Automotive Supercapacitors Market is estimated to grow at 23% CAGR during the forecast period till 2029 | Growth Driving Due to Automotive and Aviation sector
The Automotive Supercapacitors are experiencing investments in renewable energy to protect the environment and achieve long-term goals.
PUNE, India, April 19, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Supercapacitors Market.
The Automotive Supercapacitors market is expected to grow at 23% CAGR from 2021 to 2029. It is expected to reach above USD 25.90 billion by 2029 from USD 4.02 billion in 2020.
Increasing investments in renewable energy to protect the environment and achieve long-term goals is propelling the supercapacitor market forward. The electric car deployment has been rapidly increasing over the last ten years, with the global stock of electric passenger cars surpassing 5 million, a 63% increase from the previous year. In 2018, China had 2.3 million electric vehicles on the road, accounting for approximately 45% of all vehicles on the road. The market for supercapacitors is expected to benefit from technological advances such as the incorporation of graphene and carbon nanotubes into these products. These substances are increasingly being used to improve the electrical conductivity of supercapacitors.
The demand for manufacturing Automotive Supercapacitors is increasing worldwide due to increased government investment in wind and hydroelectric projects.
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The demand for micro super capacitors will increase in the coming years. In the automotive industry, the miniature version of the super capacitor is more effective and useful. It is also critical in consumer electronics. The micro super capacitor technology opens up new avenues for market expansion. With this innovation, the market will see a surge in demand for micro super capacitors from a variety of industries. The miniaturised capacitor has higher power density, faster charging, and higher efficiency. Furthermore, the introduction of a micro super capacitor opens up numerous opportunities for market growth. In the future, there will be more government initiatives for renewable energy. The government is taking broad steps to promote energy-efficient devices such as supercapacitors. Rising micro super capacitor manufacturing and government initiatives have a positive effect on market growth.
The super capacitor is an exceptional technology with numerous applications. The hybrid vehicle industry has a high demand for super capacitors. Hybrid vehicles are important market drivers in the super capacitors market. Furthermore, these super capacitors improve energy efficiency, power, and speed in vehicles. Furthermore, the super capacitors' durability makes them suitable for automotive applications. The automotive industry's demand is a critical demand driver in the market. Furthermore, several governments are emphasising the concept of renewable energy. Renewable energy is energy that is clean and reduces harmful emissions. Renewable energy is gaining popularity these days. The government's efforts to promote renewable energy technologies are propelling the super capacitor market.
List of Key Players Profiled in the study includes market overview, business strategies, financials, Development activities, Market Share and SWOT analysis:
On 12January 2021, Ingeteam has acquired a contract to build supercapacitors storage for the National grid of the UK. This contract will generate a lead solution for the transmission system and system operations for the national grid.
On 15 February 2021, Moscow has taken the deliveries of PK TS Vityaz trams which are the latest generation of the series, and supercapacitors and sensors are used in the latest trams, these trams are equipped with supercapacitors on board will help in saving energy and reduce power demand.
Browse the full "Automotive Supercapacitors Market by Construction Type (Double-Layer Capacitors, Pseudo capacitors, Hybrid Capacitors), by System ((Starting, Lighting, Ignition), Battery Propulsion, Start-Stop system, KERS (Kinetic Energy Recovery Systems)) and Region, Global trends and forecast from 2023 to 2029" Report and TOC at https://exactitudeconsultancy.com/reports/14171/automotive-supercapacitors-market/
The Automotive Supercapacitors market is segmented based on Construction Type, System, and Region, Global trends and forecast.
The Construction Type segment is termed into products including Double-Layer Capacitors, Pseudo Capacitors and Hybrid Capacitors. The Double-Layer Capacitors segment is expected to account for the largest size of the market in 2022. Double-Layer Capacitors are being used as an alternative to conventional batteries. The capacitors work properly in applications where a stable supply of energy is required over a short period of time. In applications that are consumer applications such as smart wearables, computers, laptops, and foldable phones, Double-Layered Capacitors are replacing standard batteries. As these supercapacitors are clean source of energy as compared to standard batteries, Thus, a number of battery manufacturers are expanding their product portfolios in the double-layered capacitors segment.
On the basis of System, the market is segmented as battery propulsion system, Staring, lighting, Ignition systems, Start-stop systems, KERS (Kinetic Energy Recovery Systems). The Starting, Lighting, Ignition system is anticipated to hold the largest share of the market in coming years.
Asia Pacific region is expected to show higher Automotive Supercapacitors market growth in the forecast period.
Asia Pacific (41% Largest Market): Europe is expected to show higher market growth in the forecast period.
Asia-Pacific supercapacitors market is projected to be the fastest growing market during the forecast period. Rapid industrialization and infrastructure development can be attributed to the regional market's expansion. China is expected to make the greatest contribution to the industry's development. During the forecast period of 2020-2029, the region is expected to grow at a 5% CAGR.
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