Electric Vehicle Solid State Battery Market: Summary
Reports and Insights deliver key insights on the global Electric Vehicle Solid State Battery Market. In terms of revenue, the global electric vehicle solid state battery market is estimated to expand at a CAGR of 21.0% during the forecast period and expected to reach at a value of US$ 5.3 Bn by the end of year 2030, owing to numerous factors, regarding which Reports and Insights offer thorough insights and forecasts in its report on the global electric vehicle solid state battery market.
Market Report Stance:
The objective of this report on the global electric vehicle solid-state battery market is to discuss market dynamics, including market drivers, market restraints, global electric vehicle solid-state battery market opportunities for the major players, global electric vehicle solid-state battery market trends, market segmentation outlook, regional outlook, global electric vehicle solid-state battery market size, market forecast, market share, as well as the major players operating in the global electric vehicle solid-state battery market.
The market for solid-state batteries for electric vehicles (EVs) is anticipated to expand rapidly over the next few years as a result of growing EV demand, the requirement for high-performance batteries, and solid-state batteries' benefits over traditional lithium-ion batteries.
Electric Vehicle Solid State Battery Market: Dynamics
Solid-state batteries have a better energy density than traditional lithium-ion batteries, which enables them to store more energy in a given volume. They can withstand faster charging rates without getting too hot or breaking down. With shorter charging times, range anxiety may be reduced and EV use may become more practical. Thus, EVs may have longer driving ranges and smaller battery packs, which can reduce the weight of the vehicle and boost overall efficiency.
In comparison to lithium-ion batteries, solid-state batteries are currently far more expensive to build, which makes them less useful for usage in electric vehicles (EVs).
Even though electric vehicles (EVs) are its principal use right now, solid-state batteries are used in other applications, such as grid storage or wearable technology. Around the world, various governments are offering incentives and regulations to encourage the usage of EVs. As a result of this support, the demand for solid-state batteries would rise, which might incentivize producers to spend money on R&D.
Electric Vehicle Solid State Battery Market: Regional Outlook
Electric vehicle sales are significantly higher in the Asia-Pacific region. A prominent player in the EV solid-state battery market, the Asia-Pacific region is also home to some of the largest battery producers in the world.
The United States is one of the greatest markets for electric vehicles, and the development of this industry will probably depend heavily on solid-state battery technology. Undoubtedly, substantial investment will be made in the development of solid-state batteries by several significant automakers, particularly Ford and General Motors, in the coming years.
Europe has a big electric vehicle market as well. It is a desirable market for solid-state batteries because it has several battery manufacturers and places a strong emphasis on renewable energy.
Electric Vehicle Solid State Battery Market: Key Players
The key players functioning in the global electric vehicle solid-state battery market are QuantumScape, Solid Power, Toyota, Samsung SD, LG Chem, Panasonic, BMW, Volkswagen, Ford, General Motors, Hyundai, and Tesla amongst others.
Contemporary Developments by the Key Players:
- In 2021, BMW announced a collaboration with Solid Power to develop a new solid-state battery with a 500-mile range on a single charge.
- Toyota is one of the leading rivals in the market for electric car solid-state batteries. In 2021, they claimed to have developed a solid-state battery that could run an electric automobile for 500 km (310 miles) on a single charge. Solid-state batteries will be produced in considerable quantities by the middle of 2020.
- Samsung SDI is the industry leader in the production of solid-state batteries for electric cars. They claimed to have developed a new solid-state battery in 2020 that has a high energy density of 900 Wh/L. They also want to start manufacturing solid-state batteries in large quantities soon.
Electric Vehicle Solid State Battery Market: Segmentation Outlook
Electric vehicle solid-state battery market is categorized based on Type of Vehicle, Battery Capacity, Technology, Application, End-Use, Sales Channel, and Region.
Electric Vehicle Solid State Battery Market, By Type of Vehicle:
Based on the type of vehicle, the global electric vehicle solid-state battery market is segmented into; Passenger cars, Commercial vehicles, and Two-wheelers.
Electric Vehicle Solid State Battery Market, By Battery Capacity:
Based on the battery capacity, the global electric vehicle solid-state battery market is segmented into; Low-capacity batteries (less than 20 kWh), Medium-capacity batteries (20-50 kWh), and High-capacity batteries (more than 50 kWh).
Electric Vehicle Solid State Battery Market, By Technology:
Based on the technology, the global electric vehicle solid-state battery market is segmented into; All-solid-state batteries, Lithium-ion solid-state batteries, and Sodium-ion solid-state batteries
Electric Vehicle Solid State Battery Market, By Application:
Based on the application, the global electric vehicle solid-state battery market is segmented into; Powertrain, Lighting, HVAC, Infotainment, and Others.
Electric Vehicle Solid State Battery Market, By End Use:
Based on the end-use, the global electric vehicle solid-state battery market is segmented into; Personal use, and Commercial use.
Electric Vehicle Solid State Battery Market, By Sales Channel:
Based on the sales channel, the global electric vehicle solid-state battery market is segmented into; Original equipment manufacturers (OEMs), Aftermarket, and Online retail.
Electric Vehicle Solid State Battery Market, By Region:
Based on the region, the global electric vehicle solid-state battery market is segmented into; North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa.
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