Asia Pacific Will Continue To Remain The Largest Market For Supercapacitors/Ultracapacitors Over The Next Five Years
22 Aug, 2019
Asia Pacific was the largest region in the supercapacitors/ultracapacitors market in 2018, accounting for $0.5 billion or 40% of the global total. This can be attributed to the large size of the supercapacitors’ industry in China and Japan compared with countries in other regions; these cater to the large number of electronics companies, and automotive and rail transport manufacturing companies based in these countries.
Western Europe was the second largest region in the market, accounting for $0.29 billion or 22.9% of the total.
Major end-user industries of the global supercapacitors/ultracapacitors market include motor vehicles manufacturing, and wind electric power generation industries, and Asia Pacific was the largest region in the motor vehicles manufacturing market in 2017, accounting for $1.3 trillion or 37.7% share in the market. The Asia Pacific motor vehicles manufacturing market registered an annual growth rate of 7.5% in the historic period and is expected to grow at the rate of 5.6% in the forecast period.
Asia Pacific was also the largest region in the wind electric power generation market in 2017, accounting for $42.0 billion or 41.3% of the market. The Asia Pacific wind electric power generation market registered a growth rate of 14.5% in the historic period and is expected to grow at the rate of 13.5% in the forecast period.
Asia Pacific also had the highest annual growth rate of more than 31% during 2014-2018; it is expected to continue to grow at the highest annual growth rate among all regions, at 31.29% during 2018-2023. This rapid growth in both periods was due to a significant increase in the demand for supercapacitors from automotive and rail transport locomotives manufacturing companies in China, Japan and India, thus contributing to the demand for supercapacitors. Significant increased investments in mass rapid transport systems in China and India also contributed to this growth.
Split by countries, the global supercapacitor/ultracapacitor market was the largest in China, accounting for $0.239 billion or 19.2% of the total market. This was mainly due to higher demand for supercapacitors here than in any other country from the large number of automotive and electronic companies based in the country, thus contributing to its share in the market. China is also the country presenting significant business opportunities to be gained by competitors in the next five years, putting on the most value at $0.83 billion by 2023. The growing automobile industry and technological advances in the country will drive the supercapacitors market.