Energy Storing Body Panels Market Size (2023 – 2030)

The Global Energy Storing Body Panels Market was projected to be at $47.5 million in 2023, and by 2030 it is anticipated to be worth $111.05 million. The market is estimated to expand at a CAGR of 11.2% between 2023 and 2030.

Market Overview

Body panels with energy storage are a relatively new technology created to meet the rising need for environmentally friendly and effective transportation. These solar panels have the capacity to both store and release energy, which may be used to recharge electric cars and lessen the need for conventional fossil fuels. The innovation might change the car industry and usher in a more sustainable future. As the demand for electric cars rises and there is a need to increase their energy efficiency, the energy-storing body panel industry has been expanding quickly in recent years. Lightweight materials used to create these panels have the ability to store energy in a variety of ways, including electrical charge, thermal energy, and other types. The energy may either be utilised to fuel the car or to charge the battery more powerfully, so increasing the car's range. There are a variety of materials and technologies used to manufacture energy-storing body panels, each with its own strengths and limitations. Photovoltaic panels, for example, use solar energy to generate electricity, while thermoelectric panels convert heat into electricity. Piezoelectric panels generate electricity from mechanical vibrations. Additionally, accelerating market expansion is technological development. Researchers and businesses are working to improve the effectiveness and efficiency of energy-storing body panels by using new materials and technology. For instance, some companies are developing panels that can store energy as hydrogen gas and use it to run fuel cell vehicles.

Energy Storing Body Panels Market Drivers

Growing demand for electric vehicles will boost market growth.

The increased demand for electric vehicles is one of the key market drivers for energy storing body panels. As customers grow increasingly conscious of the environmental effect of traditional gasoline-powered automobiles, many are turning to electric vehicles as a more sustainable option. The expansion of the electric vehicle market is projected to be one of the key drivers of the energy-storing body panel market in the future years.

Government initiatives to promote sustainable transportation will drive the growth of the market.

Another key market driver for energy storing body panels is government initiatives to promote sustainable transportation. Many governments around the world have introduced policies and incentives to encourage the adoption of electric vehicles and reduce the reliance on traditional fossil fuels. Energy-storing body panels can help to make electric vehicles more affordable and attractive to consumers, which can accelerate the transition to a more sustainable transportation system.

Energy Storing Body Panels Market Challenges

The high cost of technology will impede the market growth

One of the most significant problems the energy-storing body panel industry is now facing is the high cost of the technology. It may be difficult for manufacturers to produce cheaply priced electric vehicles utilising this technology given the high cost of creating energy-storing body panels at the moment. This is mostly due to the high expense of the materials needed to produce energy-storing body panels. Since the production procedure for energy-storing body panels is still being developed and is not yet completely refined, costs may potentially rise.

Limited availability of charging infrastructure restrains the growth of the market

The restricted availability of charging infrastructure is another major issue that the energy-storing body panel industry must deal with. Electric cars' range can be increased by using energy-storing body panels, however, these panels still need a charging station to replenish the battery. Consumers may find it challenging to utilise electric vehicles with energy-storing body panels on lengthy journeys or in locations with a limited supply of charging stations if there is no reliable infrastructure for charging these vehicles. Government, business, and other stakeholders must work together to address the complicated issue of the restricted availability of charging infrastructure.

Impact of COVID-19 on the Energy Storing Body Panels Market

Both supply chain interruptions and a decline in demand for electric cars are important effects of the COVID-19 outbreak on the market for energy-storing body panels. The pandemic has slowed down the development and distribution of energy-storing body panels since it has been difficult to get raw materials and components and move finished goods. The market for energy-storing body panels has been directly impacted by the decline in demand for electric cars as a result of this. However, there is optimism for the long-term expansion of the energy-storing body panels business as the global economy improves and countries put laws in place to promote sustainable mobility.

ENERGY STORING BODY PANELS MARKET REPORT COVERAGE:

Energy Storing Body Panels Market Segmentation – By Material Type

• Carbon Fiber

• Aluminium

• Composites 

The Energy Storing Body Panels Market is predicted to develop at the fastest rate for the carbon fibre segment. Carbon fibre is a strong, lightweight material that is frequently utilised in high-performance products like sports equipment and aircraft. Additionally, it is being utilised more and more in automobile applications, such as energy-storing body panels. Excellent mechanical qualities of carbon fibre include high tensile strength, stiffness, and fatigue resistance. Another material frequently utilised in energy-storing body panels is aluminium. It is a desirable option for many automotive applications since it is portable, strong, and recyclable. Aluminum is also electrically conductive and has good thermal properties, which can contribute to the performance of energy-storing body panels. Composites are materials made from two or more different materials that are combined to create a material with specific properties. Composite materials are often used in automotive applications because they can be tailored to meet specific performance requirements.

Energy Storing Body Panels Market Segmentation – By Vehicle Type

• Passenger Car

• Commercial Vehicles

• Electric Bikes

Passenger automobiles are anticipated to see the greatest growth among all vehicle types. The most prevalent kind of vehicle on the road, passenger automobiles provide a huge market opportunity for energy-storing body panels. To store and supply energy to the car’s electric powertrain, these panels can be incorporated into the body of the vehicle. When it comes to energy-storing body panels, commercial vehicles like trucks and buses have distinct needs from passenger automobiles. These cars frequently operate for longer periods of time and have larger energy requirements. Electric bikes are becoming increasingly popular in urban areas as a sustainable and convenient mode of transportation. Energy-storing body panels can be used to store energy and provide power to the electric motor of the bike, which can increase the range and performance of the bike.

Energy Storing Body Panels Market Segmentation – By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

The region of Asia-Pacific is predicted to expand the fastest. A sizable and developed market, North America is home to the energy-storing body panels for automobiles. The area boasts a thriving automotive industry, which has fuelled advancements in electric automobiles and other environmentally friendly technology. Government laws and incentives have also promoted the use of electric cars in North America. Due to the lofty goals set forth by the European Union to minimise greenhouse gas emissions, Europe is another significant market for energy-storing body panels. The demand for electric vehicles in Europe has significantly increased in recent years, which has sparked innovation in energy storage technology. Electric car sales in the Asia-Pacific area are expanding quickly due to reasons including rapid urbanisation, rising disposable income, and government backing for environmentally friendly transportation.

Key Players

Some of the key players in Energy Storing Body Panels Market are:

1. Faurecia

2. Continental AG

3. Thyssenkrupp AG

4. Hanon Systems

5. KIRCHHOFF Automotive GmbH

6. Valeo

7. Storied Energy Systems

8. Mazda Motor Corporation

9. Tesla, Inc.

10. BMW