Solid-State Car Battery Market Size and By Region- Global Opportunities & F

Solid-State Car Battery Market

The solid-State Car Battery Market is projected to expand at a compound annual growth rate of 36.0% over the forecast period. This is because of the aggravating demand for solid-state batteries among the end-use industry and the intensified research and development activities emphasized on commercializing the battery cost.

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Solid-State Car Battery Market Dynamics

Solid-state batteries are projected to become a feasible substitute to lithium-ion batteries that make use of electrolyte solutions. The intensified research and development for effective and high-speed charging methods and cost-efficient batteries will complement the market growth. For instance, Samsung Advance Institute of Technology has developed a solid-state car battery that can easily be charged/discharged 1000 times with 800km of mileage on a single charge. SSB is safer than liquid li-ion batteries, which means high-speed charging. It can sustain more energy to help speed up the switch from gasoline vehicles to EVs, which would assist drivers, not stop frequently to charge vehicles.

Besides this, as per the solid-State Car Battery Market report, the SSB has the ability to store double energy as compared to lithium-ion batteries. As per the US Energy Department, the sales of electric vehicles were recorded to be 250,000 in 2020, which will further propel the market growth. However, the huge production of solid-state car batteries is projected to hamper the market growth. It is hard to produce a solid electrolyte that is a strong, chemically inert, and better conductor of ions between electrodes. It is costly to invent and is likely to crack because of the fragility of electrolytes during their expansion and contraction. Therefore, it has impacted the Solid-State Car Batteries market size.

Regional Drivers

The Asia Pacific region will witness significant growth in the overall market based on regional analysis. The strategic initiatives by the government to promote the growth of EVs and inhibit the use of petrol will result in extensive demand for solid-state car batteries. The rigorous norms on emission, allowances, subsidies, and incentives for the adoption of EVs in countries like China, Japan, South Korea, and India will bolster the Solid-State Car Battery Market growth.

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