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Last edited 14 Oct 2021
Graphene has higher heat resistance with improved recharging efficiency compared to conventional materials including lithium ion, making it a safer option for electric vehicles. The lithium ion graphene battery market size was valued at more than USD 9 million in 2015. Mobile phones, laptops and tablet phones are notable adoption areas contributing to segment growth. In 2015, more than 60% of the adult population in the U.S. had at least one portable electronic device compared to over 30% in 2011.
Increasing electric vehicle demand and portable electronic device penetration will drive the global graphene battery market size. Strict regulation of carbon footprints and emissions have had a positive impact. In 2008, the U.S. EPA introduced the National Emission Standard for Hazardous Air Pollutants to regulate the battery manufacturing process as it involves use of lead and cadmium.
The graphene battery market share from supercapacitors is set to see growth of more than 25% between 2016 to 2024. Superior charging abilities and greater shelf life are some of the features which may positively impact on the industry.
Europe witnessed a substantial increase in the sale of electric vehicles over the past four years. In 2015, more than 150,000 electric vehicles were sold in Europe, up from 70,000 electric vehicles in 2014. Norway registered a record sale of more than 34,000 electric cars in 2016, and is expected to see sales of more than 60,000 electric cars in 2017.
The graphene battery market share for healthcare applications is expected to exceed USD 25 million by 2024 due to growing portable medical devices demand.
The U.S. graphene battery market size was valued at more than USD 3 million in 2015 and is likely to see strong growth subject to the availability of high-quality products at affordable prices. Adoption of electric vehicles in the U.S. increased from over 5000 in 2011 to over 70,000 in 2015 due to increasing government subsidies and growing customer awareness.
In Europe, the UK is expected to see robust growth of more than 20% by 2024. The Government enacted the EU Battery Directive in 2008, introducing strict regulations on the use of batteries with bio-hazardous content, changing the industry landscape.
The Chinese graphene battery market is predicted to exceed USD 10 million by 2024. The region is likely to experience significant increase in manufacturing capacity upwards of 2,000 tons of graphene annually from 2016.
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