Graphene Battery Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, India, Germany - Size and Forecast 2024-2028

Graphene Battery Market Forecast 2024-2028

The graphene battery market size is forecast to increase by USD 249.22 million, at a CAGR of 22.95% between 2023 and 2028.  The report includes historic market data from 2018 - 2022. The market is witnessing a growing demand for the decline in lithium battery prices, the advances in next-generation rechargeable batteries, and the increasing electrification of cars.

Market Overview :

• Lithium-ion battery is fastest growing segment during the forecast year
• The  Lithium-ion battery was the largest segment and was valued at 45.56 million in 2018.
• APAC is the most dominating region during the forecast period
• It also includes an in-depth analysis of the rise in sales of passenger cars, the decline in lithium battery prices, and the growing environmental concerns regarding graphene batteries.

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Key Trends 

The decline in lithium battery prices is an emerging trend in the market. The market for lithium batteries has been gaining traction and is witnessing rapid growth. In addition, due to this, there has been a decline in the demand for lead-acid batteries. Furthermore, the main factor that differentiates lithium batteries from lead-acid batteries is their price. Lithium batteries cost more than lead-acid batteries.

However, prominent manufacturers of lithium batteries are working on technological advances and are trying to reduce the price of lithium cells. In addition, companies are enhancing lithium cells in every conceivable way, which will lead to a year-by-year reduction in the cost of these power units. Furthermore, the prices of lithium batteries are expected to reduce further during the forecast period. Hence, such factors are driving the market trends during the forecast period.

Market Largest-Growing Segments 

Lithium-ion battery

The lithium-ion battery segment is estimated to witness significant growth during the forecast period. The Li-ion battery segment has become the preferred choice for powering automobiles and consumer electronics due to its high energy density, longer lifespan, and lightweight nature. In addition, the growing popularity of smart wearables, such as smartwatches, fitness trackers, and smart glasses, has contributed to the increased demand for Li-ion cells in this market segment. Furthermore, these devices require reliable and long-lasting power sources to support their various features and functionalities.

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The lithium-ion battery segment was the largest segment and was valued at USD 45.56 million in 2018. Moreover, one of the key advantages of Li-ion cells is their high energy density. In addition, they can store a large amount of energy in a compact and lightweight form. Furthermore, this is crucial for products that need cells as they need to be lightweight and comfortable for users to wear throughout the day. Li-ion cells provide the necessary power without adding excessive weight or bulkiness to the devices. In addition, Li-ion cells offer a longer lifespan compared with other battery technologies. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Market Regional Analysis

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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The high growth rate of the regional market is fuelled by the increased demand for graphene cells in the automotive, electronics, aerospace, and electrical industries. In addition, the rise in the demand for electric and hybrid vehicles in countries such as China, India, and Japan is fueling the consumption of graphene for the production of graphene cells such as Li-ion cells. Moreover, China is one of the major producers of graphene in the region. In addition, China is currently the country where graphene powder is used the most (graphene powder is used in battery conductive additives, lithium battery materials, and special coatings; graphene film is used for thermally conductive films, flexible displays, and sensors). Furthermore, because graphene film has advantages such as high thermal conductivity and small size, it is used more frequently in industries such as wearable technology, computers, and smartphones. Hence, such factors are driving the market growth in APAC during the forecast period.

Market Dynamics

Key Driver

The rise in sales of passenger cars is notably driving the market. The growth of the automotive sector, particularly in the consumer electronics market, is significantly impacted by the positive correlation between automotive lithium-ion cells' sales and the market expansion of passenger cars. Passenger cars, with a focus on fuel efficiency and enhanced comfort in crossovers and SUVs, dominate the global automotive cells market. This will increase the demand for graphene-enhanced batteries. The availability of lower interest rates on car loans globally has empowered consumers to invest in larger and more luxurious vehicles.

Major Original Equipment Manufacturers (OEMs), exemplified by Toyota, are strategically planning manufacturing activities to boost passenger car production. Toyota's initiative to relocate auto production to Mexico aligns with the increasing global demand for SUVs and crossovers, with the flagship model Corolla set to be manufactured at the new plant. In 2023, India witnessed substantial sales of approximately 4-4.5 million passenger vehicles, leading to a 70-75% increase in carmakers' passenger vehicle inventory in January 2024 compared to January 2023. The growing disposable income trend has further propelled passenger vehicle sales, creating a heightened demand for efficient cells in the automotive sector. Thus, the growing preference for fuel efficiency and the comfort of traveling will fuel the demand for graphene batteries which in turn drive the global market during the forecast period.
 

