Market Trends of electric vehicles mlcc Industry
Supportive government policies for the deployment of public charging infrastructure will promote battery electric vehicle sales
- Battery electric vehicles, or BEVs, are electric automobiles without a petrol engine. The entire vehicle is powered by the battery pack, which is recharged through the grid and powers the vehicle. BEVs are zero-emission vehicles because they produce no harmful tailpipe emissions or air pollution hazards like traditional gasoline-powered vehicles. The MLCCs consumed in battery electric vehicles must be of high-quality construction and operate at high voltages ranging from 250V to 4kV. Ceramic MLCCs are the preferred choice for distributed capacitance because of their ability to withstand high temperatures.
- Battery electric vehicle shipments were 13.18 million units in 2022 and are projected to rise to 27.14 million units in 2029. The first COVID-19 wave in 2020 triggered a historic decline in BEV sales while garnering more policymakers' support. In 2022, BEV sales increased.
- Stronger regulations and growing consumer interest have recently accelerated the market shift toward EVs. Several companies are considering adding a new dedicated BEV production facility to boost BEV production capability centered on high-demand regions. Several governments are taking initiatives to increase EV production and sales in the regions. Europe is providing OEMs with EV-production incentives tied to its targeted fleet average of 95 grams of CO2 per km. The continuous decline in battery prices and increase in the average battery size in BEVs contributed to the growth and helped market penetration grow steadily from 2016 through 2019. BEVs are being offered in most vehicle segments in all regions.
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Infrastructure improvement for hydrogen stations continues to increase sales
- Fuel cell electric vehicles (FCEVs) use hydrogen energy stored as fuel, which is then converted into electricity by the fuel cell and has a propulsion mechanism similar to that of an electric vehicle. Compared to vehicles powered by conventional internal combustion engines, FCEVs don't emit any harmful exhaust emissions.
- Fuel cell electric vehicle shipments accounted for 40 thousand units in 2022 and are expected to reach 66 thousand units by 2029. As renewable energies like wind and solar contribute to the hydrogen manufacturing process, there will be a huge increase in the demand for energy-efficient FCEVs.
- As the demand for low-emission vehicles is rising, there are stricter carbon emission standards, and more emphasis is being placed on the adoption of FCEVs due to benefits like quick refueling. To encourage the development of FCEVs, several government and commercial organizations are collaborating and investing in advancing fuel cell technology and the development of hydrogen refueling infrastructure. According to the IEA, at the end of 2021, there were about 730 hydrogen refueling stations (HRSs) globally providing fuel for about 51,600 FCEVs, representing an increase of almost 50% in the global stock of FCEVs and a 35% increase in the number of HRSs from 2020. These factors are expected to contribute to the high growth of FCEVs in the future.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing emission norms will lead to a surge in the sales
- Advancements in battery technology will propel PHEV sales
- Technological developments, efficiency, and performance boost the demand for ICEVs
- Strict environmental regulations to combat pollution by reducing CO2 emissions are increasing the sales of these vehicles
