| Study Period | 2019 - 2032 |
| 2024 Market Size | USD 128.5 Million |
| 2025 Market Size | USD 180.0 Million |
| 2032 Forecast | USD 2,001.7 Million |
| Growth Rate (CAGR) | 41.1% |
| Largest Region | Asia-Pacific |
| Fastest Growing Region | Asia-Pacific |
| Nature of the Market | Fragmented |
| Largest Application Category | Portable Consumer Electronics |
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The solid-state battery market size is projected to reach USD 2,001.7 million by 2032 from USD 128.5 million in 2024, at a 41.1% CAGR during 2025–2032. The rising adoption of electronic gadgets, the surging deployment of EVs, and the increasing utility of battery management and energy storage systems are the key factors driving the industry.
In addition, the market is likely to be influenced by the increasing number of robot shipments globally. Moreover, the rising R&D activities associated with solid-state batteries, the increasing adoption of IoT-based systems, and the miniaturization of electronic devices have emerged as major driving forces in the industry.
According to the Brussels-based campaign group Transport and Environment (T&E), solid-state batteries have the potential to curb the carbon footprint of EVs by up to 39% as compared to liquid lithium-ion batteries. Electric and hybrid vehicles are the major applications of solid-state batteries. The government incentives and subsidies implemented to encourage the adoption of EVs have brought down their prices considerably. Besides, the availability of publicly accessible charging booths has increased the popularity of these vehicles, particularly in Europe and North America, which, in turn, bolsters the growth of the market.
Moreover, safety is one of the most-crucial requirements batteries must meet, especially those used in EVs and aircraft. Unlike liquid batteries, solid-state batteries do not catch fire when they malfunction and can still operate when damaged, thus making them attractive for use in aviation. Further, solid-state batteries are incorporated into portable and consumer electronic devices. In the electronics sector, applications of such batteries range from mobile phones, laptops, computers, and tablets to flashlights, LEDs, vacuum cleaners, digital cameras, and calculators. Hence, the growth of the consumer electronics industry in APAC and the MEA is likely to boost the sale of these batteries in the long run.
The 20–500 mAh category holds the largest revenue share, of around 50%, in 2024. This is because solid-state battery applications, such as energy storage systems, wearable medical devices, and domestic appliances, require these variants. In addition, the consumer electronics sector’s swift growth results in the rise in these products’ demand.
The less than 20 mAh category is the fastest growing due to the rising popularity of thin-film batteries, most of which come with a capacity of less than 20 milliampere-hours. These energy storage devices find application in a wide range of compact products and systems, such as wireless sensors, transdermal patches, and smart packaging devices.
We analyzed these capacities:
The portable consumer electronics category will record the largest share in 2032, due to the rising demand for portable electronic devices. The robust urbanization prospects, along with the increasing discretionary expenditure, are projected to result in a high purchase rate of electronic devices, such as smartphones, laptops, media players, and gaming consoles.
The EVs category is projected to record the highest CAGR in the foreseeable future, as these energy storage devices are increasingly being used in EVs. Additionally, technological advancements in automotive batteries, as well as favorable regulations for EVs, are encouraging the deployment of these vehicles over gasoline, diesel, LPG, and CNG vehicles. The overall subsidies and incentives are also the highest for battery electric vehicles, which will be a key driver for the market over this decade and beyond.
Here is the application breakdown of the market:
Thin-film batteries account for the major market share in 2024, of around 80%, and they will also showcase the higher CAGR. These variants are generally employed in IoT and smart AI devices, such as smartwatches and fitness bands, owing to their effective revitalization rate, smaller size, higher average output voltage, lower weight, higher energy density, higher flexibility, lower chances of electrolyte leakage, longer shelf life, tighter packing, and condensed structure.
These battery types are covered:
The multi-cell bifurcation has the larger share, of around 55%, in 2024, and it is expected to witness the faster growth during the forecast period. Multi-cell solid-state batteries ensure safe operation, with diagnosis and protection against undervoltage, overvoltage, overcurrent, and overtemperature. They are used for consumer electronics (such as laptops), EVs, and backup power systems.
The segment has the following bifurcations:
The secondary type accounts for the larger share, of around 65%, in 2024, and it will witness the higher over the forecast period. Unlike primary cells, which can be only used once, secondary batteries can be recharged and used repeatedly. The importance of the secondary battery technology for electric cars, energy storage systems (ESS), and drones is budding year by year.
The segment is bifurcated as below:
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In 2024, APAC claimed the largest market share, of around 55%, and it will also witness the highest CAGR during the forecast period. A large consumer base for portable electronics, advancements in the renewable energy sector, and growth in the utilization of battery management systems are the major factors prompting these batteries’ sales in the region. Moreover, public authorities in China and India intend to lower the carbon footprint of vehicles and boost the usage of EVs.
Japan and China are the most-significant producers of automobiles in APAC, and the growing automobile production in these countries is expected to drive the demand for solid-state batteries over the forecast period. The market is highly competitive owing to the presence of numerous automotive manufacturers, specifically in Japan. They are involved in expansions and mergers & acquisitions with solid-state battery companies, to develop suitable batteries for EVs.
In the APAC region, China has been the largest consumer of solid-state batteries, owing to their bulk manufacturing by major battery companies and the presence of a large automotive manufacturer base. For instance, in December 2020, Toyota unveiled a solid-state battery with a capacity of 1,000 mAh.
These regions and countries are part of the research scope:
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