“Global Automotive Ultracapacitor Market to reach a market value of USD 8.9 Billion by 2030 growing at a CAGR of 21.6%”
The Global Automotive Ultracapacitor Market size is expected to reach $8.9 billion by 2030, rising at a market growth of 21.6% CAGR during the forecast period.
Ultracapacitors are engineered to withstand many charge and discharge cycles without experiencing substantial performance degradation. This extended lifespan is crucial, especially in applications where components are subjected to frequent and repetitive cycling. Consequently, the start/stop function would generate approximately 54.7% share of the market by 2030. In automotive stop-start systems, where the engine is turned off during idle periods and restarted when needed, ultracapacitors play a vital role.
Ultracapacitors can deliver high power output quickly, providing an immediate boost during acceleration. This is especially important for achieving optimal performance in electric and hybrid vehicles where quick acceleration is desired. Ultracapacitors can quickly capture and store the energy generated during regenerative braking, which can then be efficiently released during the next acceleration phase. The capacity to promptly adapt to fluctuations in power requirements renders them well-suited for driving conditions characterized by changeability. Therefore, the aforementioned factors will result in a surge in market demand. Moreover, Traditional batteries and ultracapacitors have complementary characteristics. Batteries excel at providing sustained energy over longer durations, while ultracapacitors offer high power density and rapid charge/discharge capabilities for short bursts of intense activity. Combining batteries and ultracapacitors allows for a more balanced and optimized power performance. Owing to these aspects, the market will grow rapidly in the upcoming years.
However, The materials used in ultracapacitors, such as activated carbon electrodes and advanced electrolytes, can be more expensive than those used in traditional batteries. The manufacturing processes for ultracapacitors can be more intricate compared to traditional batteries. The complexity of production can lead to higher manufacturing costs. Innovations that could address energy density or cost issues may be hampered by limited technology investment. Thus, these factors will restrain the growth of the market.
Based on application, the market is divided into start/stop function, regenerative braking, and others. The start/stop function segment recorded the maximum revenue share in the market in 2022. Start-stop systems are installed to prevent the engine from operating when the vehicle reaches a complete halt, such as at traffic lights or while idling. Ultracapacitors play a vital role in this application by providing quick and reliable energy storage for restarting the engine. As fuel efficiency and emission reduction become critical concerns, the adoption of start-stop systems will likely grow, driving the demand for ultracapacitors. Therefore, the segment will witness increased demand in the coming years.
On the basis of propulsion type, the market is divided into electric and ICE. In 2022, the ICE segment witnessed a substantial revenue share in the market. Ultracapacitors can be integrated into internal combustion vehicles to capture and store energy during braking events. This regenerative braking system allows the vehicle to recover energy that would otherwise be dissipated as heat, improving overall energy efficiency. Hence, the segment will expand rapidly in the coming years.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger car segment held the largest revenue share in the market in 2022. The global automotive industry is witnessing a substantial shift towards electrification, with many automakers investing in electric and hybrid vehicle technologies. As passenger car manufacturers focus on reducing reliance on traditional internal combustion engines, ultracapacitors are vital in optimizing energy management systems in electric and hybrid vehicles. Thus, these factors will boost the demand in the segment.
Free Valuable Insights: Global Automotive Ultracapacitor Market size to reach USD 8.9 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The North America segment procured a considerable revenue share in the market in 2022. The North American automotive sector has seen a growing interest in electric and hybrid vehicles. As governments and consumers prioritize sustainability, the demand for energy-efficient technologies, including ultracapacitors, has risen. Ultracapacitors are crucial in enhancing the performance and efficiency of electric and hybrid vehicles. Thus, these factors will pose lucrative growth prospects for the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.9 Billion |
| Market size forecast in 2030 | USD 8.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 21.6% from 2023 to 2030 |
| Number of Pages | 211 |
| Number of Tables | 330 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Propulsion Type, Vehicle Type, Application, Region |
| Country scope |
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| Companies Included | Maxwell Technologies (UCAP Powers, INC.), Skeleton Technologies, Yunasko Ltd, Panasonic Holdings Corporation, Hitachi, Ltd (Hitachi Energy Ltd.), Kemet Corporation, XS Power Batteries (Loxus), Nichicon Corporation, Nippon Chemi-Con Corp. , Sumitomo Corporation |
By Application
By Propulsion Type
By Vehicle Type
By Geography
This Market size is expected to reach $8.9 billion by 2030.
Higher power delivery benefits with ultracapacitor are driving the Market in coming years, however, High cost of automotive ultracapacitors restraints the growth of the Market.
Maxwell Technologies (UCAP Powers, INC.), Skeleton Technologies, Yunasko Ltd, Panasonic Holdings Corporation, Hitachi, Ltd (Hitachi Energy Ltd.), Kemet Corporation, XS Power Batteries (Loxus), Nichicon Corporation, Nippon Chemi-Con Corp. , Sumitomo Corporation
The expected CAGR of this Market is 21.6% from 2023 to 2030.
The Electric segment is leading the Market, By Propulsion Type in 2022 there by, achieving a market value of $7 billion by 2030.
The Asia Pacific region dominated the Market, By Region in 2022 there by, achieving a market value of $3.5 billion by 2030, growing at a CAGR of 22 % during the forecast period.
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