Global Solid State Battery Market Size, Share, Growth & Trend Analysis Report, 2032

Summary
Market Landscape
Methodology
Table of Contents

Global Solid State Battery Market Size, Share, Growth & Trend Analysis Report, By Battery Type (Thin Film, Portable), By Capacity, By Application (Consumer & Portable Electronics, EVs), By Region, And Segment Forecasts, 2024 – 2032.

Solid-state batteries are advanced energy storage technology that replaces the liquid or gel electrolyte in traditional lithium-ion batteries with a solid electrolyte, offering higher energy density, improved safety, and longer lifespan.

The Global Solid State Battery Market was valued at approximately USD 95 billion in 2024 and is projected to reach USD XX billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of XX% during the forecast period from 2025 to 2032.

Industry Trends

The solid-state battery market is experiencing rapid growth, an impressive CAGR of XX% from by 2032. This surge is fueled by increasing investments in next-generation energy storage solutions and advancements in battery technology.

Solid-state batteries, which replace traditional liquid or gel electrolytes with solid alternatives, offer higher energy density, improved safety, and longer lifespan, making them an attractive option for industries such as electric vehicles (EVs), consumer electronics, and renewable energy storage.

Moreover, major players like Toyota, Samsung, and Quantum Scape are actively developing solid-state battery technology, with some aiming for commercialization by 2032. The integration of AI and IoT in battery management is further enhancing efficiency, positioning solid-state batteries as a key driver of the energy transition.

The primary factor driving the adoption of solid-state batteries is the booming EV industry, where automakers are looking for safer, longer-lasting, and faster-charging alternatives to conventional lithium-ion batteries. Solid-state batteries offer up to 2 times the energy density, significantly improving vehicle range.

Additionally, the growing use of renewable energy sources such as solar and wind power has increased the demand for efficient energy storage solutions. These batteries can help stabilize power grids by storing excess energy during peak generation times and releasing it when needed. Government policies and incentives promoting clean energy and carbon neutrality further support this shift.

However, despite the strong growth potential, solid-state battery commercialization faces significant challenges. One major hurdle is the high production cost, as the materials and manufacturing processes are still in their early stages, making them more expensive than traditional lithium-ion batteries.

Additionally, scalability remains a key issue, with current production methods not yet optimized for mass manufacturing. The formation of dendrites is another technical challenge that researchers are working to overcome.

Furthermore, supply chain constraints, particularly regarding rare and expensive materials like lithium, solid electrolytes, and high-performance anodes, could slow adoption. Despite these obstacles, ongoing research, government funding, and collaborations between automakers and battery firms are expected to drive technological breakthroughs.

Industry Expert’s Opinion

Siva Sivaram, Chief Executive Officer and President, Quantum Scape

“This agreement is a major step in our long-term global scale-up strategy to bring Quantum Scape’s solid-state lithium-metal battery technology to market, combining our cutting-edge technology with PowerCo’s expertise in manufacturing and industrialization, this deal establishes a blueprint for a capital-light business approach and positions us at the forefront of energy storage innovation. Working closely with PowerCo as our first customer will help us accelerate commercialization and adoption of these game-changing batteries together.”

Siyu Huang, Chief Executive Officer and Co-Founder, Factorial Energy

“We are honored to be part of this journey with Stellantis to accelerate the adoption of electric vehicles, “We believe solid-state technology can play a crucial role in enabling the next generation of EVs with improved performance and reduced costs.”

TT Consultants’ Perspective

The global solid-state battery market is rapidly expanding, driven by advancements in battery technology, increasing demand for high-energy-density storage, and the push for safer, more efficient energy solutions. The adoption of solid-state batteries in electric vehicles, consumer electronics, and medical devices is accelerating due to their superior safety, longer lifespan, and faster charging capabilities. Additionally, growing investments from automotive giants and tech firms, along with government incentives for clean energy solutions, are fueling market growth.

