Market Synopsis
As per the research by Market Research Future Reports (MRFR), the global solid-state battery market is estimated to value 62.5 million by 2025, thriving at a CAGR of 48.02% from 2019 to 2025. The most important factors which influence the global solid-state batteries in the electric vehicles market 2020 are the rising electric vehicle sales, the growing research, and development initiatives taken by several major companies, focus on developing new products. Apart from this, the organizations are also paying attention to the launch of new products to leverage the unique attributes of the solid-state batteries. Moreover, these batteries possess the capacity to supply a stable voltage, which escalates their adoption in medical and precision equipment.
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Regional Analysis
The regional analysis of North America, Europe, Asia-Pacific, Middle East, and Africa, and South America has been performed. As per the analysis, the Asia-Pacific is estimated to lead the global solid-state battery market in terms of market share. Due to the increasing use of refined products in the region, which includes medical devices, drug delivery systems, and smart cards. China is the fastest-growing market in the region because of the high demand for consumer electronics in the country. The North American market holds a high amount of share owing to increasing product demand from smart cards, packaging, and electric vehicle sectors in the region. The European market is estimated to be led by Germany due to the generation of high demand from various industries. The Middle East and African market is dominated by the shares of the market in Saudi Arabia, owing to the demand for wearable devices in the region. The UAE is likely to be the fastest-growing market for solid-state batteries because of the initiatives taken by the government to reduce the carbon emission. The South American market is led by Brazil due to the rising demand for wearable devices and consumer electronics in the region. Due to the improved financial condition, there has been a rise in the demand for consumer electronics and wearable devices in Brazil.
Key Players
The forefront players in the global solid-state battery market are Infinite Power Solution, Inc. (U.S.).,STMicroelectronics N.V. (Switzerland), Cymbet Corporation (U.S.), Robert Bosch GmbH (Germany), Brightvolt Inc. (U.S.), Toyota Motor Corporation (Japan), Excellatron Solid State, Apple Inc. (U.S.), LLC (U.S.), Planar Energy Devices, Inc. (U.S.), Altairnano (U.S.), Solid Power, Inc. (U.S.), and Quantumscape Corporation (U.S.).
Market Segmentation
The global solid-state battery market has been segregated on the basis of capacity, type, application, and region.
On the basis of capacity, the global solid-state battery market can be divided into less than 20 mAH, 20 mAH – 300 mAH, 301 mAH – 500 mAH, and above 500 mAH. The segment above 500 mAH is likely to expand with the highest CAGR during the review period.
On the basis of type, the global solid-state battery market can be divided into the thin-film battery, portable battery, and others. The thin-film battery vertical is likely to acquire the largest share during the review period due to the rising adoption of solid-state battery materials.
On the basis of application, the global solid-state battery market can be divided into electronics, electric vehicles, medical devices, smart cards, wearable devices, and others. The electric vehicles vertical is estimated to acquire the most significant share due to the increasing adoption of solid-state batteries.
On the basis of region, the global solid-state battery market can be divided into North America, Asia-Pacific, Europe, the Middle East and Africa, and South America.
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