Solid State Battery Market
Global Solid State Battery market is valued at USD 84.26.02 Million in 2021 and is projected to attain a value of USD 721.35 Million by 2028 at a CAGR of 35.9% during the forecast period, 2022–2028. Solid State Battery has caught the attention of consumers in the last decade. Solid State Battery shows great potential for high energy storage capacity with its large surface area and higher ionic conductivity compared to that of liquid electrolyte counterpart. Some of the major factors that are driving this market are rise in demand for electric vehicles (EVs), growing use of renewable energy storage, need for better performing batteries etc. Factors such as lengthy charging time and lack of enough charging stations have been hindering the growth of consumer electronic devices industry.
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Global Solid State Battery market is segmented by Type (Single-cell and Multi-cell Battery), Rechargeability, Capacity, Application (Consumer Electronics, Electric Vehicles, Energy Harvesting, Medical Devices, Packaging, Wireless Sensors), Region. Asia Pacific is projected to grow at the highest CAGR during forecast period, 2022–2028.
Asia Pacific to Witness Fastest Growth in Solid State Battery Market
Over the past few years, the price of traditional consumer electronics has been decreasing. In order to capture attention of consumers, device manufacturers continuously pursue improvement of product performance and need Solid State Battery as a energy storage solution. Asia-Pacific region is the fastest growing market for solid state batteries due to rapidly increasing penetration rate of smartphones and other related devices. Moreover, it is one of top two regions with fast adoption rate of smartphone, tablet computers and medical devices. This trend will lead to increase demand from Solid State Battery market in Asia Pacific.
Robert Bosch (Germany), Cymbet (US), Solid Power (US), Toyota Motor (Japan), BrightVolt (US), and Excellatron Solid State (US).
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