Solid-state Battery Market Size, Share, Growth Analysis, By Product(tablets, laptops, and smartphones and Others), By end user(gaming consoles, laptops, media players and others), By Region - Industry Forecast 2024-2031

Solid-State Battery Market size was valued at USD 58 billion in 2022 and is poised to grow from USD 76.85 billion in 2023 to USD 730.08 billion in 2031, at a CAGR of 32.50% during the forecast period (2024-2031).

The Solid-state Battery Market is highly fragmented with the presence of several small and large market players operating all over the world. Major companies of the market are implementing several business strategies such as new product launches, acquisition & mergers, collaboration, and partnerships for the expansion of their geographical presence and their product portfolio. 'Samsung SDI Co. Ltd.', 'Robert Bosch GmbH', 'Toyota Motor Corporation', 'Hitachi Zosen Corporation', 'BMW AG', 'Honda Motor Co. Ltd.', 'LG Chem Ltd.', 'Panasonic Corporation', 'Mitsubishi Electric Corporation', 'Cymbet Corporation', 'Planar Energy Devices, Inc.', 'Infinite Power Solutions, Inc.', 'STMicroelectronics N.V.', 'Solid Power, Inc.', 'CEA-Liten', 'ProLogium Technology Co., Ltd.', 'Excellatron Solid State, LLC', 'Front Edge Technology, Inc.', 'Prieto Battery, Inc.', 'Seeo, Inc.', ' An agreement was reached in July 2023 between ProLogium Technology Co., Ltd. and MAHLE GmbH to create the first thermal management system for ProLogium's next-generation solid-state batteries. The commercialization of solid-state battery solutions with increased longevity, safety, and energy density will be aided by this agreement.   ', ' LG Chem. presented its most recent advancement in battery technology in June 2023 with the creation of a solid state battery with exceptional performance. When compared to traditional lithium-ion batteries, the new battery's energy density and total capacity are greatly increased due to the use of a silicon-based anode material. With this discovery, LG Chem hopes to meet the expanding need across a range of industries for more robust and long-lasting batteries, particularly for electric cars and portable electronics.   ', ' Sakuu Company unveiled Li-Metal Cypress Battery Cell Chemistry for production license in May 2023. Furthermore, with an emphasis on safety, this Li-Metal chemistry can provide high-power density and high energy density. '

The increasing R&D initiatives related to solid-state batteries, miniaturization of electronic devices, and longer shelf life offered by the batteries will drive the growth of the market. The rising investments for use in medical wearable devices and EVs will fuel the market's growth in the coming years.

Due to the growing adoption of clean energy-powered vehicles across key economies worldwide, the market for electric vehicles is predicted to gain the top spot in terms of revenue share. The adoption of electric vehicles is predicted to increase as a result of technology advancements in batteries and the availability of favourable regulatory frameworks.

Globally, Asia Pacific emerged as the largest market, accounting for a 53.7% share of the solid state battery market. The significant growth of the automotive industry in China, India, Japan, and South Korea is expected to promote the demand for solid state batteries. Furthermore, increasing population in China and India coupled with favourable government regulations aimed at lowering carbon emissions from vehicles and promoting the use of electric vehicles are expected to enhance the product demand in the region over the forecast period.