The global solid state battery market size is projected to reach around USD 7.51 billion by 2030 and is expected to grow at a registered CAGR of 31.99% from 2022 to 2030.

Report Highlights

Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2021.

Below 20 mAh segment is anticipated to register the fastest CAGR of over 44.3% during the forecast period.

The above 500 mAh segment accumulated the market of 21.5% in 2021.

The thin-film battery segment is expected to register the highest CAGR of 35.3% from 2022 to 2030.

Asia Pacific emerged as the largest market, accounting for a 53.7% share of the global solid state battery market in 2021.

Europe occupied the second-largest market share in 2021 and is anticipated to retain its market position over the forecast period.

The market is also driven by the rising deployment of Electric Vehicles (EVs), increasing utility of battery energy storage systems, and the growing adoption of electronic gadgets. Solid-state batteries offer higher electrochemical stability, higher energy density, and low flammability as compared to conventional batteries. These characteristics have widened the application base, thereby enhancing the commercial value of solid-state batteries.

Industry participants are following several strategic initiatives, such as partnerships, joint ventures, and mergers and acquisitions, to enhance their foothold in the market. For instance, in April 2019, Ford Motor Company entered into a partnership with Solid Power to design and develop a product for EVs segment of the automotive sector.

High costs associated with the initial-stage product development are anticipated to hamper the market growth over the forecast period. Moreover, the outbreak of the COVID-19 pandemic has severely impacted the market supply chain that includes electrode material producers, raw material suppliers, battery pack manufacturers, and others.

The global solid state battery market was estimated at USD 617.7 million in 2021 and it is expected to surpass around USD 7.51 billion by 2030, poised to grow at a CAGR of 31.99% from 2022 to 2030.

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Application Insights

Consumer & portable electronics segment occupied the largest market share of over 33.6% in 2021 owing to the high demand for portable electronic devices in various end-use segments. Rapid urbanization along with rising discretionary expenditures are expected to result in higher purchasing of electronic devices including smartphones, laptops, media players, gaming consoles, and others. This trend is anticipated to stimulate segment growth over the forecast period.

The electric vehicles segment is anticipated to occupy the leading position in the market, in terms of revenue share, by 2030 owing to the rising deployment of clean energy-powered vehicles across major economies of the world. Technological advancements in batteries along with the presence of favorable regulatory policies encouraging the adoption of electric vehicles are expected to boost the segment growth.

The Wearable & medical devices segment accounted for a significant market share and is anticipated to witness prominent growth over the forecast period. Rising demand for small energy storage sources and wearable electronics is projected to favor the segment growth. Moreover, innovations in medical technology are likely to maximize the penetration rate of wearable batteries.

Capacity Insights

Below 20 mAh segment is anticipated to register the fastest CAGR of over 44.3% during the forecast period. The batteries that fall under this category are mainly thin-film batteries that cater to a wide application range including cosmetic and medical patches, wireless sensors, packaging, and others. Limited internal space, compact size, and usage across low drain devices that do not require large battery capacity are among the key factors bolstering the demand for batteries below 20 mAh of capacity.

The above 500 mAh segment accumulated the market of 21.5% in 2021 owing to the increased usage of solid-state batteries in electric vehicles market. Government policies favoring clean energy transportation are driving the current segment demand. In addition, growing demand for battery energy storage systems across commercial and industrial sectors is further expected to augment the segment growth.

Battery Type Insights

The thin-film battery segment is expected to register the highest CAGR of 35.3% from 2022 to 2030 owing to a wide application scope of solid state batteries. These batteries are mainly used in IoT and wearable devices, such as fitness bands, smart clothing, and smartwatches, due to their efficient recharging rate and compact design. Unlike conventional batteries, thin-film batteries have a minimum environmental impact, which is expected to augment the industry growth over the forecast period.

The adoption of solid state batteries in portable devices is expected to grow at a significant rate owing to low maintenance and higher energy densities offered by them. High demand for consumer electronics is expected to propel the segment's growth.

Significant research is being conducted regarding the application of sodium sulfur batteries in consumer electronics and wearable devices. Solid state batteries are now being utilized in portable devices and consumer electronic products. Even though the application of these batteries in electronics is at a nascent stage, their application scope ranges from mobile phones, laptops, computers, tablets, torches or flashlights, to LED lighting, vacuum cleaners, digital cameras, and calculators.

Regional Insights

Asia Pacific emerged as the largest market, accounting for a 53.7% share of the global solid state battery market in 2021. The significant growth of automotive industry in China, India, Japan, and South Korea is expected to promote the demand for solid state batteries. Furthermore, increasing population in China and India coupled with favorable government regulations aimed at lowering carbon emissions from vehicles and promoting the use of electric vehicles are expected to enhance the product demand in the region over the forecast period.

Europe occupied the second-largest market share in 2021 and is anticipated to retain its market position over the forecast period. The growth can be attributed to the strict implementation of favorable regulatory policies regarding the deployment of battery energy storage systems and electric vehicles across the region. In addition, the European Commission funding aimed at battery-specific R&D projects is expected to further boost the regional market growth.

North America, led by the U.S., Mexico, and Canada, accounted for nearly 20.69% of the global solid-state battery market share in 2021. The presence of prominent battery manufacturers and growing demand for end-use industries are the primary driving factors for North America solid-state battery market.

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Market Segmentation

By Application Outlook

Consumer & Portable Electronics

Electric Vehicles

Energy Harvesting

Wearable & Medical Devices

Others

By Capacity Outlook

Below 20mAh

20mAh-500mAh

Above 500mAh

By Battery Type Outlook

Thin Film

Portable

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