Solid State Car Battery Market Trends

Growth Drivers

• Rapid Charging Rates of Batteries - Solid state batteries can charge at much faster rates than traditional batteries due to their higher energy density and low internal resistance. Most solid-state battery startups estimate that a full charge takes between 10 and 15 minutes. The increased charging speed makes them an attractive option for charging electric cars, which require frequent recharging.
• Emerging Popularity of Solid State Batteries in EVs Due To High Energy Density - Solid state batteries are much more energy dense than lithium-ion batteries, meaning that a given battery will be smaller and lighter. As a result, electric cars will be lighter, resulting in better performance and range, since they won't have to carry as much weight. For context, 80-kWh batteries weigh about 1,000 pounds in an EV today, whereas 80-kWh solid-state batteries would weigh just 333 pounds.

• Growing Acceptance of Electric Vehicles (EVs)- Over 3 million electric vehicles have been sold worldwide in 2020, reflecting a 42% increase in global acceptance. The International Energy Agency (IEA) estimates that about 30% of all cars will be electric by 2030. EVs require batteries that are lightweight and durable enough to power the vehicle for long distances.

Challenges

• Technological Challenges in Developing Solid State Batteries - Solid state batteries are more difficult to manufacture than traditional batteries due to their complex structure and the need for precise control over the materials used. This makes it difficult to achieve the desired performance and efficiency, which can limit the adoption of solid state batteries in the market.
• Higher cost of solid state car batteries than lithium-ion batteries.
• Lack of standardization and absence of government incentives for solid-state battery technologies