Over 3/4 Market Revenue Generated from Sales of Portable Solid State Batteries
July 20, 2021
According to an ESOMAR-certified market research, portable solid state batteries accounted for around three-fourth of global solid state battery sales in 2020. Apart from this, there also has been a rise in the demand for electronic devices and wearable’s that has elevated overall solid state battery sales
Also, according to ESOMAR, vehicle electrification has been the core factor for the increase in demand for portable solid state batteries. There has been a rise in the number of electric vehicle registrations in the recent past, which has accelerated the demand for solid state batteries.
As per the new market intelligence report, the global solid state battery market is anticipated to exceed a valuation of around US$ 75 Mn in 2021, and is expected to surge at an impressive CAGR of around 30% over the forecast period of 2021 to 2031. East Asia influences the consumption of solid state batteries owing to the adoption of electric vehicles in the region.
Key Takeaways from Market Study:
- South Asia is estimated to witness major growth during the forecast period, compared to 2021, accounting around 38% CAGR.
- In 2021, East Asia is anticipated to register highest market share of around 30%, followed by North America.
- Portable solid state batteries commanded higher revenue share of around 78% in 2020, though the market for thin film solid state batteries is estimated to witness faster growth.
- In terms of capacity, revenue through 20mAh – 500mAh solid state batteries is expected to grow by 130 BPS.
- Electric vehicles are expected to generate around US$ 129 Mn absolute dollar opportunity for solid state battery manufacturers during 2021 – 2031.
- Top five players manufacturing solid state batteries accounted for 67% market share in 2020.
“Growing interest of automotive manufacturers towards increasing their fleet of electric vehicles can be observed in their partnerships with solid state battery manufacturers – most of them being start-ups. It is suggestive of the opportunity lying ahead for solid state battery manufacturers with surge in the penetration of electric vehicles,” says a Senior Research Analyst.
With physiochemical limits observed in li-ion batteries, solid state batteries have started to make inroads in the battery market. Battery manufacturers should thus turn their focus towards eliminating the bottlenecks in solid state battery manufacturing to accelerate the transition from li-ion to solid state batteries.
These insights are based on a report on Solid State Battery Market by Fact.MR.