Market Size of EV Solid-state Battery Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.18 Billion |
| Market Size (2029) | USD 1.21 Billion |
| CAGR (2024 - 2029) | 45.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
EV Solid State Battery Market Analysis
The EV Solid-state Battery Market size is estimated at USD 0.18 billion in 2024, and is expected to reach USD 1.21 billion by 2029, growing at a CAGR of 45.90% during the forecast period (2024-2029).
The COVID-19 pandemic initially had a negative impact on the market as the shutdown of manufacturing units, and lockdowns resulted in a decrease in sales during the first half of 2020. However, eased restrictions coupled with notable initiatives of the government in the form of incentives and relief packages helped the market regain momentum by 2021. Further, the companies are also focusing on investing in new facilities due to the increasing demand in the market. For instance,
In June 2023, In Olen, Belgium, Umicore opened one of the world's largest and most advanced solid-state battery material prototyping labs. The 600-square-meter facility, outfitted with cutting-edge installations and technology, supports the entire chain of solid-state battery research.
Over the medium term, increased demand for fuel-efficient, high-performance, and low-emission vehicles, increasingly strict laws and regulations on vehicle emissions, declining battery costs, etc., are expected to act as primary factors driving the market growth over the forecast period.
As of now, the electric vehicle market is dominated by Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Honda Motor Company Ltd., General Motors Group, Hyundai Kia Automotive Group, etc., with more than 86% of the market share. Further, these companies are expected to be early movers in the solid-state battery market and are likely to remain to hold the larger chunk of the market. For instance, In February 2023, Nissan announced that the company is going to start a pilot project in 2025 to bring its first electric car with a solid-state battery by 2028.
The increasing demand for reducing carbon emissions and developing more advanced battery technology is expected to propel the market growth during the forecast period. For instance,
In June 2023, To improve the range and performance and to cut costs of its electric vehicles, Toyota is planning to introduce high-performance, solid-state batteries and other technologies.
EV Solid State Battery Industry Segmentation
Batteries made up of solid electrolyte instead of liquid state are solid-state batteries. This technology increases the life span and efficiency and decreases the charging time.
The EV solid-state battery market is segmented by vehicle type (passenger cars and commercial vehicles), propulsion (plug-in hybrid electric vehicle, hybrid electric vehicle, and battery electric vehicle), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
The report offers market size and forecasts in value (USD) for the above-mentioned segments.
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| Plug-in Hybrid Electric Vehicle | |
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EV Solid-state Battery Market Size Summary
The EV solid-state battery market is poised for significant growth, driven by the increasing demand for high-performance, low-emission vehicles and the push for advanced battery technologies. The market, initially impacted by the COVID-19 pandemic, has rebounded due to government incentives and the strategic investments by major automotive players. Companies like Toyota, Nissan, and Volkswagen are at the forefront, leveraging their market dominance to lead in solid-state battery innovations. The introduction of new facilities, such as Umicore's advanced prototyping lab in Belgium, underscores the industry's commitment to research and development. The shift towards electric vehicles is further accelerated by rising fuel prices and stringent emission regulations, particularly in regions like Europe and Asia-Pacific, where EV adoption rates are high.
The Asia-Pacific region, with countries like China, India, and Japan, presents immense potential for the solid-state battery market. Government initiatives in these countries aim to phase out traditional fuel vehicles, promoting electric mobility through subsidies and incentives. The growing interest in affordable electric vehicles, as seen with models like Tata Nexon in India, highlights the expanding consumer base. In Japan, the focus on achieving carbon neutrality by 2050 is driving the demand for alternatively powered vehicles. The collaboration among automotive giants, such as the strategic alliance between Nissan, Renault, and Mitsubishi, further strengthens the market's growth trajectory. As these regions continue to embrace electric vehicles, the demand for solid-state batteries is expected to rise, supporting the market's expansion over the forecast period.
EV Solid-state Battery Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Sales of Electric Vehicle is Expected to Drive the Market
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1.2 Market Restraints
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1.2.1 High Cost of EV Solid-State Battery May Hamper the Growth of the Market
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 Propulsion
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2.2.1 Plug-in Hybrid Electric Vehicle
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2.2.2 Hybrid Electric Vehicle
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2.2.3 Battery Electric Vehicle
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 Rest of the World
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2.3.4.1 South America
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2.3.4.2 Middle-East and Africa
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EV Solid-state Battery Market Size FAQs
How big is the EV Solid-state Battery Market?
The EV Solid-state Battery Market size is expected to reach USD 0.18 billion in 2024 and grow at a CAGR of 45.90% to reach USD 1.21 billion by 2029.
What is the current EV Solid-state Battery Market size?
In 2024, the EV Solid-state Battery Market size is expected to reach USD 0.18 billion.
