The global solid-state car battery market size is projected to grow from 27,070 units in 2025 to 661,724 units by 2030, at a CAGR of 89.5%. Factors such as increasing demand for electric vehicles around the world, higher battery capacity and EV range using solid-state car batteries, Solid-state car batteries will be a major game-changer for electric vehicles. They will have superior battery capacity, high safety features, longer battery life, and can be charged much faster compared to present lithium-ion batteries. These batteries will make EVs have a longer range and faster-charging capacity. Major OEMs such as Volkswagen, Toyota, Hyundai, Ford, BMW, GM, Stellantis, Renault, Mitsubishi, Nissan, and BYD, are working on developing solid-state battery-enabled EV’s in the coming decade.
The growth of the market is influenced by the rising demand for longer ranged electric transport, huge R&D investments from major players, government focus on reducing emissions and better safety features for these batteries along with faster charging compared to presently used lithium-ion batteries. The solid-state car battery market is dominated by global players such as Toyota Motor Corporation (Japan), Solid Power (US), QuantumScape (US), Samsung SDI (South Korea), and LG Chem (South Korea). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the high-growth market.
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Toyota manufactures, designs, assembles, and sells passenger and commercial vehicles. It offers automotive-related parts and accessories. Toyota operates through three segments: automotive, financial services, and others. Toyota offers electric, hybrid electric, and fuel cell electric vehicles. Toyotas product line of hybrid vehicles includes Camry Hybrid, Avalon Hybrid, Highlander Hybrid, Prius, Prius c, Prius v, RAV4 Hybrid, and Prius Prime. The company has a wide regional presence with 53 manufacturing plants in 28 countries. The company’s vehicles are sold in more than 170 countries. The company has been working on developing new solid-state car battery technology for developing lower-priced, longer-ranged, and faster charging EVs. In March 2021, Toyota announced its plans to release solid-state batteries for their upcoming EVs in the coming years. This will be a game-changer for the company and increase its EV specs in various ways.
Solid Power is one of the leading developers of solid-state batteries. The company was founded in 2011 and is headquartered in Louisville, Colorado, US. The company is developing a safer, cheaper, and more energy-dense solid-state car battery for use in EVs. On May 2021, the company had introduced a 77 kWh prototype battery pack, which is 44% smaller than corresponding lithium-ion battery packs and has a 35 kg lighter battery pack with a lithium-ion anode. Using this EV prototype battery pack, an EV’s range can increase by around 14-16%. The company expects to start full production of solid-state batteries for use in EVs by 2026.
QuantumScape is an American company that does research on solid-state lithium metal batteries for electric cars. The company was founded in 2010 and is headquartered in San Jose, California, US. The company had received USD 1 billion funding from Volkswagen and Kensington Capital Acquisition to speed up its development of solid-state batteries. The company was founded by members of the Stanford University. It plans to develop a fast-charging, longer-ranged, solid-state car battery with increased safety features available at a lower cost.
Samsung SDI, LG Chem, Panasonic, Ilika, NorthVolt, BrightVolt, CATL, Ioniq Materials, Cymbet are some of the other top companies in this market. In January 2021, CATL announced the development of solid-state batteries for use in EVs in the coming years. Its batteries will come with battery densities of 200 Wh/kg, 300 Wh/kg, and 350 Wh/kg. In October 2020, LG Chem and CATL developed an EV battery for Tesla’s Chinese production to boost energy density by 5-6 times. LG Chem is also working on developing solid-state batteries in the coming years. In July 2020, Following its earlier project on Stereax Micro solid-state batteries, Ilika started working on the development of Goliath solid-state batteries for use in EVs and hybrid vehicles. In July 2020, Panasonic announced the development of a real-time observation technique for solid-state batteries. This technology will be used for the development of all-purpose solid-state batteries in the coming years. In March 2020, Samsung SDI showcased its new solid-state car battery prototype. It comes with a range of more than 800 km and a lifecycle of more than 1,000 charges. The prototype will be finalized by 2025, and mass production of the solid-state car battery will begin by the end of 2027.
Solid-State Car Battery Market by Vehicle (Passenger Car and Commercial Vehicle), Battery Energy Density (>450 Wh/kg, >450 Wh/kg), Propulsion (BEV, PHEV), Component(Cathode, Anode, and Electrolyte), and Region - Global Forecast to 2030
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