The Next Version of Rechargeable Batteries
The author is an analyst of NH Investment & Securities. He can be reached at j.ko@nhqv.com. -- Ed.
Following lithium-ion batteries, solid-state batteries are anticipated to represent the next major phase of rechargeable battery technology. A number of firms are currently developing solid-state batteries and presenting their mass-production schedules in an effort to secure a market-leading position. We expect solid-state batteries to begin appearing in the market from 2025.
Solid-state batteries: Present status
Solid-state batteries represent the next version of rechargeable batteries. Compared to lithium-ion batteries, they offer superior energy density and longer lifespans, as well as enhanced safety. Accordingly, a number of companies are now developing related technologies and presenting their target schedules for mass production in order to secure a leadership role in the solid-state battery market.
Among rechargeable battery companies, we draw attention to LG Energy Solutions, Samsung SDI, and QuantumScape. LG Energy Solutions is developing solid-state batteries with the goal of mass production from 2028~2030, backed by its sulfide- and polymer-based solid electrolyte technologies. Samsung SDI is also working on solid-state batteries with the goal of mass production from 2027, focusing on inorganic solid electrolyte technology in cooperation with Samsung Advanced Institute of Technology (SAIT) and Samsung R&D Institute Japan (SRJ). QuantumScape is developing solid-state batteries with the goal of mass production from 2025~2026, utilizing inorganic solid electrolyte technology. We expect the firm’s production capacity to reach 91GWh by 2028.
We point out that the timing of mass production for solid-state batteries by domestic rechargeable battery companies overlaps with Hyundai Motor Company (HMC)’s schedule for applying solid-state batteries in its EVs. On Dec 10, HMC clarified its plan to launch an EV equipped with solid-state batteries at its CEO Investor Day, mentioning that preparations for production will start in 2027, with mass production likely to take off from 2030.
Emergence of solid-state batteries expected from 2025
Considering the mass production schedules for the solid-state batteries of major rechargeable battery makers, we expect solid-state batteries to begin appearing in the market from 2025. According to one market research agency, the solid-state battery market should grow from 15GWh in 2025 to 121GWh in 2030, with the associated penetration rate rising from 1.2% in 2025 to 3.8% in 2030. However, it will likely take some time before the influence of solid-state batteries is felt in earnest.