Automotive & Transportation
Automotive Ultra-Capacitor Market : Global Demand Analysis & Opportunity Outlook 2024
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Automotive Ultra-Capacitor Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Ultra-capacitor is a type of electrical device which is used to store the energy and supply peak loads when required. Automotive ultra capacitors are used in electric vehicle and hybrid vehicle to supply short term powers during period of demand. These capacitors are installed in regenerative braking systems and start stop systems. The market share of the automotive ultra capacitor has constantly been rising due to the increased adoption of ultra capacitors among the automobile manufacturers as they offer various advantages such as improved fuel-efficiency, reduced greenhouse gases emission, high battery life and others.
The automotive ultra-capacitor market is showcased to witness a robust growth during the forecast period 2017-2024. The market is anticipated to flourish at a CAGR of 18.3% over the forecast period. Rapid technological advancement and increasing production and sale of automobiles is anticipated to garner the growth of this segment.
Europe region accounts for the largest market share in global automotive ultra capacitor market, followed by North-America. Further, Europe is anticipated to continue its dominance over the forecast period owing to the increasing demand for hybrid and electric vehicles in the region.
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According to European Federation for Transport and Environment, Europe electric vehicle sales doubled in 2015 to 145,000 new vehicle registration. Further, technological advancement of ultra-capacitor coupled with rising sale of electric vehicles in the region is projected to expand the market of Europe automotive ultra capacitor market. Netherland and Norway is likely to capture the largest market share in Europe automotive ultra-capacitor market on account of highest sale of electric vehicles in the European region. North-America is also anticipated to see significant growth in the demand for automotive ultra capacitor over the forecast period. Further, U.S. accounts for the highest percentage share in automotive ultra-capacitor market in the North-America region. Increasing adoption of hybrid and electric vehicle in the region is projected to propel the growth of the market in the region.
Asia-Pacific automotive ultra-capacitor market is anticipated to rise at a very significant pace. High demand for hybrid vehicles from China, India and Japan is expected to garner the growth of automotive ultra-capacitor market in the region. Pushing government regulation to adopt environment friendly vehicles and rising disposable income of the population in the Asia-Pacific region is envisioned to bolster the growth of ultra capacitor market.
Our in-depth analysis segmented the global automotive ultra capacitor market in the following segments:
Global automotive ultra-capacitor market is further classified on the basis of region as follows:
Rising sale of hybrid and electric vehicle and government regulations related to fuel efficient vehicle is the major growth driver for automotive ultra-capacitor market. Further, rising disposable income of the population in developed regions is anticipated to be the dynamic factor behind the rapid growth of automotive capacitor market in the developed regions. Also, government regulation to curb the CO2 emission is making inroads for the automotive ultra capacitor market. In addition to this, favorable steps taken by U.S. and Europe government authorities to curb the greenhouse gases emission are anticipated to be the significant factor behind the rapid growth of automotive ultra-capacitor market in the region. Moreover, rising environmental concern among population is pushing the population to go for electric and hybrid vehicles.
Apart from this, technological advancement and rising trend for electrification in vehicles are one of the few drivers which are positively impacting the growth of global automotive ultra-capacitor market. In addition to this, favorable electric car regulations by the government authorities such as free car registration and subsidy for electric vehicles are positively impacting the growth of global automotive ultra-capacitor market. However, high cost associated with the ultra-capacitors is anticipated to dampen the growth of global automotive ultra-capacitor market. Further, ultra-capacitors have low-energy density. Availability of high energy density alternatives such as lead acid and lithium ion batteries is expected to restrain the growth of global automotive ultra-capacitor market.
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