Solid-state batteries are an emerging technology, finding widespread usage in pacemakers, RFID, and wearable devices. Solid electrodes and electrolytes are safe and have a high-energy-density compared to the conventional polymer gel electrolytes found in lithium-ion batteries. Solid-state batteries are expensive as they deploy costly materials such as oxides, sulfides, phosphates, polyethers, polyesters, nitrile-based, polysiloxane, polyurethane,and solid polymers. Solid-state battery technology facilitates faster charging with higher voltage and longer life cycles. They are thus rising as a potential alternative to conventional lithium-ion batteries in the future. Solid electrolytes are nonflammable; therefore have a lower risk of catching fire
Advantages such as high-performance and low-cost are making solid-state batteries an emerging trend for next-generation traction batteries. The market growth is further accelerated by higher electrochemical stability, higher potential cathodes, and higher energy densities. Though currently available solid-state batteries face a challenge in terms of operating life, research and development activities may help extend the operating life of solid-state batteries for more than three years in order for them to be fully commercialized for electric vehicles.
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Uptake of Electric Vehicles
Electric vehicles are the fastest-growing segment in the global automotive and automobile market recently. Industry experts estimate that EVs will account for 10–12% of the total automotive sales by 2030. Favorable regulations have been put in place in Europe, China, and India for innovation and product development. Notable OEMs such as Honda and Volkswagen, Tesla, and others are taking the lead in this sector. Partnerships, collaborations and investments by Toyota, BMW, Hyundai, and others in technology development and battery material manufacturing are expected to accelerate the market growth. The fully commercialized solid-state battery-based electric vehicles are, however, expected to be launched by 2025
Investments Made by OEMs in Solid-State Battery Development:
Solid-State Battery Market Segmentation
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