Solid State Battery Market Expected to Reach USD 721.35 Million by 2028

Vantage Market Research

Jan 20, 2022

According to our latest report, the Solid-State Battery Market is expected to reach USD 721.35 Million by 2028, growing at a CAGR of 35.9% between 2022 and 2028. The Increase in usage of solid-state batteries in wearable devices, drones, and healthcare sectors is anticipated to drive the growth of solid-state batteries. Moreover, the rise in the need for solid-state batteries in electric vehicles is another factor expected to fuel the market growth.

Key Findings:

  • The portable battery segment is projected to grow at a significant CAGR over the forecast period. The rising adoption of gadgets such as tablets, smartphones, laptops, and music players is subsequently increasing the demand for solid-state batteries in electronics.
  • The electric vehicle application segment held the largest market share in 2021. The growth is driven by the presence of players like Volkswagen, Toyota, BMW, and Hyundai in the industry who are developing solid-state batteries for the electric vehicle application.
  • Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. This is owing to the presence of key players for consumer electronics and wearable devices manufacturers like Samsung, LG Electronics, and Panasonic, in the region.

Some of the major players in the Solid-State Battery Market include - Robert Bosch (Germany), Cymbet (US), Solid Power (US), Toyota Motor (Japan), BrightVolt (US), and Excellatron Solid State (US).

The demand for new and innovative electric devices is increasing globally due to which the requirement for batteries that are compatible with such products is high. The increasing adoption of electric vehicles and investment by companies in the same is generating demand for solid-state batteries. Additionally, investments are underway for making batteries technologically advanced with high growth in the consumer electronics industry in is anticipated to grow the Solid-State Battery Market globally. The demand for smart cards in the banking, telecommunication, and transportation sectors is rising.

Asia Pacific is poised to dominate the market. The growth in the region is due to the rising demand for batteries for smart cards, packaging, and electric vehicle sectors in the region. Additionally, the U.S. is one of the leading countries that adopted solid-state batteries in several applications.