Global Automotive Solid-State Battery Market Size By Vehicle Type (Passenger Electric Vehicle, Two-Wheelers (Electric)), By Component (Cathode Materials, Electrolyte), By Geographic Scope And Forecast

Automotive Solid-State Battery Market Size And Forecast

Automotive Solid-State Battery Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2020 to 2027.

The Global Automotive Solid-State Battery Market has witnessed strong growth owing to the increasing demand for electric vehicles and government regulations to develop the fuel economy of vehicles across the globe. The Global Automotive Solid-State Battery Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Automotive Solid-State Battery Market Definition

A solid-state battery is a battery technology that utilizes solid electrodes and a solid electrolyte; alternatively of the liquid or polymer gel electrolytes discovered in lithium-ion or lithium polymer batteries. Due to this, they have very low resistance, so they don’t overheat, which is one of the solutions to fast recharging. Solid-state batteries are an emerging option for next-generation traction batteries ensuring low cost, high performance, and high safety.

Additionally, they have weak flammability, more powerful electrochemical stability, higher potential cathodes, and higher energy density as compared to liquid electrolyte batteries. Currently, there are more than 25 types of solid-state. Electrolytes present, such as oxides, sulfides, phosphates, polyethers, polyesters, nitrile-based, polysiloxane, polyurethane, etc. Solid-state batteries are accessible in small sizes as compared to liquid lithium-ion batteries.

They do not generate hydrogen gas due to the inadequacy of flammable materials, thereby extending operational safety. In the automotive industry, solid-state batteries have a wide range of applications in passenger electric vehicles, two-wheelers (Electric), and commercial vehicles. Technological advancements in batteries are one of the important driving factors for the adoption of electric vehicles. It is expected to provide enhanced products in terms of the overall cost of production and performance.

Global Automotive Solid-State Battery Market Overview

Increasing demand for electric vehicles and the rapid emergence of advanced technologies is the crucial factor driving the growth of the Global Automotive Solid-State Battery Market. Electric vehicle batteries have been subordinated to extensive research and development, with automobile manufacturers evolving up with numerous technologies and chemical compositions to offer cost-effective power sources, which may be used for electric vehicles. The market has gained meaningful attraction due to the rapidly increasing demand for electric cars.

Moreover, the increasing government regulations to develop the fuel economy of vehicles across the globe are adding fuel to the growth of the target market. Furthermore, the rising technical and operational advantages of solid-State lithium-ion battery is expected to propel the market growth during the forecast period. Despite having various advantages of the automotive solid-state batteries, some factors restrain and challenge the growth of the overall market.

Fluctuation in material prices and increasing technological parameters are the major factors expected to restrict the growth of the Global Automotive Solid-State Battery Market. Moreover, few EV charging stations, short driving range, safety concerns, and a long time of charging are hampering the market growth. Nevertheless, the increasing adoption of electric two-wheeler and autonomous driving systems are expected to offer profitable opportunities for the Automotive Solid-State Battery Market in the coming years.

Global Automotive Solid-State Battery Market Segmentation Analysis

The Global Automotive Solid-State Battery Market is Segmented on the Basis of Vehicle Type, Component, And Geography.

Automotive Solid-State Battery Market, By Vehicle Type

• Passenger Electric Vehicle
• Two-Wheelers (Electric)
• Commercial Vehicles

Based on Vehicle Type, The market is bifurcated into Passenger Electric Vehicle, Two-Wheelers (Electric), And Commercial Vehicles. Passenger Electric Vehicle is expected to grow at the highest CAGR during the forecast period due to the increase in the adoption of these batteries in the manufacturing of electric vehicles.

Automotive Solid-State Battery Market, By Component

• Cathode Materials
• Electrolyte
• Anode Materials

Based on Component, The market is bifurcated into Cathode Materials, Electrolyte, And Anode Materials. The electrolyte segment is expected to grow at the highest CAGR during the forecast period as solid-state electrolyte (SSE) is a solid ionic conductor electrolyte and it is the crucial component of the solid-state battery.

Automotive Solid-State Battery Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, The Global Automotive Solid-State Battery Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America accounts for a major share in the Global Automotive Solid-State Battery Market due to an increase in demand for batteries from the electric vehicle sectors. The U.S. is among the leading countries to adopt solid-state batteries in multiple applications in this region.

Key Players

The “Global Automotive Solid-State Battery Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are BMW Group, Enevate Corporation, Hitachi Ltd., Ilika plc, Ionic Materials, Johnson Battery Technologies, LG Chem Ltd., Murata Manufacturing Co. Ltd., NGK Spark Plug Co., NanoGraf Corporation, And others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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