Automotive Ultracapacitor Market Overview
As per MRFR analysis, the Automotive Ultracapacitor Market Size was estimated at 3.76 (USD Billion) in 2022.The Automotive Ultracapacitor Market Industry is expected to grow from 4.31(USD Billion) in 2023 to 14.7 (USD Billion) by 2032. The Automotive Ultracapacitor Market CAGR (growth rate) is expected to be around 14.6% during the forecast period (2024 - 2032).
Key Automotive Ultracapacitor Market Trends Highlighted
The automotive ultracapacitor market is gaining traction due to the rising demand for electric vehicles (EVs). Ultracapacitors provide EVs with enhanced acceleration, regenerative braking, and extended battery life. Government regulations promoting EV adoption and sustainability further drive market growth.Key drivers include the increasing electrification of vehicles, growing concerns over emissions, and advancements in energy storage technology. Opportunities lie in the development of graphene-based ultracapacitors, which offer improved performance and durability.Recent trends indicate a shift towards integrated ultracapacitor systems, combining battery and ultracapacitor technologies to optimize vehicle performance and efficiency. Additionally, the exploration of new materials and electrolytes is leading to the development of ultracapacitors with higher energy density and faster charging times. These advancements are expected to drive continued growth and innovation in the automotive ultracapacitor market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Ultracapacitor Market Drivers
Increasing Demand for Electric and Hybrid Vehicles
The primary driver of the increasing market of automotive ultracapacitors on the global level is the continuously increasing popularity of electric and hybrid vehicles. Apart from the battery, the vehicle’s ultracapacitor is responsible for providing short, intense-powered bursts that result in not only greater fuel efficiency but also lower emission levels. The main tendency regarding the popularity of such cars is that it is forecasted to only increase in the near future.The trend will be on its upswing due to another factor – various mandates and government initiatives at different levels and scales aimed at the rise of electric vehicles' share on the market. The increasing realization of the need for measurable actions conducted to reduce the carbon ecological footprint is growing and assists the growth of the ultracapacitor usage rate in emerging electric cars.
Advancements in Ultracapacitor Technology
Technological advancement is a factor driving the Automotive Ultracapacitor Market as advanced materials and manufacturing processes offer ultracapacitors with a higher energy density, longer life span, and faster charging rate. Thus, the incorporation of ultracapacitors has become advantageous for different automotive applications as ultracapacitors are a more reliable and efficient energy source. The research and development sector is doing its best in order to increase the ultracapacitors’ performance and decrease their cost, which will make the market rise further.
Expanding Applications in Automotive Systems
The reality of the automotive industry is that it is constantly evolving. However, while in the past, ultracapacitors were only used in electric and hybrid vehicles, they are now being applied to other automotive systems. For instance, many new and fuel-efficient vehicles come with start-stop systems, which require quick bursts of power. To function properly, a start-stop system should have a power source that is relatively close to the engine and that is able to deliver power fast.Thus, an ultracapacitor is a perfect choice for this type of application. Additionally, ultracapacitors are being used in active suspension systems as they can efficiently recover, store, and discharge a significant amount of power quickly. The trend here is that the number of vehicles equipped with innovative driving assistance systems is on the rise. Autonomous and semi-autonomous vehicles need energy to run, and an ultracapacitor is a relatively cheap solution in comparison to batteries.
Automotive Ultracapacitor Market Segment Insights
Automotive Ultracapacitor Market Voltage Range Insights
The Automotive Ultracapacitor Market is segmented into various voltage ranges, including less than 2.7V, 2.7-3.0V, 3.0-3.6V, and greater than 3.6V. Among these segments, the 2.7-3.0V voltage range is projected to witness significant growth in the coming years. In 2023, this segment accounted for a market share of around 25%, and it is estimated to reach a valuation of 3.5 billion USD by 2032, exhibiting a CAGR of 15.2%. The increasing demand for high-performance ultracapacitors in automotive applications, such as regenerative braking systems and engine start-stop systems, is driving the growth of this segment.The voltage range less than 2.7V is also anticipated to experience steady growth, with a projected market value of 1.8 billion USD by 2032. This segment is primarily driven by the demand for low-voltage ultracapacitors in auxiliary power systems and backup power applications. The 3.0-3.6V voltage range is expected to hold a significant market share throughout the forecast period. In 2023, it accounted for around 30% of the Automotive Ultracapacitor Market revenue, and it is estimated to reach a valuation of 4.2 billion USD by 2032, growing at a CAGR of 14.8%.The demand for ultracapacitors in this voltage range is attributed to their use in hybrid and electric vehicles, where they provide short-term power bursts during acceleration and regenerative braking. The voltage range greater than 3.6V is anticipated to witness moderate growth over the forecast period. This segment is primarily driven by the demand for high-voltage ultracapacitors in heavy-duty vehicles and industrial applications, where they are used for energy storage and power backup. Overall, the Automotive Ultracapacitor Market is expected to witness robust growth in the coming years, driven by the increasing adoption of ultracapacitors in various automotive applications.The growing demand for energy-efficient and environmentally friendly vehicles is expected to further fuel the growth of this market.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Ultracapacitor Market Capacitance Insights
Capacitance is a crucial segment in the Automotive Ultracapacitor Market. The market is segmented into four sub-segments based on capacitance Less than 1000F, 1000-2500F, 2500-5000F, and Greater than 5000F. Among these, the sub-segment with capacitance Less than 1000F is expected to hold the largest market share in 2023, with a value of 1.25 Billion USD. This sub-segment is projected to grow at a CAGR of 14.2%, reaching a valuation of 3.3 Billion USD by 2032. The 1000-2500F sub-segment is estimated to be valued at 1.05 Billion USD in 2023, with a projected CAGR of 14.4%, leading to a market size of 2.8 Billion USD by 2032.The 2500-5000F sub-segment is forecasted to grow from 0.8 Billion USD in 2023 to 2.1 Billion USD in 2032, exhibiting a CAGR of 14.5%. The Greater than 5000F sub-segment is anticipated to witness a CAGR of 14.7%, growing from 0.51 Billion USD in 2023 to 1.3 Billion USD by 2032. This growth is attributed to the rising demand for ultracapacitors with higher capacitance for applications such as regenerative braking and power backup systems in electric and hybrid vehicles.
