Categories: Market Research

Automotive Ultracapacitor Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Ultracapacitor Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive Ultracapacitor Global Market Report 2024, The automotive ultracapacitor market size has grown exponentially in recent years. It will grow from $1.66 billion in 2023 to $2.05 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to emergence of electric vehicles, growth of hybrid vehicles, efficiency in start-stop systems, rise in energy recovery systems, improvements in durability and lifespan..

The automotive ultracapacitor market size is expected to see exponential growth in the next few years. It will grow to $4.42 billion in 2028 at a compound annual growth rate (CAGR) of 21.2%. The growth in the forecast period can be attributed to focus on sustainable mobility, expansion in public transport electrification, demand for lightweight solutions, innovations in energy storage, enhanced charging infrastructure.. Major trends in the forecast period include regulatory push for lower emissions, electrification of vehicles, advancements in energy storage, demand for fast charging, integration in start-stop systems..

The increasing demand for electric vehicles is expected to propel the growth of the automotive ultracapacitor market going forward. An electric vehicle (EV) is a type of vehicle that is powered by electricity rather than by internal combustion engines fueled by gasoline or diesel. Automotive ultracapacitors are used in electric vehicles to boost performance, lengthen battery life, and act as a backup power supply in case of emergency. For instance, in July 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric cars doubled in 2021 to set a new record of 6.6 million, and the number of electric cars on the world’s roads by the end of 2021 was about 16.5 million. Therefore, the increasing demand for electric vehicles is driving the growth of the automotive ultracapacitor market.

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The automotive ultracapacitor market covered in this report is segmented –

1) By Type: Double-Layered Capacitors, Pseudo Capacitors, Hybrid Capacitors

2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle

3) By Sales Channel: Original Equipment Manufacturer, Aftermarket

4) By Application: Start-stop Operation, Regenerative Braking System, Other Applications

Major companies operating in the automotive ultracapacitor market are focusing on developing innovative products, such as high-performance supercapacitors, to provide reliable services to their customers and strengthen the market position. A high-performance supercapacitor is a type of supercapacitor that has a high specific capacitance and power density. In March 2023, KEMET Corporation, a US-based capacitor technology manufacturer, launched the FMU Series, a high-performance supercapacitor for vehicle electronics. This series has an industry-leading operational temperature range of -40°C to 105°C and offers 1,000 hours at 85°C/85% RH-rated voltage. These supercapacitors have been tested following an automotive testing procedure. These capacitors are made in an ISO TS 16949-certified factory and go through PPAP ((production part approval [rocess)/PSW (part submission warrant) and change control. They are perfect for advanced driver assistance systems (ADAS), driverless cars, and central gateway electronic control units (ECUs) that require a main power system backup during a power outage.

The automotive ultracapacitor market report table of contents includes: