The Asia Pacific Solid State Battery Market would witness market growth of 37.0% CAGR during the forecast period (2021-2027).
The energy density of a battery is the amount of energy it holds in relation to its weight. Because of the higher energy density, the batteries might be significantly lighter while yet storing having similar amount of energy. Solid-state batteries have a 2.5-fold higher energy density than contemporary lithium-ion batteries. This massive improvement in the energy density of solid-state batteries indicates that they will be much smaller and lighter. Solid-state batteries are 80–90 percent thinner than lithium batteries, and their decomposition voltage is higher. As a result, energy density per kilogramme may be enhanced.
Enhanced energy density would result in higher power output and a considerable improvement in vehicle driving range, eliminating the need for frequent charging as well as a significant number of charging stations. These lightweight, high-density batteries are used in vehicles such as automobiles, RVs, trucks, boats, and aircraft.
The automobile industry's rapid expansion in China, India, Japan, and South Korea is likely to boost demand for solid state batteries. Furthermore, throughout the projection period, rising population in China and India, together with favourable government policies aimed at reducing carbon emissions from automobiles and boosting the usage of electric vehicles, are likely to boost product demand in the area.
Hitachi Zosen, a Japanese industrial producer, claims to have produced a solid-state battery with one of the largest capacities in the industry. Furthermore, the Osaka-based business claims that this new solid-state battery can run across a wider temperature range. It will be put to the test in industrial machines and space in the near future. Because of its promise for higher efficiency, solid-state batteries continue to attract study and technical innovation. Owing to their solid electrolyte, they have a far reduced flammability than lithium-ion batteries, which have a liquid electrolyte.
The China market dominated the Asia Pacific Solid State Battery Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $31.2 million by 2027. The Japan market is anticipated to grow at a CAGR of 36.3% during (2021 - 2027). Additionally, The India market would experience a CAGR of 38.1% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Solid State Battery Market is Projected to reach USD 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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