The North America Solid State Battery Market would witness market growth of 33.0% CAGR during the forecast period (2021-2027).
The solid state battery market is expected to develop as more solid state batteries are used in the healthcare, wearable, and drone industries. Furthermore, the growing demand for solid state batteries in electric vehicles adds to the worldwide market's expansion. However, the market's growth is hampered by the complicated production operation and high cost of solid state batteries. Increased investment in the market by industry heavyweights like Samsung and Hyundai, on the other hand, is expected to provide future development prospects for the market.
Additionally, the rising demand for electric cars, as well as increased spending and collaborations between automobile companies and solid-state battery makers, are offering enough opportunities for the Solid State Battery Market to flourish. Despite the fact that there are several important drivers, there are few limitations that might limit the market's growth. The high cost of Solid-State Batteries and the intricate manufacturing process may stifle the industry's growth.
When it comes to purchasing electric vehicles, customers have a lot of concerns regarding range anxiety. The Tesla Model S has achieved the greatest distance an electric car can go on a single charge, which is 656 kilometers. Automakers, on the other hand, have been working harder to expand the range of electric vehicles without requiring recharging. As a result, there is an increasing need for better battery technology.
Solid-state batteries are gaining headway against conventional lithium-ion batteries in this field. The method delivers improved conductivity by switching from liquid to solid electrolyte, resulting in a 25% to 30% increase in power and energy density, as well as compactness in size. Solid-state battery technology makes it possible to scale up to a multi-layer cell with a capacity of up to 20 amp-hour. Solid-state batteries may be safer since they have higher energy densities.
The US market dominated the North America Solid State Battery Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $66.6 million by 2027. The Canada market is exhibiting a CAGR of 36% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 34.8% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Solid State Battery Market is Estimated to reach $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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