Automotive Ultracapacitor Market Application Insights
The Automotive Ultracapacitor Market is segmented based on application into Automotive Electrification, Industrial, Energy Storage, Consumer Electronics, and Medical. Automotive Electrification dominated the Automotive Ultracapacitor Market segmentation in 2023, accounting for over 58.6% of the revenue share. Increasing demand for electric and hybrid vehicles is driving this segment's growth. The Industrial segment is anticipated to exhibit a significant CAGR of 12.2% during the forecast period, owing to the rising adoption of heavy machinery and industrial automation.The Energy Storage segment is projected to witness steady growth, driven by the need for reliable and efficient energy storage solutions in various applications. Consumer Electronics and Medical segments are expected to contribute moderately to the overall market growth. The Automotive Ultracapacitor Market revenue for the Automotive Electrification segment is expected to reach 6.34 billion USD by 2032, while the Industrial segment is projected to reach 2.1 billion USD by the same year.
Automotive Ultracapacitor Market End-User Insights
End-User Segment Insights and Overview The automotive ultracapacitor market is segmented based on end-users into automotive OEMs, Tier 1 suppliers, energy storage system integrators, and electronics manufacturers. Automotive OEMs are expected to hold a significant market share due to the increasing demand for electric and hybrid vehicles. Tier 1 suppliers are also expected to witness substantial growth as they play a crucial role in the supply chain of automotive components. Energy storage system integrators are responsible for designing and integrating ultracapacitor-based energy storage systems into vehicles, which is expected to drive the demand for ultracapacitors in the coming years.Electronics manufacturers are also expected to contribute to the growth of the market as they incorporate ultracapacitors into various electronic devices used in vehicles, such as infotainment systems and advanced driver-assistance systems (ADAS).
Automotive Ultracapacitor Market Regional Insights
The Automotive Ultracapacitor Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America held the largest market share in 2023, and it is expected to continue its dominance during the forecast period. The growth of the North American market is attributed to the increasing demand for electric and hybrid vehicles, as well as the presence of major automotive manufacturers in the region. Europe is expected to be the second-largest market for automotive ultracapacitors, followed by APAC. The APAC market is expected to witness significant growth during the forecast period due to the rising demand for electric vehicles in countries such as China and India.South America and MEA are expected to account for a smaller share of the global market, but they are also expected to witness steady growth during the forecast period.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Automotive Ultracapacitor Market Key Players And Competitive Insights
With the increasing attention to environment-related problems, there is a tendency in the automotive industry to increase the production of electric vehicles. One of the trends in the automotive industry is the increased application of ultracapacitors in electric cars, which store and release energy without generating harmful emissions. Major players in the Automotive Ultracapacitor Market are directed towards developing high-technology products that would satisfy the increasing demand. The Competitive Landscape and the future developments of the Automotive Ultracapacitor Market are considered below.Evidently, the primary factor that drives the development of the Automotive Ultracapacitor Market is the increasing demand for electric and hybrid vehicles. These vehicles are empowered by ultracapacitors that have proved to be more enduring and efficient than batteries. At the time, the development of ultracapacitor technology is significantly driven by the objective of increasing product efficiency and decreasing the cost of production. The conversion of energy into modes suitable for electric vehicle engines has also fueled the Competitive landscape of the Automotive Ultracapacitor Market.Maxwell Technologies is a company that is primarily distinguished by its advanced solutions in the sphere of ultracapacitor application. The variety of ultracapacitors produced by Maxwell Technologies is aligned with the specific needs and requirements of the automotive industry to provide a complete range of ultracapacitors. The company also has a notable amount of contracts with the leading automotive manufacturers that use ultracapacitors by Maxwell Technologies in their hybrid and electric vehicle systems. Eaton Corporation is another prominent competitor in the automotive ultracapacitor market. This corporation also produces a range of ultracapacitors for the automotive industry, such as regenerative braking systems, power steering, and engine start-stop systems. Eaton Corporation is also stronger in the development of a sustainable power management system that is based on ultracapacitors.
