The Europe Solid State Battery Market would witness market growth of 34.1% CAGR during the forecast period (2021-2027).
Manufacturing Solid State batteries in a cost-effective manner is a major roadblock to the growth of the Solid State Battery Market. Product demand is expected to rise in a range of end-use sectors as a result of strategic collaborations between major industry participants. In February 2020, Panasonic Corp. and Toyota Motor Corp. formed Prime Planet Energy & Solutions, Inc., a joint venture focused on the research, manufacture, and marketing of solid-state batteries for the automotive sector.
Due to the widespread usage of lithium-ion batteries as the power source for electric automobiles throughout the world, some automakers are working on solid-state batteries. Last year, Toyota said that in 2021, it will release a game-changing solid-state battery that will provide a 500-kilometer range on a single charge and rapid charging capabilities of zero to full in 10 minutes, all while posing few safety issues.
Solid-state batteries are still a work in progress, and the timetable for a victorious debut is slipping away as one difficulty is overcome only to be replaced by another in a high-tech whack-a-mole game. Many analysts believe that the release date for mass markets has been pushed out well until 2030, which is problematic for electric cars because they must be really inexpensive by then for typical wage earners.
After all, by 2030, nations like the United Kingdom will have prohibited the sale of new gasoline and diesel automobiles, and major industrial countries like Germany, France, and Italy may possibly follow suit, despite Germany's new coalition's denial for the time being. By 2030, if no new electric cars cost as much as the cheapest ICE cars – say, €10,000 ($11,200) – a large number of individuals will be shut out of the market, causing them tremendous stress while waiting for the bus. Manufacturers will be dissatisfied as well, as their sales will be slashed.
The Germany market dominated the Europe Solid State Battery Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $19.0 million by 2027. The UK market is estimated to grow at a CAGR of 33% during (2021 - 2027). Additionally, The France market would witness a CAGR of 35.1% during (2021 - 2027).
Based on Type, the market is segmented into Single-cell Battery and Multi-cell Battery. Based on Capacity, the market is segmented into Below 20 mAh, Between 20 mAh and 500 mAh, and Above 500 mAh. Based on Battery Type, the market is segmented into Portable and Thin Film. Based on Application, the market is segmented into Medical Devices, Consumer Electronics, Energy Harvesting, Wireless Sensors, Electric Vehicles, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Solid State Battery Market Size will Hit $294.1 Million by 2027, at a CAGR of 35%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Robert Bosch GmbH, Toyota Motor Corporation, Ilika plc, Samsung SDI Co., Ltd. (Samsung Electronics Group), LG Chem Ltd. (LG Corporation), Contemporary Amperex Technology Co., Limited, Solid Power, Inc., Cymbet Corporation, Quantumscape Corporation, and Prieto Battery, Inc.
By Type
By Capacity
By Battery Type
By Application
By Country
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