Solid State Battery Market Size – By Product, By Capacity, By Application, Analysis, Share, Growth Forecast, 2025 – 2034

Solid State Battery Market Size

The global solid state battery market was valued at USD 1.1 billion in 2024 and is set to grow at a CAGR of 31.1% from 2025 to 2034. Increasing adoption of EVs in emerging economies coupled with ongoing investment in these batteries owing to their higher density, improved safety, and faster charging capabilities will create favorable industry scenario.
 

Ongoing innovation in advanced materials including polymers, oxides, and sulfides in solid electrolytes in line with focusing on battery longevity & performance will drive industry growth. Rising demand for compact and high-capacity batteries along with surging consumer electronics applications comprising of wearables, smartphones & IoT devices will escalate the industry momentum.
 

Ongoing government support and investment in research & development activities in tandem with strategic collaboration between key industry players toward innovation in these battery technologies will foster the solid state battery market landscape. In addition, automakers and tech firms are continuously focusing on fast-track development in these units and capacity addition, which in turn will sway the industry prospects.
 

Widespread adoption of EVs and the push for better performance & efficiency will encourage the deployment of these units. The government of India in 2024, has reduced the GST to 5% on EVs and batteries, making them more affordable for both consumer and producer. These batteries replace the liquid electrolyte with solid electrolyte. Moreover, it allows the use of higher voltage materials and provide greater energy density. It also uses non-flammable solid electrolyte materials which further reduce the risk of thermal runaway and fire originated by internal short circuits.
 

The growth of the industry is on the upward trajectory owing to their solid electrolyte which reduces degradation over time. These batteries take advantage of their advanced solid electrolyte, allowing them to reach full charge in approximately 10-15 minutes due to the increased ion mobility. Its fast recharging feature useful in those applications where higher efficiencies are required and downtime must be minimized.
 

Solid State Battery Market Trends

Supportive government mandates and policies toward adoption of these technologies will proliferate the business expansion. For instance, in May 2024, China has announced to invest over USD 830 million into government program to increase the development of solid state batteries, where 6 major players selected for the government funding.
 

Surging demand for long lasting and safe battery solutions in line with increasing adoption of consumer electronics will propel the business outlook. Rising advancement in innovative battery technology coupled with rapid scale up the production of these units will boost the product deployment across the emerging regions.
 

Continuous innovation in ceramic and polymer based solid electrolyte along with forming strategic alliances & commercialization of these battery technologies will influence the industry dynamics. Furthermore, these battery offers higher energy density and longer lifespan over lithium ion battery, thereby augmenting the solid state battery market outlook.
 

BTRY in 2024, has secured USD 991 thousand in pre-seed funding which was led by the Zürcher Kantonalbank and High-Tech Gründerfonds. This funding will support the development of innovative solid state batteries enabling for diverse commercial applications.
 

Growing support for energy storage R&D for mobility and stationary application in line with increasing focus toward minimizing manufacturing cost & improved performance of storage technologies will encourage the industry trajectory. In addition, the Office of Energy Efficiency and Renewable Energy is actively working on analytical initiatives to assess the crucial role of energy storage in power sector while offering technical assistance to the facility operators and policymakers.
 

For instance, in December 2022, the Basque Government approved a capital investment accounted USD 20.19 million in the newly start up BASQUEVOLT. This startup will strengthen its footprint in advanced battery technology for EVs and manufacturer 10 GWh of these batteries by 2027.
 

Solid State Battery Market Analysis

• The solid state battery industry accounted for USD 598.9 million, 831.9 million, and 1.1 billion in 2022, 2023 and 2024 respectively. Based on product, the industry is segmented into portable and thin films. Industries including consumer electronics, automotive, and grid storage are accelerating the adoption of these advanced technologies, which will further spur the industry penetration.
   
• The portable solid state battery market is projected to grow at a CAGR of over 29.9% through 2034 on account of their greater efficiency power, provides quick and cost-effective solutions. Yoshino Technology has started a assortment of batteries offering power output range from 330W to 4,000W primarily designed for off-grid application, small industrial machinery, and home backup establishments.
   
