Demand for Solid State Battery Market to Surge at a CAGR of 30% Through 2031

According to Fact.MR – a market research and competitive intelligence provider, portable solid state batteries accounted for around three-fourth of global solid state battery sales in 2020. Apart from this, there also has been a meteoric rise in the demand for electronic devices and wearables that has elevated overall solid state battery sales.

Vehicle electrification has been the core factor for the increase in demand for portable solid state batteries. There has been significant rise in the number of electric vehicle registrations in the recent past, which has accelerated the demand for solid state batteries.

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As per the new report published by Fact.MR, the global solid state battery market is anticipated to exceed a valuation of around US$ 75 Mn in 2021, and is expected to surge at an impressive CAGR of around 30% over the forecast period of 2021 to 2031. East Asia dominates the consumption of solid state batteries owing to significant adoption of electric vehicles in the region.

Key Takeaways from Market Study

  • South Asia is estimated to witness major growth during the forecast period, compared to 2021, accounting around 38% CAGR.
  • In 2021, East Asia is anticipated to register highest market share of around 30%, followed by North America.
  • Portable solid state batteries commanded higher revenue share of around 78% in 2020, though the market for thin film solid state batteries is estimated to witness faster growth.
  • In terms of capacity, revenue through 20mAh – 500mAh solid state batteries is expected to grow by 130 BPS.
  • Electric vehicles are expected to generate around US$ 129 Mn absolute dollar opportunity for solid state battery manufacturers during 2021 – 2031.
  • Top five players manufacturing solid state batteries accounted for 67% market share in 2020.

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Market Segments Covered in Solid State Battery Industry Analysis

By Battery Type

  • Thin Film Solid State Batteries
  • Portable Solid State Batteries

By Capacity

  • Below 20mAh Solid State Batteries
  • 20mAh-500mAh Solid State Batteries
  • Above 500mAh Solid State Batteries

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Winning Strategy

With physiochemical limits observed in li-ion batteries, solid state batteries have started to make inroads in the battery market. Battery manufacturers should thus turn their focus towards eliminating the bottlenecks in solid state battery manufacturing to accelerate the transition from li-ion to solid state batteries.

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