The global EV solid-state battery market is anticipated to grow at a considerable CAGR of 20.3% during the forecast period (2024-2031). One of the major factors that are fueling the EV solid-state battery market is the growing competition in the electric vehicle market. Most of the market players such as Toyota, Hyundai, Ford, Tesla, and others are trying to offer customers the newest and better technology than the other market players to have an edge over the other. The EV market is booming, and with new market players are joining, market players are developing, and launching new vehicles with the new technologies, which has increased the demand for solid-state batteries in the market since it enhances the performance of the vehicle as compared to the li-ion batteries.
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For instance, in November 2021, Stellantis N.V., and Factorial Energy (Factorial) announced the joint development agreement to advance Factorial’s high-voltage traction solid-state battery technology. The agreement also included a strategic investment from Stellantis. Furthermore, in March 2022, Samsung SDI started building a new pilot assembly line in South Korea that’ll produce the prototypes of its solid-state batteries. These novel batteries have a unique chemistry and structure that allows them to store more energy within the same volume compared to conventional lithium-ion cells. In the future, they are expected to replace lithium-ion batteries in EVs.
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Market Coverage
Segment Covered-
- By Vehicle Type
- By Propulsion
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including Hyundai Motor Group, Renault Group, Samsung SDI Co., Ltd., Toyota Motor Corp., Volkswagen Ag, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global EV Solid-State Battery Market Report Segment
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Propulsion
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
- Battery Electric Vehicle
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