Market Segmentation

1. By Battery Type (Thin Film Batteries, Portable Batteries)

Thin Film Batteries dominated the market with XX% share in 2024, driven by high energy density, compact size, and lightweight design. These batteries are widely used in wearables, medical devices, and IoT applications due to their long lifespan and environmental benefits. Portable Batteries are expected to grow at a CAGR of XX%, fueled by the increasing demand for consumer electronics, laptops, and mobile devices. Their high energy density, durability, and low maintenance make them an essential choice for next-gen portable power solutions.

2. By Capacity (20mAh – 500mAh, Below 20mAh)

20mAh – 500mAh held XX% market share in 2024, primarily due to growing use in consumer electronics, smartphones, and wearables. These batteries provide an optimal balance between size, power, and efficiency, making them a preferred choice for compact energy solutions.

Below 20mAh is expected to grow at a CAGR of XX% by 2032, driven by demand for compact power solutions in RFID tags, sensors, and medical implants. Their lightweight, reliable structure and long-lasting power make them well-suited for applications requiring miniaturized energy storage.

3. By Application (Consumer & Portable Electronics, Electric Vehicles)

Consumer & Portable Electronics accounted for XX% of market revenue in 2024, driven by the need for compact, high-energy-density batteries. These batteries are widely used in smartphones, smartwatches, and IoT devices, offering improved safety, efficiency, and longer cycle life. Electric Vehicles are expected to grow at a CAGR of XX%, fueled by global EV adoption and stringent emission reduction policies. Solid-state batteries provide longer range, faster charging, and improved thermal stability, making them a game-changer for the automotive industry.

4. By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

North America is expected to grow at a robust CAGR of XX% by 2032, fueled by investments in EVs, clean energy, and battery technologies. The region is a hub for solid-state battery research and large-scale production, with major automotive companies focusing on next-gen battery innovations.

The U.S holds the largest share in North America, driven by government incentives for EV adoption and battery research initiatives. The U.S. Department of Energy is heavily investing in advanced battery technologies, supporting faster commercialization of solid-state batteries.

Europe’s rapid expansion is expected due to strict carbon emission regulations and sustainability goals. The EU Green Deal and rising EV adoption are major growth drivers, alongside increasing investments in renewable energy storage and clean mobility.

Asia Pacific led the market with a XX% revenue share in 2024, driven by strong demand for EVs and consumer electronics. China held the largest share due to strong government policies promoting EV adoption and battery innovations.

Competitive Scenario

The key players in the global solid-state battery market are Altairnano, Beijing Weilan New Energy Technology Co., Ltd., BrightVolt Solid State Batteries, Cymbet, Hitachi Zosen Corporation, Ilika Ltd., Ion Storage Systems, ITEN, Johnson Energy Storage, Inc., Prieto Battery Inc., QuantumScape Corporation, Samsung SDI Co., Ltd., Solid Power, STMicroelectronics, and Toyota among others.

Strategic Activities

In November 2024, Honda launched a demonstration production line for all-solid-state batteries at its R&D facility in Sakura City, Japan. The automaker plans to begin producing these batteries in January 2025, with intentions to apply them across its mobility products in the latter half of the 2020s.
In November 2024, EHang, in collaboration with Inx, achieved a breakthrough by completing the world's first eVTOL (electric Vertical Takeoff and Landing) aircraft flight test powered by a solid-state battery. The EH216-S aircraft demonstrated a continuous flight of over 48 minutes, significantly improving flight endurance.
In October 2024, Stellantis and Factorial unveiled plans to incorporate Factorial's solid-state batteries into a demonstration fleet of all-new Dodge Charger Daytona vehicles by 2026. This initiative represents a significant step toward bringing solid-state battery technology to mass production.
In July 2024, Volkswagen Group's battery company, PowerCo, and QuantumScape announced a landmark agreement to industrialize QuantumScape's solid-state lithium-metal battery technology. This collaboration aims to advance the technology toward mass production for passenger electric vehicles.