According to a new graphene battery market research report, the global graphene battery market is poised to surge in value over the next seven years, from $48.8 million in 2019 to $398.6 million by 2027.
Some of the factors driving this impressive surge is increasing consumer demand for electronics and cars, extensive research and development, and advancements in rapid charging power, improved charging cycles, high-temperature performance and extended charge holding time.
During the period forecasted, Europe is expected to hold the largest chunk of the global marketshare, thanks to a number of major graphene manufacturers on the continent.
Asia-Pacific is expected to see the second-most amount of growth, thanks in large part to its push to replace internal combustion engines with electrical ones. The Japanese government is shooting for a 25% reduction in CO2 emissions this year, and 50% by 2050. Achieving this will require a more advanced battery technology than what’s available today, such as what is offered by graphene.