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 observed in the historical period for automotive ultracapacitors can be attributed to the emergence of electric vehicles, the growth of hybrid vehicles, the efficiency gains in start-stop systems, the rise in energy recovery systems, and improvements in durability and lifespan of ultracapacitors.

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 anticipated growth in the forecast period for automotive ultracapacitors can be attributed to a focus on sustainable mobility, the expansion of public transport electrification, the demand for lightweight solutions, innovations in energy storage technologies, and improvements in charging infrastructure. Major trends expected in the forecast period include regulatory initiatives pushing for lower emissions, the continued electrification of vehicles, advancements in energy storage systems, a growing demand for fast charging solutions, and increased integration of ultracapacitors in start-stop systems.

The anticipated surge in demand for electric vehicles (EVs) is poised to drive the growth of the automotive ultracapacitor market. Ultracapacitors, employed in EVs, contribute to enhanced performance, prolonged battery life, and serve as emergency backup power supplies. A report by the International Energy Agency revealed a record-setting sales figure of 6.6 million electric cars in 2021, with the global EV count reaching approximately 16.5 million. This escalating demand for electric vehicles is a key factor fueling the growth of the automotive ultracapacitor market.

The automotive ultracapacitor market is set to experience growth propelled by increasingly stringent emission regulations. Government-imposed emission standards are pushing the automotive industry to adopt cleaner and more efficient technologies, aiming to reduce pollutants and greenhouse gas emissions. Ultracapacitors play a crucial role in achieving these emission reduction goals by improving energy efficiency, fuel economy, and reducing emissions through applications such as regenerative braking and start-stop systems. The United States Environmental Protection Agency (EPA) has proposed stricter emissions standards for light- and medium-duty vehicles, aligning with the industry's shift towards electrification and contributing to the growth of the automotive ultracapacitor market.

The market faces a challenge in the form of low per-cell voltage, which may hinder growth during the forecast period. Low per-cell voltage can result in decreased energy storage capacity, reduced power output, and a shorter lifespan for automotive ultracapacitors. Typically, ultracapacitors maintain a low per-cell voltage of around 2.7V, demanding the use of multiple cells for higher-voltage applications. This challenge poses an obstacle to the growth of the automotive ultracapacitor market.

Key players in the automotive ultracapacitor market are concentrating on developing innovative products to strengthen their market position. High-performance supercapacitors, characterized by high specific capacitance and power density, are among the innovative products aimed at providing reliable services. KEMET Corporation introduced the FMU Series, a high-performance supercapacitor designed for vehicle electronics, featuring an industry-leading operational temperature range and suitable for applications such as advanced driver assistance systems (ADAS) and central gateway electronic control units (ECUs). This focus on innovation is a strategic move to meet customer needs and enhance market competitiveness.

In July 2021, UCAP Power Inc. acquired Maxwell Technologies Korea Co. Ltd., positioning UCAP at the forefront of various power storage applications, including wind turbines, reserve power, vehicle mobility, and microgrid applications. This acquisition, involving a South Korea-based developer of ultracapacitors, contributes to UCAP's market presence and technological capabilities in ultracapacitor technology.

Major companies operating in the automotive ultracapacitor market report are Panasonic Holdings Corporation, Sumitomo Corporation, Eaton Corporation plc, TDK Corporation, Kyocera Corporation, Yageo Corporation, Taiyo Yuden Co. Ltd., Rutronik Elektronische Bauelemente GmbH, Nippon Chemi-Con Corp., LS Mtron Co. Ltd., Skeleton Technologies, Nesscap Co. Ltd., Tecate Group, Cornell Dubilier Electronics Inc., Ioxus, VINATech Co. Ltd., Systematic Power Manufacturing LLC, Yunasko Ltd., ELNA America Inc., TOKIN Corporation, Evans Capacitor Company, LICAP Technologies Inc., NAWA Technologies, Maxwell Technologies Inc., CAP-XX Limited, Seeo Inc.

Western Europe was the largest region in the automotive ultracapacitor market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive ultracapacitor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the automotive ultracapacitor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive ultracapacitor market consists of sales of metal oxide-based pseudocapacitors, conducting polymer-based pseudocapacitors, binary and ternary composites, and carbon-based pseudocapacitors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The main types of automotive ultracapacitors include double-layered capacitors, pseudo-capacitors, and hybrid capacitors. A double-layered capacitor, also known as an electric double-layer capacitor (EDLC) or supercapacitor, is a device for storing electricity that leverages the double-layer capacitance phenomena. Automotive ultracapacitors are utilized in both passenger vehicles and commercial vehicles, and they are distributed through various channels, including OEM (original equipment manufacturer) and the aftermarket. These ultracapacitors find applications in various automotive systems such as start-stop operations, regenerative braking systems, and more.

The automotive ultracapacitor market research report is one of a series of new reports that provides automotive ultracapacitor market statistics, including automotive ultracapacitor industry global market size, regional shares, competitors with an automotive ultracapacitor market share, detailed automotive ultracapacitor market segments, market trends and opportunities, and any further data you may need to thrive in the automotive ultracapacitor industry. This automotive ultracapacitor market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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