Technavio, a global technology research and advisory company, has released its latest market research report titled Global Lithium Solid-State Battery Market 2024-2028. According to this report, the global lithium solid-state battery market is expected to grow US $0.39 million from 2024 to 2028 at a CAGR of 42%, driven by the rising demand for electric vehicles (EVs) and advancements in battery technology.
Market drivers
Traditional lithium-ion batteries are limited in range and have long charging times. However, solid-state batteries (SSBs) are emerging as promising solutions to these challenges.
For example, Toyota plans to commercialize SSBs by 2027, offering batteries that are cheaper to produce, faster to recharge, and capable of delivering significantly longer driving ranges. The company aims to manufacture SSBs at the same scale as current lithium-ion batteries. This production readiness is significant for bringing solid-state battery technology to the mass market.
The anticipated improvements in EV performance, with minimum ranges of 600 miles per charge and potential advancements to 745 miles or more, will significantly enhance the appeal of EVs to consumers. These factors are expected to positively impact the growth of the global lithium solid-state battery market during the forecast period.
The lithium solid-state battery market is gaining significant traction due to its potential to offer higher energy density, improved safety, and longer battery life compared to traditional lithium-ion batteries. Solid electrolytes are the key to these advancements, enabling the development of high-performance batteries for various applications.
Government funding and venture capital investments are fuelling innovation in this space, with companies focusing on manufacturing capabilities and technological expertise to build pilot production lines. Solid-state batteries offer several advantages, including shorter charging times, safety features, and extended range, and are more environmentally friendly, as they do not contain liquid electrolytes. Additionally, solid-state batteries are ideal for wearable devices, medical devices, and other applications where lightweight and long-lasting batteries are essential.
Regulatory support and safety concerns are critical factors in the market’s growth – -Manufacturers are focusing on meeting regulatory criteria and improving safety features to address concerns around charging times and potential risks. The market is also seeing advancements in battery types, such as silicon anode batteries and thin-film batteries, which offer improved capacity and flexibility.
Research overview
The lithium solid-state battery market is experiencing significant growth due to the increasing demand for high-performance, safe, and long-lasting energy storage solutions. These batteries offer several advantages over traditional lithium-ion batteries, including higher energy density, improved safety, and longer shelf life. Solid electrolytes are a key component of solid-state batteries, enabling faster charging times and longer cycle life. The market is driven by various sectors, including EVs.
Government funding and venture capital investments are also fuelling research and development in this area. The use of solid electrodes, thin-film batteries, and high-energy-density batteries is expected to expand in the coming years. Safety features, regulatory support, and charging times are critical factors influencing the adoption of solid-state batteries in EVs and other applications.
The market is also witnessing the emergence of new battery types, such as silicon anode batteries, and the development of flexible, lightweight, and wearable batteries for various applications.
The regulatory landscape is evolving to support the adoption of solid-state batteries, with new standards and criteria being established for battery safety and performance. The market is expected to witness significant growth in the coming years, driven by advancements in manufacturing capabilities, technological expertise, and pilot production lines. The potential for extended range, reduced carbon emissions, and environmentally friendly options is also attracting significant attention from various industries.
Market challenges
- The EV industry is experiencing a plateauing growth rate due to consumer concerns over insufficient charging infrastructure. According to recent reports, 27% of potential buyers cited this issue as their primary concern, surpassing range anxiety and long charging times. In the US, the intention to buy an EV has declined from 48% to 34% due to this challenge. European markets, such as the UK and Norway, have seen an increase in car-buying intent but continue to grapple with inadequate charging infrastructure. High fuel prices remain a significant motivator for consumers, but the importance of environmental concerns has decreased from 49% in 2021 to 34% in 2024. These factors are expected to negatively impact the growth of the global lithium solid-state battery market, as the lack of charging infrastructure persists as a major deterrent.
- The lithium solid-state battery market is gaining momentum as businesses seek more efficient, sustainable, and environmentally friendly rechargeable battery solutions. Challenges include setting up pilot production lines, ensuring regulatory support, and addressing charging times and safety features. As EVs increase in popularity, extended range and longer shelf life are crucial. Solid electrodes in solid-state batteries offer advantages like improved safety and flexibility. These batteries are also suitable for transportation, renewable energy, and various devices such as medical, smart gadgets, and wearables. Regulatory criteria, electrolyte type, battery capacity, and supply chain efficiencies are key considerations. Emerging countries and urbanization are driving demand for lightweight, high-energy-density batteries like lithium polymer and silicon anode batteries. The shift towards sustainable energy and reducing carbon emissions makes solid-state batteries an attractive option.
Filed Under: Batteries, Technology News