LOS ANGELES, March 16, 2020 (GLOBE NEWSWIRE) -- The global automotive supercapacitors market is bifurcated into product type, end use, and region.
Supercapacitors have high power and long shelf life as compared to rechargeable batteries such as lead-acid, nickel-metal hydride, and Li-ion batteries. Supercapacitors are usually for energy storage application and also know as electrical double-layer capacitors or power capacitors. Supercapacitors are capable of releasing large amount of power and can be recharged quickly. This factor is attracting automotive manufactures to replace the batteries in electric vehicles.
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North America market is expected to account for major revenue share due to high spending on R&D activities in automotive sectors. Government of developed countries are inclining towards the adoption of electric vehicles, high spending on developing advanced technologies that is reliable and provide high power to the vehicle are impacting the market growth positively. Automotive manufactures are deploying supercapacitors in premium and sport vehicles in order to provide high power output to vehicles this is supporting the regional market growth.
Moreover, business development activities through strategic merger and acquisitions are expected to increase the company presence and customer base further supporting the growth of the regional market.
The regional segment of the global market is further divided into North America, Europe, Asia Pacific, Latin America and Middle East.
The market in Asia Pacific is expected to witness faster growth in the near future due to high sale of passenger vehicles. High automotive sale in the region and government focus on deploying electric vehicle in order to control the pollution is expected to increase demand for supercapacitors further supporting the regional market growth. In addition, increasing public-private partnerships for R&D activities and introduction of new innovative products is expected to further support the growing regional traction.
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Automotive sector is witnessing rapid change across the globe with the growing challenge to overcome the growing air population the governments of developed and developing countries are focused on adopting electric vehicles and use of supercapacitors in electric vehicles for rapid charging which is a major factors augmenting the global market growth.
Wide applicability of supercapacitors in present passenger and commercial vehicles modern engines for various applications such as stop-start systems, preventing idling, saving fuel and cutting emissions is another factor responsible for the global market.
The major advantage of the supercapacitors is that it can be recharged quickly and this can be carried out multiple times without degradation which usually happens with the battery. Auto manufacturers are focused on replacing the batteries with advanced technology that is able to provide large amount of power and is easy chargeable. Introduction of new vehicles with advanced supercapacitors technology in the market is expected to attract customers. These factors are responsible to positively impact the market growth to a certain extent.
However, factors such as high cost of R&D, critical manufacturing, and other technical difficulties are responsible to hamper the growth of the global market. High cost is involved for research and development activities and fluctuating raw material prices increases the end product cost. Superscapacitors are not capable to store large amount of energy as compared to batteries which is making it difficult for manufactures to fully shift vehicles on supercapacitors which is another factor hamper limit the market growth to a certain extent.
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In addition, lack of availability of developed infrastructure for R&D and deployment of the products is expected to challenge the market growth.
Technological advancements by major players and focus on development of cost-effective reliable products are expected to create new opportunities over the forecast period. In addition, growing demand for electric vehicles is expected to further support the revenue traction of the global market.
The product type segment of the global automotive supercapacitors market is bifurcated into electrochemical double layer capacitor (EDLC), pseudocapacitors, and hybrid capacitor.
Players operating in the global automotive supercapacitors market are Maxwell, Panasonic, NEC TOKIN, Nesscap, AVX, ELNA, Korchip, Nippon Chemi-Con, Ioxus, LS Mtron, and Nichicon. The competitive scenario is high as there is larger number of players operating in the market. In addition, introduction of innovative products and increase the revenue share of the company is expected to increase the competition.
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