The supercapacitor market size was valued at USD 409 million in 2020 and is projected to reach USD 720 million by 2025; it is expected to grow at a CAGR of 12.0% from 2020 to 2025. The growth of the supercapacitors market is driven by increasing demand for electric vehicles, growing use of supercapacitors in renewable energy generation plants, and increasing adoption of supercapacitors in smart wearables.
The hybrid capacitors segment of the market is projected to grow at the highest CAGR during the forecast period. Hybrid capacitors are used in various consumer electronics such as mobile phones, laptops, wearable devices, LED flashlights, thermal printers, barcode scanners, and GPS chips. Large research and development investments are required for manufacturing hybrid capacitors. A significant number of manufacturers of hybrid capacitors are facing lack of raw materials, as well as financial support to manufacture hybrid capacitors owing to the outbreak of COVID-19. This is expected to adversely affect the growth of the hybrid capacitors segment of the supercapacitor market in FY20.
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The automotive segment of the market is projected to grow at the highest CAGR during the forecast period. The advent of electric vehicles has increased the demand for supercapacitors in the automotive sector. A number of automobile manufacturers across the world are eventually switching from battery-powered electric vehicles to supercapacitor-powered electric vehicles owing to the high scalability and broad operating temperature range of supercapacitors. The automotive sector is one of the key sectors incurring significant losses owing to the COVID-19 pandemic situation. Several automobile companies in the affected countries have halted their production, which is expected to impact the demand for supercapacitors in 2020.
The supercapacitor market in Asia Pacific is projected to grow at the highest CAGR from 2020 to 2025. Rapid industrialization and infrastructure development are driving the growth of consumer electronics and automotive industries in China, thereby leading to an increased demand for supercapacitors. The sudden onslaught of the COVID-19 has caused tremendous financial losses in Asia Pacific. Most of the manufacturing facilities in mainland China have suspended their production activities owing to the orders issued by the government of the country. This has caused tremendous disruptions in the supply chain of various products across the country, thereby impacting demand for supercapacitors from various end-use industries.
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