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Solid State Battery Market Size

  • Report ID: GMI3885
  • Published Date: Mar 2023
  • Report Format: PDF

Solid State Battery Market Size

Solid State Battery Market was valued at USD 826.8 million in 2023 and is projected to expand at more than 38.2% CAGR from 2024 to 2032, owing to the burgeoning demand for electric vehicles.


Mounting expenditure on consumer electronics globally is driving the industry growth. The increased miniaturization of portable electronic devices, including laptops, smart cards, RFID, mobile phones, tablets, and other wearable technologies, has fostered the demand for SSB due to their narrow rectangular designs, quicker charging times, and longer battery lives, which is boosting investments in portable electronic gadgets. In 2021, Lenovo, a consumer electronic leader, sold about 268 million units of laptops impelled by the rising demand for notebook PCs.


Furthermore, the growth in the renewable energy sector is also fostering the industry outlook. Solid state batteries are likely to become more prevalent in this sector as various nations are defining their renewable energy objectives to cut carbon emissions and provide efficient and clean power generation. For instance, in January 2023, Solid Power, a solid-state battery manufacturer, received an award from the U.S. Department of Energy (DOE) ARPA-E alliance to resume production of nickel and cobalt-free SSB cells with an expected funding of USD 5.6 million under the Electric Vehicles for American Low-carbon Living program.


High initial costs may restrain industry progression

Despite a positive outlook for product adoption, the solid state battery market faces a major hurdle in the form of extensive capital investment required for the production and distribution of solid state batteries. The development of these batteries is challenging and costlier compared to conventional batteries, which is hampering product uptake. The vast potential of lithium and its easy availability can further impede product demand. Nonetheless, continuous efforts by manufacturers to leverage the benefits of solid state batteries are likely to help them overcome this issue.  



Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of solid state battery crossed USD 826.8 million in 2023 and is set to progress at more than 38.2% growth rate through 2032 owing to mounting expenditure on consumer electronics globally and increased miniaturization of portable electronic devices.

The consumer electronics segment registered USD 360 million revenue in 2023 and is forecast to observe notable expansion through 2032 due to the growing adoption of these batteries across consumer electronics such as laptops, cellphones, and computers, among others.

The portable segment is estimated to grow at over 36% CAGR from 2024 to 2032 as a result of notable innovations in technology and materials required in solid-state batteries for portable storage.

The market across North America is expected to reach USD 4.2 billion by 2032 on account of increased disposable income, rising awareness of health and lifestyle issues, rising usage of portable gadgets & medical equipment, and government funding for R&D initiatives in the region.

Some of the major manufacturers of the solid state batteries are Samsung SDI Co., Hitachi Zosen Corporation, Cymbet, Johnson Energy Storage, Inc, BrightVolt Solid State Batteries, Solid Power, Prieto Battery Inc, Ilika, STMicroelectronics, Altairnano, Toyota, QuantumScape Corporation, Ion Storage Systems, ITEN, Beijing Weilan New Energy Technology Co., Ltd.

Solid State Battery Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 378
  • Countries covered: 18
  • Pages: 200
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