Market Trends of automotive mlcc Industry
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 do not emit any harmful exhaust emissions.
- Fuel cell electric vehicle shipments accounted for 0.043 million units in 2022, and these are expected to reach 0.071 million units in 2029. As renewable energies like wind and solar contribute increasingly 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 rises, stricter carbon emission standards are being implemented, 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. This represents an increase of almost 50% in the global stock of FCEVs and a 35% increase in the number of HRSs from 2020. These factors contribute to the high growth of FCEVs in the future.
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Stringent government regulations are increasing the penetration of electric vehicles
- MLCCs have emerged as a perfect component for EV electronics and subsystems, offering high-temperature resistance and an easy surface-mount form factor. Approximately 8,000-10,000 MLCCs are used in an electric vehicle. MLCCs in electric vehicles are commonly used in battery management systems (BMS), onboard chargers (OBC), and DC/DC converters. In addition to meeting the general specifications required for these EV subsystems and having the ability to function reliably in harsh environments inside an EV, component manufacturers should also be IATF 16949-certified and compliant with AEC-Q200.
- Electric vehicle shipments accounted for 16.4 million units in 2022, and it is expected to rise to 25.52 million units in 2029. Several countries have implemented strict environmental regulations to reduce greenhouse gas emissions and combat climate change. As a result, automakers are under increasing pressure to produce more electric vehicles and reduce their reliance on fossil fuels. Consumers are becoming more environmentally conscious and are looking for more sustainable alternatives to traditional gasoline-powered vehicles.
- The COVID-19 pandemic and Russia’s war in Ukraine disrupted global supply chains, and the automotive industry has been heavily impacted. However, in the longer term, the EV market is witnessing sales growth in some regions of the world as government and corporate efforts to support the deployment of publicly available charging infrastructure are providing a solid basis for further increase in EV sales. Publicly accessible chargers worldwide approached 1.8 million, with nearly 500,000 chargers installed in 2021, of which a third were fast chargers, which accounted for more than the total number of public chargers installed in 2017.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Supportive government policies for the deployment of public charging infrastructure are expected to promote battery electric vehicle sales
- Hybrid and electric heavy-duty trucks are expected to have positive impact on the market
- Development of the e-commerce industry is expected to propel the sales of light commercial vehicles
- The advancements in battery technology are driving the demand for PHEV sales
- Increasing awareness of electric bikes is expected to surge the demand
- Increasing emission norms are expected to surge the demand for HEVs
- Technological developments, efficiency, and performance boost the demand for ICEVs
- The emergence of the global middle-class consumers propels the market
- The rise in technological advancements in vehicles is expected to boost passenger vehicles
