The global EV solid-state battery market is anticipated to grow at a considerable CAGR of 20.3% during the forecast period (2022-2028). 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. 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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COVID-19 pandemic had impacted most of the industries including the global automotive industry significantly owning to the lockdown in most of the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth. As per the data of the International Energy Agency (IEA) 2020, electric car sales reached 2,977,058 vehicle units globally which are 40.8% more than the sales of electric cars in 2019. Moreover, as per the annual report 2021 of Samsung SDI Co., Ltd., the company’s total revenue increased by more than 19% as compared to 2020 revenue which was also increased by more than 11% as compared to 2019 revenue.
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- Market Coverage
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
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
Global EV Solid-State Battery Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global EV solid-state battery market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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