Portable solid state batteries accounted for around three-quarters of global Portable Solid State Battery sales in 2020, according to Fact.MR, a market research and competitive intelligence company. Aside from that, there has been a rapid increase in demand for electronic gadgets and wearables, which has boosted overall sales of Portable Solid State Battery.
According to a new analysis published by Fact.MR, the worldwide Portable Solid State Battery market is likely to surpass a valuation of approximately US$ 75 million in 2021, and is expected to grow at a CAGR of around 30% from 2021 to 2031. Because of the widespread use of electric vehicles in the region, East Asia dominates the usage of solid state batteries.
Portable Solid State Battery Market: Key Takeaways
- South Asia is expected to experience significant growth between now and 2021, with a CAGR of roughly 38 percent.
- East Asia is expected to have the largest market share of over 30% in 2021, followed by North America.
- Though the market for thin film solid state batteries is expected to develop quicker, portable solid state batteries are expected to capture a higher revenue share of roughly 78 percent in 2020.
- Revenue from 20mAh – 500mAh solid state batteries is predicted to increase by 130 BPS in terms of capacity.
- Between 2021 and 2031, electric vehicles are estimated to offer a US$ 129 million absolute dollar opportunity for Portable Solid State Battery producers.
- In 2020, the top five manufacturers of solid state batteries controlled 67 percent of the market.
“Automotive manufacturers’ growing interest in expanding their fleet of electric vehicles can be seen in their relationships with Portable Solid State Battery makers, the majority of which are start-ups. According to a Fact.MR researcher, “it is suggestive of the opportunity that lies ahead for Portable Solid State Battery makers with the spike in the penetration of electric vehicles.”
How Has COVID-19 Impacted Revenue Generation from Portable Solid State Battery Sales?
COVID-19 had a significant impact on demand for solid state batteries, as evidenced by the performance of consumer and portable electronics, electric vehicles, energy harvesting, and wearable and medical devices.
While supply in these application areas was severely disrupted in 2020, demand for solid state batteries was only somewhat affected. When compared to demand in 2019, Portable Solid State Battery sales fell by 2.4 percent in 2020.