Market Size of EV Solid-state Battery Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 0.18 Billion |
| Market Size (2029) | USD 1.21 Billion |
| CAGR (2024 - 2029) | 45.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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EV Solid State Battery Market Analysis
The EV Solid-state Battery Market size is estimated at USD 0.18 billion in 2024, and is expected to reach USD 1.21 billion by 2029, growing at a CAGR of 45.90% during the forecast period (2024-2029).
The COVID-19 pandemic initially had a negative impact on the market as the shutdown of manufacturing units, and lockdowns resulted in a decrease in sales during the first half of 2020. However, eased restrictions coupled with notable initiatives of the government in the form of incentives and relief packages helped the market regain momentum by 2021. Further, the companies are also focusing on investing in new facilities due to the increasing demand in the market. For instance,
In June 2023, In Olen, Belgium, Umicore opened one of the world's largest and most advanced solid-state battery material prototyping labs. The 600-square-meter facility, outfitted with cutting-edge installations and technology, supports the entire chain of solid-state battery research.
Over the medium term, increased demand for fuel-efficient, high-performance, and low-emission vehicles, increasingly strict laws and regulations on vehicle emissions, declining battery costs, etc., are expected to act as primary factors driving the market growth over the forecast period.
As of now, the electric vehicle market is dominated by Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Honda Motor Company Ltd., General Motors Group, Hyundai Kia Automotive Group, etc., with more than 86% of the market share. Further, these companies are expected to be early movers in the solid-state battery market and are likely to remain to hold the larger chunk of the market. For instance, In February 2023, Nissan announced that the company is going to start a pilot project in 2025 to bring its first electric car with a solid-state battery by 2028.
The increasing demand for reducing carbon emissions and developing more advanced battery technology is expected to propel the market growth during the forecast period. For instance,
In June 2023, To improve the range and performance and to cut costs of its electric vehicles, Toyota is planning to introduce high-performance, solid-state batteries and other technologies.