• Thin films solid state battery will exceed USD 7 billion by 2034. These batteries are emerging technologies in the energy storage industry owing to their enhanced safety, superior performance, and compact design over other alternatives. Surging innovation in thin film deposition technology including chemical vapor deposition, atomic layer deposition, and sputtering will stimulate the product expansion.
   
• UAB Electronics System, EIT InnoEnergy, JR Holding, January Ciszewski, and Aper Ventures in 2022, completed the Series A funding investment accounted USD 7.91 million for the development of low-cost production of thin film batteries with solid electrolytes.
   
• The market for capacity is segmented into Below 20 mAh, 20 - 500 mAh, and above 500 mAh. The Below 20 mAh segmnet for solid state battery market was accounted over USD 650 million in 2024 on account of sustainability initiatives, increasing safety demand, and rising investment in R&D capabilities.
   
• The 20 - 500 mAh capacity segment accounted for a market share of over 35% in 2024 fueled by burgeoning investment in research & development of next-generation solid-state materials including sodium-based, lithium-sulfur, and lithium-metal. Integration of flexible solid state and thin film batteries into microelectronics, smart textiles, and bendable displays will positively sway the solid state battery market dynamics.
   
• The Below 20 mAh capacity crossed USD 650 million in 2024. Emphasizing energy conservation, sustainability, less use of toxic materials, and improved recycling techniques will influence the industry. The battery and EV manufacturers in China during 2024 are at the forefront due to state driven innovative policies which from 2009 to 2023 were subsidized to the tune of USD 200 billion.
   

• The market for application is segmented into industrial, automotive, consumer electronics, and energy storage. The consumer electronic segment was worth over USD 450 million in 2024, while industrial solid state battery is expected to grow at a faster rate of 25% CAGR till 2034.
   
• The industrial solid state battery market will hold 30% revenue share by 2034. Growing demand for smart manufacturing and industrial automation in line with increasing investment in grid storage & renewable energy will accelerate the business penetration. Furthermore, heavy industries are transitioning from diesel-powered machinery to electric alternatives to minimize fuel dependency and carbon emission will bolster the industry outlook.
   
• The automotive solid state battery market will be projected to hit USD 2 billion by 2034. These battery offers extended range and higher energy density coupled with enabling thermal stability & enhanced safety will drive the business momentum. Governments across emerging economies are enforcing strict emission norms and incentivizing EVs adoption will propel the industry growth.
   
• As part of its budgetary appropriation, the US DOE has set aside USD 43 million in the year 2024 for the purpose of boosting the research and development, demonstration, and deployment of novel battery technologies. This funding will promote the economical manufacturing of EVs including the production of cells, electrodes, and packs.
   
• The consumer electronic solid state battery market will observe at a CAGR of over 25% through 2034. Rapid adoption of these batteries in wide range of devices including AR/VR devices, tablets, wearables, laptops, and smartphones will augmenting the business trajectory. Furthermore, with the high energy density, these battery can store in lighter and smaller packages.
   
• The energy storage solid state battery market is set to reach over USD 850 million by 2034. The rapid shift toward renewable energy sources including wind and solar has created the demand for efficient and effective scalable energy storage solution, thereby strengthening the product deployment. Ongoing implementation of policy frameworks through tax credits and subsidies to promote energy storage technologies will elevate the industry momentum.
   
• The electric energy storage along with the tax credit in IRA 2022 is believed to assist US in its efforts to tackle with Clean Energy and Climate change in 2024. Not to mention, these tax credits correspond to huge financial advantages to affordable for both businesses and individuals utilizing energy storage technology.
   

• U.S. solid state battery market was valued USD 250 million in 2024. Leading automakers in the country are investing large amounts of money in new battery technologies because there is a growing adoption of sustainable energy systems in key geographies, this will lead to business growth.
   
• North America market for solid state battery will witness at a CAGR of 30% through 2034. Growing attention from research institutions and manufacturers towards solving important problem like battery lifetime, ionic conductivity and the stability of electrolyte will shift dynamics of the industry.
   
