The Solid State Battery Market is expected to grow from USD 58 million in 2022 to USD 314 million by 2028, at a CAGR of 32.5% during the forecast period. Solid-state batteries are gaining popularity due to their longer shelf life compared to traditional batteries. The demand for solid-state batteries in electric vehicles is also contributing to market growth. The global demand for electric vehicles is increasing, and lightweight and flexible batteries for implants and wearable devices are also driving the market. These factors are providing growth opportunities for market players.

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Secondary batteries to register higher CAGR during the forecast period

Thin-film and solid-state chip batteries, which are considered secondary batteries, are anticipated to see a greater CAGR during the projection period. The demand for novel battery designs, such as bendable, flexible, and high-capacity rechargeable batteries, that are appropriate for wearables and medical devices is rising. Due to manufacturers' ongoing technological advancements, the need for secondary micro-batteries is increasing for wearables and medical equipment. The secondary battery industry will certainly continue to expand due to this tendency.

Below 20 mAh segment is expected to lead solid state battery market, by capacity, during forecast period

Throughout the forecast period, the solid-state battery market is anticipated to be dominated by the sub 20 mAh category in terms of capacity. In 2021, this market segment accounted for the greatest market share. This capacity range applies to thin-film batteries, which are frequently used in low-drain devices including packaging, wireless sensors, medical and cosmetic patches, and other applications. High-capacity batteries are not necessary for the functioning of these low-drain devices because they are small and have constrained internal space. In the near future, it is anticipated that the market would be driven by the rising demand for solid-state batteries from a variety of applications.

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Market in Europe to grow at highest CAGR during 2022-2028

Throughout the projected period, the solid-state battery market in Europe is anticipated to develop at the highest CAGR. The demand for solid-state batteries in the region's packaging, consumer electronics, electric vehicles, and medical devices is the main driver of this rise. Devices used in these applications benefit from the small size and high power density of thin-film batteries. Further factors supporting the development of the solid-state battery industry in Europe include the widespread digitalization of key industries and the existence of significant automakers.

Cymbet (US), Robert Bosch (Germany), Toyota Motor (Japan), Solid Power (US), Excellatron Solid State (US), and BrightVolt (US) are a few of the major companies operating in the solid state battery market.

Study Coverage

The market for solid-state batteries is thoroughly examined in the research report and is divided into categories based on type, capacity, rechargeability, application, and geography. The study discusses the market's growth drivers, inhibitors, opportunities, and problems. A value chain study of the solid-state battery ecosystem is also included in the report. This research gives a thorough insight of the value chain's key participants, suppliers, and distributors, as well as the industry structure as a whole. The study is anticipated to aid investors and stakeholders in understanding the market and aid them in making defensible choices about investments and company strategies.

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