How is rising electric vehicle demand impelling global graphene battery market trends?

Global graphene battery market has emerged as one of the most lucrative verticals in recent years. The industry is now set to witness a momentous period of growth in the forthcoming years. Rising demand for electric vehicles across the globe is a major factor responsible for augmenting the market share.

Citing an instance of the aforementioned trend, Europe has observed significant growth in electric vehicle sales over the past years. Over 150,000 electric vehicles were sold across the continent in 2015. In fact, more than 34,000 electric vehicles were sold in 2016 in Norway alone.

Graphene has better resistance to heat and enhanced recharging efficiency in comparison to the more commonly used lithium-ion. This makes it a safer option to be used in electric vehicles.  

Apart from electric vehicles, the mounting proliferation of portable electronic devices is likely to propel the market size through 2024.

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As per a research report by Global Market Insights, Inc., global graphene battery market is estimated to surpass $97 million by 2024.

Which regional determinants are projected to outline the growth of graphene battery market?

North America graphene battery market is predicted to witness significant gains in the coming years. The U.S. is likely to lead the market expansion in the region. It was valued at more than $3 million in 2015.

The availability of high-quality products at very affordable prices is the major factor augmenting the industry outlook in the region. Apart from this, rising adoption of electric vehicles due to growing government subsidies and customer awareness across the U.S. is likely to push the market demand in the coming years. 

Along with North America, Europe graphene battery market is also estimated to observe heavy gains through 2024. The UK is anticipated to lead the market share in the region. In fact, it is projected to observe strong growth of more than 20% during the forecast time period.

EU Battery Directive enacted by Government in 2008 is the major factor responsible for the adoption of graphene batteries across the region. Specifically, the stringent regulations introduced by government under this directive on the use of batteries that contain bio-hazardous materials would possibly proliferate the market share.   

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China is likely to lead the APAC graphene battery market share through 2024, with estimates expecting that it would exceed a valuation of $10 million through the forthcoming timespan. The region is predicted to witness substantial growth in the production capacity of graphene of 2,000 tons annually till 2024.

Why are supercapacitors witnessing rising demand in graphene battery market? 

With respect to technology, supercapacitors are anticipated to outline a favorable graphene battery market outlook. The segment is projected to observe healthy growth of more than 25% through the forecast timespan.

Greater shelf life and superior charging abilities are few of the attractive features which are likely to proliferate the segment growth in the market. In addition, mounting supercapacitor demand used in mobile phone apps is a major factor augmenting the industry growth through 2024.      

How would mounting healthcare applications augment the growth of graphene battery market? 

Graphene battery market is anticipated to observe significant growth owing to rising applications in the healthcare sector. Healthcare applications are estimated to surpass $25 million through 2024.

Growing applications of portable medical devices is the major factor pushing the segment expansion in the market. In addition, rising focus over these devices in developed nations is likely to outline the healthcare applications growth through 2024.  

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