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The automotive ultracapacitor market size is forecast to increase by USD 239.4 million, at a CAGR of 18.53% between 2023 and 2028. The market's expansion is influenced by various factors, with notable contributions from the growing electric vehicle (EV) automotive industry, escalating governmental backing, and the shift from rechargeable batteries to ultracapacitors in EVs. The rapid growth of the EV automotive sector has created an increase in demand for advanced energy storage systems, driving the adoption of ultracapacitors. Government initiatives and policies promoting sustainable transportation and clean energy have further driven market growth by incentivizing the adoption of ultracapacitors. The transition from traditional rechargeable batteries to ultracapacitors offers several advantages, including rapid charging, longer lifespan, and improved energy efficiency, making them a preferred choice for manufacturers and consumers of electric vehicles.
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The automotive ultracapacitor market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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 2023 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 65.50 million in 2018. The main reason for 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 fuel 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 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 drive the market in the region during the forecast period.
The market is pivotal in advancing electrification and enhancing vehicle performance through energy storage devices like supercapacitors and electric double layer capacitors (EDLC). These high-performance supercapacitors provide peak power assistance and short-term energy storage, crucial for autonomous driving technologies and automotive applications in hybrid and electric vehicles (EVs). Recognized for their electrostatic charge separation capabilities and lightweight design, ultracapacitors contribute to sustainability by improving fuel efficiency and reducing greenhouse gas emissions in the automobile market. They play a significant role in optimizing automotive electronics and supporting fuel-efficient vehicles, thereby meeting the rising demand in the electric vehicles market. As the industry shifts towards more environmentally friendly transportation solutions, ultracapacitors continue to innovate, offering reliable and efficient energy solutions that cater to the evolving needs of the automotive sector.
The growing EV automotive industry is a key factor driving the growth of the global 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 automotive ultracapacitor market growth during the forecast period.
Increasing focus on advanced ultracapacitors is the primary trend in the global 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.
Moreover, 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 augment the demand for ultracapacitors in the automotive industry, which, in turn, will boost the growth of the market in focus during the forecast period.
The high-cost burden is a major challenge to global automotive ultracapacitor market growth. The cost of incorporation of ultracapacitors in an electric car ranges from USD 2,000 to USD 10,000 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).
Moreover, 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.
The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. The market growth analysis focuses on adoption rates in different regions based on penetration. Furthermore, the automotive ultracapacitor market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
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.
CAP-XX Ltd.- 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 automotive ultracapacitor market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The market is integral to the electrification of vehicles and green technologies, serving as a versatile energy storage device for electric passenger cars, hybrid vehicles, and commercial vehicles. Electric double layer capacitors (EDLC) provide short-term energy storage solutions essential for EV fast charging and regenerative braking systems, enhancing energy efficiency and performance in mild hybrid systems. OEMs rely on ultracapacitors for start-stop functions, electric parking brakes, and power steering in both passenger cars and commercial vehicles, aligning with stringent emission regulations and driving electrification initiatives. As a complement to lithium-ion batteries in hybrid systems, ultracapacitors optimize energy recovery and support renewable energy applications, promoting sustainability and reducing reliance on fossil fuels. With advancements in high-performance and high-power supercapacitors, the market continues to expand, catering to diverse vehicle types including SUVs, hatchbacks, sedans, and multi-purpose vehicles seeking efficient electrical energy solutions in the evolving automotive landscape.
Further, the market is pivotal in advancing short term energy storage solutions for ICE vehicle and hybrid cars. Utilizing EDLC radial supercapacitors and high performance supercapacitor, these devices enhance fuel efficient vehicles by efficiently managing electric energy during acceleration and regenerative braking. Supercapacitors complement lithium-ion batteries in hybrid systems, providing rapid energy storage and release for optimal vehicle performance. As automotive supercapacitor evolve, they support electric energy requirements and enable quick charging capabilities, addressing the demand for sustainable energy solutions in the automotive sector.
The automotive ultracapacitor market is gaining traction as an advanced energy storage solution, particularly in hybrid systems and battery-powered electric vehicles. These high-power supercapacitors complement lithium-ion batteries in plug-in electric vehicles, offering fast energy discharge for applications like regenerative coordinated braking systems, electric parking brakes, and the start-stop function. Ultracapacitors are also increasingly integrated into internal combustion engine vehicles, improving efficiency alongside turbochargers and suspension systems. The active suspension segment benefits from their quick energy release, enhancing performance in passenger cars, light commercial vehicles, and large commercial vehicles. As gasoline prices fluctuate, the shift away from petrol or diesel cars is driven by the need for more efficient propulsion types. Ultracapacitors play a vital role in renewable energy storage systems and reducing thermal energy in brake pads and wheels, offering an efficient solution for both commercial cars and internal combustion engine vehicles.
Industry Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.53% |
Market growth 2024-2028 |
USD 239.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.17 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
China, US, Germany, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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, Market growth and Forecasting, 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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