Solid State Battery Market Growth Driven by EV and Electronics Demand

According to a new report published by Allied Market Research, the solid state battery market was valued at $0.5 billion in 2020 and is projected to reach $3.4 billion by 2030, growing at a CAGR of 18% from 2021 to 2030. The rapid adoption of advanced energy storage technologies, increasing demand for electric vehicles (EVs), and growing applications in consumer electronics are driving the expansion of the solid state battery market globally.

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Overview of the Solid State Battery Market

A solid state battery is an advanced energy storage technology that utilizes solid electrodes and solid electrolytes instead of liquid or gel-based electrolytes found in conventional lithium-ion batteries. This innovation enhances safety, energy density, and battery life.

Traditional lithium-ion batteries are flammable and generate significant heat during operation. In contrast, solid state batteries are non-inflammable, compact, and offer higher energy capacity. These advantages position the solid state battery market as a promising alternative to conventional battery technologies.

Major industry players are investing heavily in research and development to commercialize solid electrolyte-based batteries that improve performance while minimizing safety risks.

Key Drivers of Solid State Battery Market Growth

The rising demand for compact and high-performance batteries across multiple sectors is fueling the solid state battery market growth. Applications in healthcare devices, wearable electronics, drones, and energy storage systems are increasing steadily.

One of the strongest growth drivers is the automotive sector. The increasing shift toward electric vehicles has created substantial opportunities for the solid state battery market. Solid state batteries offer higher energy density, faster charging capabilities, and improved safety compared to traditional lithium-ion batteries, making them highly suitable for EV applications.

Additionally, rapid urbanization and increased consumer spending on smartphones, laptops, tablets, e-readers, and other portable devices continue to boost demand. However, complex manufacturing processes and high production costs remain key challenges restraining the solid state battery market.

On the positive side, growing investments by major corporations such as Samsung and Hyundai are expected to create significant solid state battery market opportunities in the coming years.

Regional Insights

Region-wise, the solid state battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific dominated the market in 2020, accounting for more than 38.4% of the global revenue share. The presence of leading electronics manufacturers and rapid industrialization in countries such as China, Japan, and South Korea support regional growth.

Europe is projected to register the highest CAGR of 18.5% from 2021 to 2030. The strong presence of electric vehicle manufacturers, expansion of renewable energy projects, and increased adoption of battery energy storage systems are key factors driving the solid state battery market in the region. Countries such as Germany, the UK, France, and Spain are playing a crucial role in market expansion.

North America also presents substantial growth opportunities due to technological innovation and increasing investments in advanced battery research.

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Market Segmentation Analysis

The solid state battery market analysis is segmented based on type, capacity, application, and region.

By Type

Based on type, the market includes portable batteries and thin-film batteries.

The portable battery segment accounted for approximately 68.1% of the market share in 2020 and is expected to maintain its dominance throughout the forecast period. The increasing usage of portable electronic devices has significantly contributed to the expansion of the solid state battery market in this segment.

Thin-film batteries held around 31.9% of the market share in 2020 and are projected to grow at a CAGR of 18.2% during the forecast period. Their compact size and flexibility make them ideal for wearable and medical devices.

By Capacity

On the basis of capacity, the market is categorized into:

20 mAh to 500 mAh

More than 500 mAh

The 20 mAh to 500 mAh segment dominated the solid state battery market with a 72.8% revenue share in 2020 and is expected to maintain its leadership position. This dominance is attributed to growing demand from wearables, energy storage devices, and consumer electronics.

The more than 500 mAh segment is projected to be the fastest-growing category, registering a CAGR of 18.4% from 2021 to 2030. This growth is largely driven by electric vehicle applications and high-capacity energy storage systems.

By Application

Based on application, the solid state battery market is divided into:

Consumer & Portable Electronics

Electric Vehicles

Energy Harvesting

Medical Devices

Others

The consumer & portable electronics segment accounted for about 42.5% of the total market share in 2020 and is expected to maintain dominance through 2030. Rising safety concerns associated with liquid electrolytes in traditional batteries have increased the adoption of solid state batteries in consumer devices.

The electric vehicle segment is expected to witness significant growth during the forecast period, owing to advancements in battery technology and increasing global EV adoption.

Competitive Landscape

The solid state battery market is highly competitive, with several global players focusing on research, product innovation, and strategic partnerships. Key companies profiled in the report include:

Cymbet Corporation

Front Edge

Infinite Power Solution, Inc.

Seeo Inc. (Robert Bosch GmbH Subsidiary)

Saft

Excellatron Solid State

BrightVolt, Inc.

LG Energy Solution Ltd.

Solid Power, Inc.

Pathion Inc.

Samsung SDI Co., Ltd.

Other notable players operating in the solid state battery market include STMicroelectronics N.V., Toyota Motor Corporation, Sakti3 Inc. (Dyson Ltd. Subsidiary), Planar Energy Devices, Inc., QuantumScape, and Altairnano.

These companies are actively investing in advanced materials, scalable manufacturing technologies, and strategic collaborations to gain a competitive edge in the solid state battery market.

Impact of COVID-19 on the Solid State Battery Market

The COVID-19 pandemic had a temporary negative impact on the solid state battery market. Lockdowns and restrictions disrupted manufacturing activities, supply chains, and import-export operations across the battery industry.

Demand declined significantly from key sectors such as automotive, renewable energy, and consumer electronics due to production halts and workforce shortages. The market experienced setbacks during the second, third, and fourth quarters of 2020.

However, the solid state battery market began recovering by the second quarter of 2021 as vaccination programs were implemented globally and industrial operations resumed. The recovery of electric vehicle production and consumer electronics manufacturing supported market rebound.

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Future Outlook

The solid state battery market is expected to witness substantial growth through 2030, driven by advancements in battery technology, increasing EV adoption, and rising demand for safe and efficient energy storage solutions. Although high production costs remain a challenge, ongoing research and scaling of manufacturing processes are likely to reduce costs over time.

With strong investments, technological innovation, and expanding applications across industries, the solid state battery market is poised to play a transformative role in the global energy storage landscape over the next decade.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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