The automotive industry is undergoing a transformative shift toward the adoption of electric vehicles (EV) and is investing significantly in the research and development (R&D) of its battery technology and components. The energy density and weight of the battery are the major factors that determine the designing and manufacturing cost of an electric vehicle. The conventional lithium-ion (Li-ion) battery technology has been in existence since 2000s and has found its applications in various sectors, namely electronics & automotive industry, and energy storage systems. However, key limitations of the li-ion batteries such as high flammability, risk of leakage, high cost, and ageing have propelled the researches to develop better battery chemistries such as solid-state batteries (SSB).
SSB is one of the chief alternatives to the conventional li-ion batteries. It is a futuristic and high-potential technology within the EV battery ecosystem. Unlike the li-ion batteries, SSB has a solid electrolyte and thus, does not require a separator. A solid electrolyte-based cell has high structural rigidity, high ionic mobility, improved durability, higher energy efficiency and a wider operating temperature range. SSBs not only offer safety but bring in bigger business opportunities as well.
According to the latest market intelligence report by BIS Research titled “Global Automotive Solid -State Battery Market- Analysis and Forecast (2020-2030),” the market is expected to grow at a significant CAGR of 55.76% and register a value of $1929.1 million during the forecast period (2020-2030). Over the past six years the market has registered a growth of 25.71% from 2012 to 2018. Key players investing in the SSB technology includes Volkswagen, Dyson, BMW, Toyota and Fisker.
The report published by BIS Research analyzes the strategies adopted by leading players in the automotive SSB market. Since 2012, partnerships, alliances, and joint ventures have been quite prevalent in the market and have led to origination of many start-ups such as QuantumScape, Solid Energy, Solid Power, and Prieto battery. The solid-state battery report divides and examines the market under segments such as the vehicle type, component and region. The report further discusses the SSB industry analysis and its supply chain. It divides the supply chain into four categories, namely raw material, cell construction, component manufacturer, and battery back development.
The SSB technology holds great potential and is projected as the future of the battery industry. Various industry associations and consortiums such as battery500 Consortium, New Energy and Industrial Technology Development Organization are analyzing and exploring the advancements in SSB technology. The wide range of advantages and opportunities that SSB technology offers makes it an ideal substitute for the old-school battery technology.