Growing consumption of fossil fuels for transportation purposes is one of the key reasons behind the upsurge in carbon dioxide levels in the atmosphere. The problem of increasing global warming and scarcity of fossil fuels have to lead the development of alternate technologies.
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This growing demand for alternate technologies is, in turn, driving the growth of the automotive energy storage system market. Energy storage systems are used to store electric energy, which is then released when required. Moreover, increasing adoption of renewable energy resources will create demand for energy storage systems in the transportation sector.
Now days, automotive energy storage systems are attracting a great deal of attention as they are proving to be of great help in the transformation towards a low carbon and clean energy future. In most of the countries, the demand for electric vehicles is increasing day by day. Governments across the globe are providing subsidies, loans and many more benefits for purchasing electric vehicles. For instance, in the U.S., the federal Internal Revenue Service (IRS) provides tax credit of $2,500 to $7,500 on every new purchase of electric vehicles. Similarly, the UK government provides financial support and tax incentives to support the demand for electric vehicles. Given the aforementioned reasons, the demand for electric vehicles will increase, which, in turn, will spur the demand for automotive energy storage systems over the forecast period.
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Automotive Energy Storage System Market: Dynamics
Growing demand for renewable sources of energy coupled with the rise in environment pollution (greenhouse effect) will drive the demand for automotive energy storage systems in near future. Also, the fact that most governments are providing subsidies and other benefits will also support the growth of the automotive energy storage system market. However, the lack of infrastructure for electric vehicles will indirectly impact this demand. Moreover, the demand for electric vehicles in Asian countries is comparative less than in Europe and North America.
Automotive Energy Storage System Market: Outlook/Trend
Manufacturers are trying to develop new technologies for higher energy store capacity and at a lower cost than lead acid batteries. Some of the new technologies developed include hydrogen vanadium redox, sodium sulphur, nickel metal hydride, nickel cadmium, zinc bromide and lithium ion. Also, most of the vehicle manufacturers are entering into the electric vehicle segment to fulfill the rising demand from customers.
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The global automotive energy storage system market is segmented into the seven key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2016, the growth in developed regions, such as North America, Western Europe and Japan, was being driven by the expansion of varied industries, such as the automotive industry. Latin America is considered to be one of the key markets for automotive energy storage systems as it is experiencing increasing demand for electric vehicles. The APEJ region will also register rapid growth due to the presence of major OEMs and companies in the region. Also, the demand in the APEJ region can be attributed to the growing adoption of automotive energy storage systems at an increased scale. MEA is also projected to witness steady growth rate over the forecast period
Automotive Energy Storage System Market: Segmentation
On the basis of vehicle type, the automotive energy storage system market can be segmented into:
- Passenger Car
- Electric Vehicles
- PHEV (Plug in Hybrid Vehicles)
On the basis of product type, the automotive energy storage system market can be segmented into:
- Super Capacitors
On the basis of form, the automotive energy storage system market can be segmented into:
This post was originally published on Space Market Research