• In the year 2024, the Volkswagen Group of Canada plans to invest 7 billion US dollars and estimates construction of this gigafactory will be done by 2027. The company’s battery making division disclosed that this plant will assist in the production of solid state batteries and it is going to be constructed in Ontario.
   
• The European solid state battery has a market share of 22% in 2024. These developments are owing to collection of additional attention regarding the use of energy storage for renewables, carbon neutral goals and ongoing technological changes. Increasing battery manufacturing capabilities along with expansion of supply chain infrastructure to meet the rising demand for energy solution across the region will proliferate the industry growth.
   
• In 2023, the EU announced an initiative of more than USD 1.5 billion aimed at energizing ProLogium Technologies in the field of electric vehicle batteries. The funds are supposed, with the EU enterprise aid regulation, to stimulate the R&D activities while enhancing the global competitiveness of the region in the EV battery market.
   
• The Asia Pacific solid state battery market is set to reach over USD 7.5 billion by 2034. Continuous technological innovation, improve performance, lower manufacturing costs, and rapid adoption of these batteries in automotive, grid storage & consumer electronics will amplify the business expansion. For instance, in November 2024 China’s CATL, a global manufacturer in battery technology, has announced to develop solid state battery, which has a density of 500 Wh/kg.
   

Solid State Battery Market Share

• The top 2 players of the solid state battery industry are LG Energy Solution and Samsung as they own around 17% market share in 2024. Similarly, in 2024, LG Energy Solution along with Kumho Petrochemical filed a patent for the advanced solid electrolyte technology.
   
• Moreover, with this achievement, LG and the companies have managed to enhance solid state batteries’ innovative technology-oriented solutions which are very important for commercial uses.
   
• Samsung's has been developing a premium electric vehicles solution that is powered by high cost of SSB battery pack that are made to achieve a huge driving range of up to 1,000 km as reported by company.
   

Solid State Battery Market Companies

• Samsung stated consolidated revenue of USD 55 billion in 2024. The rise in high-end memory product sales and successful launch of new smartphone models has been a key factor towards the growth of sales of the company.
   
• LG Energy Solution has also started the large scale production in 2024 at its new joint venture factories in Indonesia, the US and Canada, which enhances its operational business capabilities. Moreover, the company generated a revenue of 23.4 billion USD in 2023 reflecting a strong business presence across diverse industry verticals.
   
• Toyota incurred a revenue of USD 292.1 billion in 2023. Moreover, in March 2024, the corporation has 262 locations in India which cover 92% of the sales network in the country.
   

Solid State Battery Industry News

• Honda Motor company in 2024 has presented its new production line for solid state batteries. This modern advanced facility is being built in the company fold at the Honda R&D center located in Sakura city. This facility will also be able to provide the platform for tech verification along with basic requirements for the design of their battery cells to integrate solid state batteries into the electrified vehicle line up.
   
• In 2024, Factorial in association with Stellantis have jointly launched the next phase of its partnership by accelerating the development of electric vehicles powered by Factorial’s solid state battery technology. This collaboration built on Stellantis’ USD 75 million investment in Factorial, which was made in 2021.
   
• In 2024, Solid Power has been awarded by the U.S. DOE’s Office of Manufacturing and Energy Supply Chains to enter award negotiations for up to USD 50 million in federal funding under the Bipartisan Infrastructure Law. Moreover, this initiative will establish the company’s first known manufacturing process for sulfide powered solid electrolyte materials.
   
• Nissan in 2024 highlighted their forthcoming solid state battery assembly line at their Yokohama Plant, with the pilot production scheduled for March 2025. This is a steppingstone in the launch of commercial EV production in FY 2028 29. Besides, this development is a step forward in strengthening the EV development strategy and pursuing sustainable mobility initiatives.
   

The solid state battery market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2034, for the following segments:

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Market, By Product

• Portable
• Thin-Film

Market, By Capacity

• Below 20 mAh
• 20 - 500 mAh
• Above 500 mAh

Market, By Application

• Industrial
• Automotive
• Consumer Electronics
• Energy Storage
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Austria
  • Sweden
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
• Rest of World
  • Brazil
  • UAE
  • Saudi Arabia