Automotive Ultracapacitor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2369
Automotive Ultracapacitor Market size is set to expand with high CAGR due to stringent government norms regarding adoption of eco-friendly energy storage in EV and HEVs. Increasing adoption of high efficiency, light weight power source to curb carbon emission will provide traction to automotive ultracapacitor market size during forecast period.
Stringent government norms in Europe and U.S. to encourage use of alternate power source vehicles will support the automotive ultracapacitor market share from 2017 to 2024. National Highway Traffic Safety Administration (NHTSA) of the U.S. is focusing on improved fuel consumption pattern to reduce greenhouse gases in vehicles. According to European Commission Road Transport, vehicles release 1/5th of total carbon emission out of which LCV emits maximum amount. Expanding automobile industry and rise in demand of eco-friendly batteries in vehicles will boost automotive ultracapacitor market share.
Functional limitation of the product and possibility of leakage during operation will limit automotive ultracapacitor market size. These capacitors operate in DC circuit only. Also, it leads to easy electrolyte leakages which increase the risk of system malfunctioning. Advanced technology in product requires high amount of investment and increase the final product cost. High product price may hinder industry growth during forecast timeframe.
Technological upgradations are focused to reduce leakages. Moreover, structural improvement in capacitor technology provides growth opportunity for manufacturers. Use of activated carbon in these capacitors reduce the overall cost. Escalating electric and hybrid vehicle demand will enhance industry attractiveness.
Based on products, industry is categorized in to double layer capacitor, pseudo capacitor and hybrid capacitors. Double layer capacitor is expected to acquire largest share in projected time frame owing to increasing demand of EV & HEV. Increasing vehicle electrification will further support the double layer capacitors demand over the forecast timeframe.
Based on application, automotive ultracapacitor market share is categorized in to start-stop system, regenerative braking and active suspension. Start-stop system is expected to hold maximum share owing to rising adoption of ecofriendly, low carbon power source in vehicles.
Based on vehicle, industry is categorized in to PCV, LCV and HCV. Passenger cars is expected to hold significant share due to rising demand of compact and medium cars. Its application in undisruptive power source (UPS) to protect CMOS electronics and power electronic components in automobiles will fuel automotive ultracapacitor market share.
Europe is expected to account for major share owing to stringent government regulation on carbon emission. Vehicle manufacturers in the region are deploying these capacitors in electric vehicle as these are ecofriendly energy source. Moreover, countries such as Netherlands, Sweden, Germany, Spain with high density of electric cars will boost the Europe automotive ultracapacitor market share from 2017 to 2024.
Asia Pacific automotive ultracapacitor market size will witness significant gains owing to rapid adoption of alternate fuel vehicles. China & India will drive regional growth followed by South Korea, Japan and Taiwan. Positive outlook for automobile component manufacturing in the region will support industry growth during forecast period.
Some of the manufacturing companies include Maxwell Technologies, Nippon Chemi-con, NEC Tokin, Nesscap, Skeleton Technologies, Ioxus, Cap-XX, LS Mtron, Yunasko, Mouser Electronics, Evans Capacitor Company and Elna Co Ltd. among others. Companies are focusing on technological advancement with low cost high energy density product to gain competitive edge.
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