Global solid state battery sales in 2020. In addition, the demand for electronic components and wearables has also increased substantially, leading to an increase in overall solid state battery sales.

Vehicle electrification has been the main factor driving the growth in demand for portable solid state batteries. There has been a significant increase in the number of electric vehicle registrations in recent times, leading to a boom in the demand for solid state batteries.

According to the new report published by Fact.MR, the global solid state battery market is estimated to exceed the valuation of around US$ 75 million in 2021, and is expected to grow at an impressive CAGR of around 30% during the forecast period. from 2021 to 2031. East Asia is dominated by solid state battery consumption due to significant adoption of electric vehicles in the region.

Important facts from market study

·         South Asia is projected to witness major growth during the forecast period, accounting for a CAGR of around 38%, as compared to 2021.

·         In 2021, East Asia is projected to register the highest market share of around 30%, followed by North America.

·         Portable solid state batteries commanded a high revenue share of around 78% in 2020, although the market for thin film solid state batteries is projected to grow rapidly.

·         In terms of capacity, revenue through 20mAh - 500mAh solid state battery is expected to grow by 130 bps.

·         Electric vehicles are expected to generate a full opportunity for solid state battery manufacturers of approximately US$129 million during 2021 – 2031.

·         The top five companies manufacturing solid state batteries had a market share of 67 per cent in 2020.

Automotive manufacturers' growing interest in expanding their fleets of electric vehicles can be seen in their partnerships with solid state battery manufacturers – most of them start-ups. This indicates an opportunity ahead for solid state battery manufacturers with increased penetration of electric vehicles.

Competitive Analysis

The recent few years have seen conflicts between some of the global automotive giants over who looks to maximize the opportunity offered by electric vehicles. Since leadership in electric vehicles cannot be accomplished with a half-hearted focus on including solid state batteries in planning, Toyota, Volkswagen, Hyundai Motor Co and Ford Motor are investing in solid state battery start-ups.

·         In May 2021, Volkswagen signed a contract with the U.S. to produce solid state batteries. Announced increasing its investment in Quantumscape based start-up. Volkswagen mentioned that in this joint venture, it aims to start a production line of solid state batteries by 2024.

·         US automaker Ford Motor showed interest in investing in solid-state battery start-up Solid Power. BMW will also be involved in this venture, which will be a focal point for both automakers in providing large format cells for solid power vehicle testing.