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Automotive Ultra Capacitor Market Estimated to Experience a Hike in Growth by 2024
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Rising fuel prices, new fuel regulation and escalating demand for fuel efficient vehicles are one of the key drivers that are expected to boost the demand of ultra-capacitors. With proliferation in the number of electric and hybrid vehicles, the demand for ultra-capacitors is anticipated to grow significantly. Likewise, the surge in the production of start-stop system based vehicles is expected to rise owing to enhanced application of ultra-capacitor. With advanced application in technologies such as e-turbo and active suspension the growth in the sales of ultra-capacitors is anticipated to sustain. Although ultra-capacitors improve vehicle performance they are yet to be adopted for all automobile owing to presence of lead acid, lithium ion batteries which have higher energy density and are relatively cheaper.
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The automotive ultra-capacitor market can also be segmented on the basis of region as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), Japan and Middle East and Africa. Western Europe is one of the largest market for automotive ultra-capacitors, followed U.S. owing to strong demand of hybrid and electric vehicles in the regions However, the automotive ultra-capacitor market in Europe and US is relatively mature. APEJ is one of the attractive regions for automotive ultra-capacitor manufacturers owing to strong demand of hybrid based vehicle especially from China and India. The region is anticipated to create significant opportunities in terms of ultra-capacitor sales due to evolving demand for micro-hybrid vehicles. Japan automotive ultra-capacitor market is expected to exhibit double digit growth owing to escalating demand for hybrid and electric vehicle. Followed by Japan, Latin America and MEA automobile market are expected to create significant opportunities for automotive ultra-capacitors manufacturers.
Some of the key vendors identified in the global automotive capacitors market are Maxwell Technologies, Nesscap Ultracapacitors, Skeleton Technologies, ELNA America Inc., Ioxus Inc, LS Mtron, Yunasko, Panasonic, among many others
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