Key Companies in the Automotive Ultracapacitor Market Include
- AVL
- CapXon Group
- Ioxus, Inc.
- Maxwell Technologies
- Eaton Corporation
- Panasonic Corporation
- Rogers Corporation
- Varta AG
- Murata Manufacturing Co., Ltd.
- Fenox Venture Capital
- Sungrow Power Supply Co., Ltd.
- Exxelia
- Skeleton Technologies
- Elna Co., Ltd.
- Taiyo Yuden Co., Ltd.
Automotive Ultracapacitor Market Industry Developments
The Automotive Ultracapacitor Market is anticipated to witness substantial growth over the next decade. In 2023, the market was valued at approximately USD 4.31 billion and is projected to reach USD 14.7 billion by 2032, exhibiting a CAGR of 14.6% during the forecast period. This growth is attributed to the increasing adoption of electric and hybrid vehicles, the need for reliable and efficient energy storage systems, and government initiatives promoting sustainable transportation.Recent developments in the market include the launch of high-power and high-energy density ultracapacitors by key players such as Maxwell Technologies and Ioxus. These advancements are enabling the development of ultracapacitor-based energy storage systems that can complement or replace batteries in automotive applications. New strategic partnerships and collaborations between automotive manufacturers and ultracapacitor suppliers are also shaping the market landscape. For instance, in 2023, Toyota and Murata Manufacturing announced a joint venture to develop and produce automotive-grade ultracapacitors for hybrid and electric vehicles.
Automotive Ultracapacitor Market Segmentation Insights
- Automotive Ultracapacitor Market Voltage Range Outlook
- Less than 2.7V
- 7-3.0V
- 0-3.6V
- Greater than 3.6V
- Automotive Ultracapacitor Market Capacitance Outlook
- Less than 1000F
- 1000-2500F
- 2500-5000F
- Greater than 5000F
- Automotive Ultracapacitor Market Application Outlook
- Automotive Electrification
- Industrial
- Energy Storage
- Consumer Electronics
- Medical
- Automotive Ultracapacitor Market End-User Outlook
- Automotive OEMs
- Tier 1 Suppliers
- Energy Storage System Integrators
- Electronics Manufacturers
- Automotive Ultracapacitor Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
3.76(USD Billion) |
| Market Size 2023 |
4.31(USD Billion) |
| Market Size 2032 |
14.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
14.6% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
AVL, CapXon Group, Ioxus, Inc., Maxwell Technologies, Eaton Corporation, Panasonic Corporation, Rogers Corporation, Varta AG, Murata Manufacturing Co., Ltd., Fenox Venture Capital, Sungrow Power Supply Co., Ltd., Exxelia, Skeleton Technologies, Elna Co., Ltd., Taiyo Yuden Co., Ltd. |
| Segments Covered |
Voltage Range, Capacitance, Application, End-User, Regional |
| Key Market Opportunities |
1 Increasing demand for electric and hybrid vehicles2 Growing adoption of regenerative braking systems3 Government regulations and incentives for sustainable transportation4 Advancements in ultracapacitor technology5 Expansion of applications in automotive electronics and infotainment systems |
| Key Market Dynamics |
Rising demand for fuel-efficient vehicles Government regulations on emission reduction Technological advancements in ultracapacitors Growing popularity of hybrid and electric vehicles Increasing need for energy storage in automotive applications |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Automotive Ultracapacitor Market is expected to reach a valuation of 14.7 billion USD by 2032, exhibiting a CAGR of 14.6% from 2024 to 2032.
The increasing demand for electric vehicles, rising concerns about environmental sustainability, and government regulations promoting clean energy solutions are the primary drivers fueling the growth of the automotive ultracapacitor market.
The Asia-Pacific region currently dominates the Automotive Ultracapacitor Market and is projected to maintain its leading position throughout the forecast period. This dominance is attributed to the increasing production and sales of electric vehicles in countries like China, Japan, and South Korea.
Automotive ultracapacitors find applications in various systems, including regenerative braking, engine start-stop systems, power steering, and active suspension systems. They enhance vehicle performance, fuel efficiency, and overall driving experience.
Some of the prominent players in the Automotive Ultracapacitor Market include Maxwell Technologies, Eaton Corporation, Ioxus, Nesscap, and Skeleton Technologies. These companies are involved in the manufacturing, development, and distribution of automotive ultracapacitors.
The integration of advanced materials and technologies, such as graphene-based electrodes and solid-state electrolytes, is expected to enhance the performance and lifespan of automotive ultracapacitors. Additionally, collaborations between automakers and ultracapacitor manufacturers are fostering innovation and driving market growth.
