Latest News- Automotive Ultracapacitor Market: Double-layered capacitors is expected to lead the Type segment during 2024-2028

The Automotive Ultracapacitor Market is being driven by Growing EV automotive industry

The Automotive Ultracapacitor Market is expected to grow at a CAGR of 18.53% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 239.4 million. In the automotive industry, the current market offerings of ultracapacitors face affordability and scalability challenges. To address these issues, companies are investing in research and development to manufacture carbon nanotube and graphene-based ultracapacitors. The integration of nanotubes and graphene enables the creation of ultracapacitors with increased energy storage capacity and rapid energy release. These advanced ultracapacitors offer numerous benefits, including a small form factor, lightweight properties, elasticity, mechanical strength, and eco-friendliness due to the use of graphite, a form of carbon. These superior characteristics make ultracapacitors a promising solution for enhancing performance in consumer electronics, electric vehicles, and other applications. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Double-layered capacitors
  • Pseudo capacitors
  • Hybrid capacitors
• Application
  • Brake regeneration
  • Start-stop operation
  • Active suspension
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing EV automotive industry
• Increasing government support
• Replacement of rechargeable batteries in EVs with ultracapacitors

However, the market also witnesses some limitations, which are as follows:

• High-cost burden
• Growing penetration of Li-ion batteries
• Limitations of ultracapacitors

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Market Scope in Automotive Ultracapacitor Market Research Report

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Research Analysis Overview

The Automotive Ultracapacitor Market refers to the use of Automotive Supercapacitors, a type of energy storage device, in various applications within the automotive industry. These supercapacitors utilize Electrostatic Charge Separation technology, providing benefits such as Regenerative Braking and Peak Power Assistance for ICE Vehicles, Electrification, Autonomous Driving Technologies, and Automotive Electronics. Lightweight and High Performance Supercapacitors, like EDLC Radial Supercapacitors, contribute to Sustainability, Fuel Efficiency, and the Electric Energy sector, including Electric Vehicles and Hybrid Cars. The market's growth is driven by the increasing demand for Vehicle Performance, Energy Storage, and the reduction of Greenhouse Gas Emissions. Ultracapacitors and Supercapacitors are essential components in the Automobile Market, offering an alternative to Batteries and contributing to the Electric Vehicles Market and Fuel Efficient Vehicles.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electric control units (ECUs) and other electrical components, fueled by the escalating sales of EVs, motorcycles, and PCs in recent years. Additionally, the electrification trend in vehicles, including ICE vehicles, EVs, and hybrid vehicles, is anticipated to boost the market's expansion. Ultracapacitors, as energy storage devices, play a crucial role in automotive applications, such as regenerative braking and peak power assistance, further contributing to the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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