Significant Challenge

Growing environmental concerns regarding graphene batteries are a major challenge hindering market growth. The environmental impact of batteries is estimated in terms of disposable and rechargeable cells. In addition, the rising demand for consumer cells is primarily due to the rapid growth in the use of portable power-consuming products such as laptop computers, cellular phones, video cameras, and toys. Furthermore, every year, consumers dispose of billions of cells, all containing corrosive or toxic materials.

Moreover, some batteries contain toxic metals such as lead, lithium, cadmium, and mercury, which pose a threat to consumer health and the environment if disposed of improperly. In addition, electronic waste (e-waste) refers to the waste produced by discarding electronic devices, especially from consumer electronics. Furthermore, the chemicals used to produce cells pose a threat to the environment. Therefore, such toxic materials used in batteries will hamper the growth of the global market during the forecast period.

Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Major Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Cabot Corp: The company offers graphene batteries such as LITX G700 that is designed for use in electric vehicles and high-end consumer electronics in which better driving range and longer run times are critical performance features.

The research report also includes detailed analyses of the competitive landscape of the market and information about 6 market companies, including:

• Global Graphene Group
• Graphenano Group
• Hybrid Kinetic Group Ltd.
• Log9 Materials
• Nanotech Energy

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides a market growth analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Type Outlook
  • Lithium-ion battery
  • Supercapacitor
  • Lithium-sulfur battery
  • Lead-acid battery
• End-user Outlook
  • Automotive
  • Consumer electronics
  • Energy and power
  • Others
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Australia
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The automotive sector is witnessing a transformative shift with the emergence of graphene-based derivatives in energy storage systems. Universities, research institutions, and consumer electronics companies are actively engaging in research and development activities to harness the potential of graphene oxides, nanoplates, and anodes for supercapacitors. Graphene batteries offer a breakthrough in electrical conductivity, transparency, and impermeability, paving the way for mass production and integration into various end-use industries. Particularly in the automotive segment, lithium-ion graphene batteries exhibit high power, durability, and the capability for shorter charging times. The R&D activities in the graphene batteries have enhanced their chemical properties and increased their applications across industries. The Market is experiencing a surge in research and development activities, particularly in the exploration of graphene nanoplates and anodes. Automobile companies are at the forefront of adopting these innovations to enhance the performance of lithium-ion batteries.

Patent activities in the lithium-ion graphene battery segment underscore the industry's commitment to advancing clean and sustainable fuel solutions. These batteries are poised to redefine the type of battery used in electric vehicles, providing high-capacity energy storage and contributing to the growing demand for electric mobility. As the market continues to evolve, it holds immense promise for industrial and power industries seeking innovative and efficient energy storage solutions. The adoption of graphene-based batteries marks a significant step toward a greener and more sustainable future. Graphene nanoplates and anodes contribute to the durability of lithium-ion batteries, offering a promising solution for electric vehicles and consumer electronics. The automotive sector, in particular, is leveraging these advancements to achieve higher efficiency and durability in batteries, addressing the demand for cleaner and sustainable energy sources. As research progresses, graphene-based derivatives demonstrate their potential to revolutionize energy storage systems. The focus on durable and high-performance lithium-ion batteries underscores the industry's commitment to advancing clean and sustainable fuel solutions, providing a significant boost to the adoption of electric mobility and efficient energy storage across various applications.

Market Scope
Report Coverage	Details
Page number	143
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 22.95%
Market Growth 2024-2028	USD 249.22 million
Market structure	Concentrated
YoY growth 2023-2024(%)	19.55
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 45%
Key countries	US, China, Japan, India, and Germany
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Cabot Corp., Global Graphene Group, Graphenano Group, Hybrid Kinetic Group Ltd., Log9 Materials, and Nanotech Energy
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and the Middle East and Africa
• A thorough market research and growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of market companies

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