. The increasing demand for electric vehicles (EVs) requires batteries that are more reliable, efficient, and have a longer life span. Solid-state car batteries are a perfect fit for EVs as they are lightweight, have better energy density than traditional lithium-ion batteries, and have a much longer lifespan.
The higher stability of solid-state car batteries makes them a popular choice among automakers. The lithium-ion batteries have a liquid electrolyte that can heat up and cause a chain reaction that generates more heat. Solid-state batteries, however, are made of solid materials and don't rely on combustible liquid electrolytes. This makes them much safer than traditional batteries, as they are not prone to chain reactions and fires when they become too hot.
Growth Drivers
Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.6% |
|
Base Year Market Size (2024) |
USD 1.1 billion |
|
Forecast Year Market Size (2037) |
USD 1.94 billion |
|
Regional Scope |
|
Vehicle Type (Passenger Car, Commercial Vehicle)
Around 53% of the market is expected to be occupied by passenger cars by 2037. In developing countries, a growing urbanization trend has increased passenger car demand, which is a result of higher accessibility to electric vehicles and new technologies that reduce charging times and improve range. In comparison with traditional lithium-ion batteries, solid-state batteries are safer, more efficient, and can store more energy. Thus they are ideal for use in passenger cars, which require an immense amount of energy and are also regulated for safety and reliability.
Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle)
The battery-electric vehicle segment is set to hold 56% of the solid state car battery market share by 2037. BEVs have become increasingly popular due to their superior features over hybrid electric vehicles, including larger battery capacities, faster charging, and better safety features. Also, increasing government initiatives and subsidies to promote electric vehicle adoption, technological advancements in battery technology leading to increased range and power output of electric vehicles and improved charging infrastructure.
Our in-depth analysis of the market includes the following segments:
|
Vehicle Type |
|
|
Battery Energy Density |
|
|
Component |
|
|
Propulsion Type |
|
Asia Pacific Market Forecast
The solid state car battery market in Asia Pacific is set to dominate with a share of about 32% by the end of 2037. With increased government initiatives to promote EV adoption and the presence of several leading battery manufacturers in the area, the region is producing EVs on a large scale. By 2030, India intends to have at least 30% of its private automobiles be electric vehicles; as of 2022, there are 13,92,265 such vehicles on Indian roads. Over 3.4 million EVs were produced in China in 2021.
North America Market Analysis
The North American solid state car battery market is emerging to register a value of around 28% by 2037. A growing concern about environmental sustainability, coupled with stringent government regulations, has prompted automakers in the region to develop cost-efficient and environmentally friendly modes of transportation. To reduce emissions and comply with regulations, automakers are investing in the development of electric vehicles powered by solid state car batteries, which are more efficient and have a longer lifespan than traditional batteries.
Author Credits: Dhruv Bhatia
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?