Rise in Demand for Electric Vehicles Owing to Ongoing Developments in Automotive Sector and Favourable Government Policies and Support in Terms of Subsidies and Grants is Anticipated to Boost Supercapacitors in Electric Vehicle Market during the Forecast Period 2021-2026.
In 2020, the revenue of supercapacitor in electric vehicles Market was $237.92 million and is expected to grow with a CAGR of 18.3% by 2026. The advent of electric vehicles has raised the market for supercapacitors in the automotive industry. A number of vehicle manufacturers around the world are gradually switching from battery-powered electric vehicles to super-capacitor electric vehicles due to the high scalability and wide operating temperature range provided by super-capacitors vehicles. According to International Energy Agency, in 2018, 3.29 million electric vehicles deployed globally and the number is expected to increase up to 125 million by 2030. This, will further influence super capacitors demand in electric vehicles market. However, the automotive industry is one of the key sectors incurring major losses as a result of the COVID-19 pandemic. Both supply and demand for vehicles have been affected globally as a result of lockdowns in various countries around the world and closed operations of automotive manufacturing units. This is affecting supercapacitor demand in electric vehicles market.
The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favourable government policies and support in terms of subsidies and grants, tax rebates. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. As electric vehicles use various types of Supercapacitor in EVs, hence the rising demand for electric vehicles globally drives the supercapacitor market.
In present times, there are many technological research going on, which is expected to spur adoption super capacitors in electric vehicles. The main problem in electric vehicles is that they do not perform equally compared to petrol and diesel cars. Researchers from Gwangju Institute of Science and Technology have developed a super capacitor which is capable of addressing the battery problems of electric vehicles. In 2015, the researchers from the university have released the product which contains graphene sheets and claims to store more energy than the conventional lithium ion batteries. Similarly, in 2014, researchers at Queensland University of Technology (QUT) in Australia have developed similar graphene super capacitors which have the ability to perform comparable to chemical batteries. nd user companies such as power industry players are also placing efforts to realize the potential of super capacitors in electric vehicle market. Edison power group announced plans to acquire Canada based Sunvault Company to leverage mutual capabilities to tap the electric vehicle market along with many other applications of super capacitor. Hence, technological advancement and continuous research and development are forecast to hike the market value along with providing opportunities to the market players.
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Supercapacitor in EV Market Growth Drivers:
Rising government initiatives to minimize emissions are increasing the adoption of electric vehicles, thus proving opportunities for the market players
The electric vehicle industry has seen rapid innovations with the ongoing developments in automotive sector. Favorable government policies and funding in terms of incentives and grants, tax rebates and other non-financial benefits in the form of car pool lane access, and new car registration specifically in China, where ICE engine new car registration is prohibited in certain urban areas and a growing range of vehicles are driving global electric vehicle sales. Many governments are making investments in EV-enabling infrastructures such as charging stations and special parking spots. For instance, the Government of Estonia has built fast chargers throughout the country (165 in total) to ensure that at least one station is hosted in every city with at least 5,000 inhabitants.
Also, Britain’s government has been focused on expanding its public electric vehicle (EV) charging infrastructure, investing an additional $3.25 million to help pay for the installation of more than 1,000 new charging points on residential streets. Also, few Australian states give savings to EV owners, such as EVs registered in the ACT, which are exempt from stamp duty. Every year, EVs registered in Victoria earn a $100 reduction in registration fees. In June 2017, Clean Energy Ministerial launched a campaign EV30@30 to accelerate the utilization of electric vehicles across the globe. This led to an increased number of electric vehicles and is anticipated to further increase the manufacturing of electric vehicles in the coming years. In addition, Climate change has resulted in the strengthening of the agendas of several European governments. For instance, the United Kingdom committed to a net-zero emission target by 2050 and proposed a ban on the selling of all polluting vehicles by 2035. Germany aims to reduce greenhouse gas emissions by 55% by the end of 2030 and by 95% by the end of 2050, relative to 1990 levels. All these initiatives are expected to promote electric vehicle adoption, thus proving opportunities for the market players.
The Major Players in this Market Include
Biggest Companies are Nippon Chemi-Con Corporation, Eaton Corporation, Maxwell Technologies, Ioxus, Inc. and VINATech Co., Ltd. Among others. Nippon Chemi-Con Corporation, through its broad range of materials, constant product developments and innovation, has been successful in catering to a variety of customers. Monitoring its future business involvements, IndustryARC analysts expect Nippon Chemi-Con Corporation to maintain its position in the market.
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