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The automotive ultracapacitor market is estimated to grow at a CAGR of 15.52% between 2022 and 2027. The size of the market is forecast to increase by USD 165.09 million. The growth of the market depends on several factors, including the growing EV automotive industry, increasing government support, and the replacement of rechargeable batteries in EVs with ultracapacitors.
This report extensively covers market segmentation by type (double-layered capacitors, pseudo capacitors, and hybrid capacitors), application (brake regeneration, start-stop operation, and active suspension), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global automotive ultracapacitor market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles such as passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing EV automotive industry is notably driving the market growth, although factors such as high-cost burden may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Automotive Ultracapacitor Market Driver
The growing EV automotive industry is a key factor driving the growth of the global automotive ultracapacitor market. The EV automotive industry consists of many companies that design, develop, manufacture, and sell various types of vehicles, such as Hybrid electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles. Due to the increasing turnover, it has experienced significant growth worldwide.
According to the International Energy Agency (IEA), globally, the number of electric cars by the end of 2021 was about 16.5 million, triple the amount in 2018. Such development will positively influence the demand for automotive ultracapacitors, which, in turn, will drive the growth of the market in focus during the forecast period.
Significant Automotive Ultracapacitor Market Trend
Increasing focus on advanced ultracapacitors is the primary trend in the global automotive ultracapacitor market growth. Recent technological advances have led to the development of fiber-based ultracapacitors that can be used to power portable electrical devices and other small electronic devices. Fiber-based ultracapacitors such as 6.3 Wh/mm3 carbon-based capacitors have the highest storage capacity. Fiber-based materials offer access to a significant surface area and are highly conductive. The large surface area is said to increase the energy storage capacity of these capacitors.
Like all capacitors, these flexible ultracapacitors can charge and release energy much faster than batteries. They are expected to be integrated into the clothing of soldiers and wearable medical or communication devices used on battlefields. Such development is expected to propel the demand for ultracapacitors in the automotive industry, which, in turn, will boost the growth of the market in focus during the forecast period.
Major Automotive Ultracapacitor Market Challenge
The high-cost burden is a major challenge to the global automotive ultracapacitor market growth. The cost of incorporation of ultracapacitors in an electric car ranges from USD2,000 to USD10,000 per kWh. On the other hand, batteries for electric cars cost between USD200 and USD1,000 per kWh. Ultracapacitors are almost ten times more expensive than the available substitutes. However, the cost of ultracapacitors is expected to decline in the near future with significant investments in research and development (R&D).
Customers are hesitant to adopt ultracapacitors as the market has very few suppliers. Moreover, ultracapacitors have not been tested in many applications. This discourages potential customers from taking risks and investing in these devices. Such factors will negatively impact the market in focus during the forecast period.
Key Automotive Ultracapacitor Market Customer Landscape
The 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.
Global Automotive Ultracapacitor Market Customer Landscape
Vendors 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.
cap-xx.com - The company offers automotive ultracapacitors such as CAP-XX supercapacitors. Also, The company offers a wide range of products such as Murata supercaps, prismatic ultra-thin supercaps, cylindrical supercaps, and others.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the double-layered capacitors segment will be significant during the forecast period. The double-layered capacitors or electric double-layered capacitors (EDLCs) segment dominated the market in focus by type in 2022 in terms of market size. EDLCs have the energy storage properties of batteries and the power discharge characteristics of capacitors.
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The double-layered capacitors were valued at USD 58.99 million in 2017 and continue to grow by 2021. The main reason for the rapid growth of the EDLCs segment is the growing demand for compact and energy-efficient storage devices in end-user segments such as EVs and transportation. The use of regenerative braking systems in cars and buses will be a significant step, with EDLCs absorbing all the kinetic energy from automobiles and storing it for later use. The advent of start and stop systems, which shut down the engine and stop internal combustion, will help conserve power and reduce emissions from cars. The demand for EDLCs is expected to increase with the rising number of vehicles adopting this technology, which in turn will propel the growth of the market in focus during the forecast period.
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APAC is estimated to contribute 42% 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. Promising economic growth potential in emerging countries (such as China and India) and government initiatives are expected to drive the growth of the regional market in focus during the forecast period. The adoption of electric vehicles is increasing in China, Japan, and India. In APAC, China is the leading country in terms of the inventory of electric vehicles, followed by India. The governments of India and China are supportive of the adoption of electric vehicles. The mandate for new energy vehicles (NEVs) in China has increased the adoption of EVs across the country. Such favorable government initiatives undertaken by governments are boosting the demand for ECVs from fleet owners in APAC and, in turn, are anticipated to propel the growth of the automotive ultracapacitor market in the region during the forecast period.
The COVID-19 outbreak across the region slowed down the growth of the automotive ultracapacitor market in the region in 2020, which negatively impacted the market in focus in APAC. However, automobile manufacturing has been recovering since H2 of 2021, with the initiation of vaccination drives and the resumption of normalcy in the region. Various EV automakers are focusing on increasing production and reducing supply chain disruptions as their paramount goal after the COVID-19 outbreak is contained. Also, automotive companies have been increasing their sales and investing in EV production with supportive government initiatives. Such developments are anticipated to increase the demand for automotive ultracapacitors, which is expected to thereby drive the growth of the regional market in focus during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Double-layered capacitors, Pseudo capacitors, and Hybrid capacitors), Application (Brake regeneration, Start-stop operation, and Active suspension), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
Automotive Ultracapacitor Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.52% |
Market growth 2023-2027 |
USD 165.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
14.4 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
CAP XX Ltd., Cornell Dubilier Electronics Inc., Eaton Corp. Plc, GODI India Pvt. Ltd., Kyocera Corp., LICAP Technologies Inc., LS MTRON Ltd., Nippon Chemi Con Corp., Panasonic Holdings Corp., Shanghai Aowei Technology Development Co. Ltd., Skeleton Technologies GmbH, SPEL TECHNOLOGIES PVT. LTD., Systematic Power Manufacturing LLC, TAIYO YUDEN Co. Ltd., TDK Corp., UCAP Power Inc., VINATech Co. Ltd., Yageo Corp., Yunasko Ltd., and Zoxcell Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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