“Supercapacitor on the electric vehicle market”
The rapid transition of automotive industries to vehicle electrification to reduce the carbon footprint is driving supercapacitors in the electric vehicle market.
Supercapacitor in the electric vehicle market the size is expected to reach $ 593.6 million by 2026, and is estimated to increase at a CAGR of 18.1% during 2021-2026. The robust growth of supercapacitors in the lithium battery-based electric vehicle market is mainly attributed to the huge investments in the expansion of electric vehicle charging infrastructure and the increasing development of electrification technology to reduce consumption. fuel. Both supercapacitors and ultracapacitors feature long shelf life, high power density and fast charge function and these profitable capabilities are the key factors driving the market. Growing demand for renewable energy sources and increasing government regulations aimed at reducing carbon emissions are driving the market for electric double layer capacitors. Additionally, with the rapid growth of carbon-based supercapacitors in electric mobility and intelligent transportation systems for regenerative braking or start / stop applications to achieve significant fuel savings reducing emissions, the demand for supercapacitors in electric vehicles has also gained popularity.
Supercapacitor in Electric Vehicle Market Segment Analysis – by Capacitor Type
By type of capacitor, the supercapacitors in the electric vehicle market have been segmented into electric double layer capacitors, pseudo-capacitors and hybrid capacitors. Electric double-layer capacitors dominated the market in 2020, gaining a 42% share and are expected to hold the largest market share by 2026 due to the growing demand for low-cost, more durable and next-generation supercapacitors. high energy density to power electric vehicles. The growing environmental awareness of passengers is also increasing the demand for environmentally friendly supercapacitors. In May 2019, Tesla completed the acquisition of Maxwell Technologies, a San Diego-based ultracapacitor and battery maker for more than US $ 200 million to expand the infrastructure for charging electric vehicles. Such acquisitions stimulate the market.
Supercapacitor in Electric Vehicle Market Segment Analysis – By Vehicle Type
By vehicle type, supercapacitors in the electric vehicle market have been segmented into passenger vehicles and commercial vehicles. Passenger cars are estimated to account for the largest market share of 78% by 2026, with a CAGR of 17.9% due to the growth in personal mobility, rising per capita income and increasing improvement of the lifestyle of cars in emerging countries like India and China. The rise of intelligent transport systems and connected mobility has contributed to the growth of the market. Increasing advancements in battery and power management technologies and expanding electric vehicle charging infrastructure are expected to drive the market over the period 2021-2026. In September 2019, Lamborghini launched the Sian FKP 37, a hybrid sports car using hybrid supercapacitor components. Such innovations propel the growth of the market.
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Supercapacitor in Electric Vehicle Market Segment Analysis – By Geography
By geography, the supercapacitors in the electric vehicle market have been segmented into North America, Europe APAC, South America and RoW. APAC topped the EV supercapacitor market in 2020 with a share of 44% and is expected to hold the main market share of 47% by 2026. APAC is also expected to grow at the fastest CAGR of 19 , 5% from 2021 to 2026 due to the government’s strict carbon footprint reduction policies. The APAC region is believed to be the dominant adopter of electric vehicles and the increasing promotion of green transport such as hybrid electric vehicles is driving the market. Ongoing developments and increasing investments for the incorporation of new technologies in electric vehicles are stimulating supercapacitors in the electric vehicle market. In April 2021, a Bengaluru-based start-up announced the commercialization of supercapacitor solutions to accelerate the charging of electric vehicles. Such developments are expected to drive the market during the forecast period 2021-2026.
Supercapacitor in electric vehicle market engines
Rapid penetration of electric vehicles around the world
The rapid transition of the automotive industries to the electrification of vehicles to reduce the carbon footprint is driving the market. Growing technological advancements in battery and power management technology to improve electric vehicle charging infrastructure are strengthening the market. Supercapacitors in electric vehicles provide voltage stabilization and prevent interruptions to vehicle electronics. Supercapacitors also help with active suspension, support transmission, regenerative energy capture, peripheral power, supplemental restraint system (SRS) airbags, distributed loom, power steering and charging stations for electric vehicles. In addition, the supercapacitors do not contain any toxic metal or harmful material that can poison the passenger of the environment. These supercapacitor beneficiary capacities are expected to drive the market during the forecast period 2021-2026. In February 2020, the University College of London and the Chinese Academy of Sciences introduced a new graphene-based supercapacitor that recharges electric vehicles in 10 minutes and accumulates a record amount of energy that can be stored for a long time. Such developments are driving the growth of the market.
Growing adoption of hybrid supercapacitors for minute EV charging
The growing trend of combining the speed of supercapacitors with the endurance of batteries in a hybrid system to optimize performance by reducing range anxiety and recharge rate is easing the overall switch of gasoline and diesel consumers. electric vehicles. According to reports, the power density in hybrid supercapacitors is 10 times greater than that available in lithium-ion batteries, while the lifecycle is five times greater and charging times are reduced to minutes instead of time. The growing demand for hybrid supercapacitors is increasing the market. In May 2021, Nawa Technologies announced the use of a supercapacitor in a hybrid electric motorcycle to increase its range by boosting maximum power output. Such developments are stimulating the market.
Supercapacitor in the challenges of the electric vehicle market
High production cost
Supercapacitors are analyzed as one of the promising solutions to power electric vehicles, especially in and around urban areas where potential charging infrastructure is available. But the high cost of producing supercapacitors is holding back adoption. Expensive graphene-based materials used in supercapacitors increase the overall cost of production and maintenance and thus hamper market growth. However, significant investments to develop expensive graphene replacement are expected to offset this challenge in the later stages of 2021-2026.
Supercapacitor in the Electric Vehicle Market Landscape
Product innovation, acquisitions, collaboration and R&D activities are key strategies adopted by players in the Supercapacity in Electric Vehicles market. Supercapacitors in the top 10 EV companies include Nippon Chemi-Con Corporation, Eaton Corporation, CAP XX, Maxwell Technologies, Ioxus, Inc., VINATech Co., Ltd., ZoxcellLtd, JinzhouKaimei Power Co., Ltd., AVX Corporation , ELNA Co Ltd., et al.
Acquisitions / Product innovations / Collaborations
In June 2021, researchers from Imperial College London and University College London presented a new stand-alone supercapacitor electrode structure with high energy storage capacity using lignin, a byproduct of manufacturing paper.
In May 2021, Us Nuclear partner Grapheton launched a next-generation supercapacitor using glassy carbon material with fast charging benefits while powering electric vehicles.
Key points to remember
Passenger vehicles are expected to account for the largest market share of 78% by 2026 owing to the growth in sales of electric passenger cars in emerging countries.
APAC dominated the EV supercapacitor market in 2020 and is expected to account for the largest market share of 47% by 2026 with the fastest growing CAGR of 19.5% due to the promotion growing green transport such as hybrid electric vehicles.
The rapid penetration of electric vehicles and growing government initiatives to reduce vehicle emissions are expected to drive the market from 2021 to 2026.
High cost of production is one of the major challenges to hamper the growth of the market during 2021-2026.
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