Automotive Energy Recovery Systems Market to grow by USD 13.39 billion from 2022 to 2027, Increasing Traffic Congestion and Traffic Jams to boost the market growth- Technavio
NEW YORK, Sept. 13, 2023 /PRNewswire/ -- The automotive energy recovery systems market is expected to grow by USD 13.39 billion from 2022 to 2027, progressing at a CAGR of 9.35% as per the latest Technavio market research report. The report has been segmented by product (regenerative braking system, turbocharger, and exhaust gas recirculation), type (passenger cars, commercial vehicles, and electric vehicles), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The increasing traffic congestion and traffic jams pushing demand for regenerative braking is a key factor driving market growth. One of the main problems that car energy harvesting systems on electric vehicles help to solve is the increase in traffic congestion in urban cities. Stop-and-go traffic can have a serious impact on fuel efficiency due to increased engine idle time, making the role of automotive energy recovery systems increasingly practical. In addition, RBS is able to convert kinetic energy into electricity and can be used immediately or stored in a battery for later use. Hence, these factors are expected to drive market growth during the forecast period. Discover insights on market size before buying the full report- Download the sample report
Automotive Energy Recovery Systems Market: Segment Overview
This market research report segments the automotive energy recovery systems market by product (regenerative braking system, turbocharger, and exhaust gas recirculation), type (passenger cars, commercial vehicles, and electric vehicles), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
- The regenerative braking system segment is estimated to witness significant growth during the forecast period. Automotive regenerative braking systems capture energy lost during braking and reuse it later when needed. This makes it easier to collect, use, or even store kinetic energy in a vehicle battery. Increased government investment to encourage the use of electric vehicles and other policies to increase sales of electric vehicles is having a positive impact on this market segment. For example, the Indian government has launched the National Electric Mobility Mission Plan 2020, which aims to support both the production and sales of hybrid and electric vehicles in the country. Hence, these factors are expected to drive segment growth during the forecast period.
Geography Overview:
APAC is going to have lucrative growth during the forecast period. About 51% of the market's overall growth is expected to originate from APAC.
- APAC is estimated to contribute 51% to the growth of the global market during the forecast period.
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Market Dynamics
Key Drivers
- Increasing traffic congestion and traffic jams are pushing demand for regenerative braking.
- Increasing number of electronic vehicles
- Government regulation for air pollution from automobiles
Major Trend
Technological innovations such as waste energy recovery in the automotive industry are major trends in the market.
Significant Challenge
The operational issues and relatively higher cost of automotive energy recovery systems are significant challenges restricting market growth.
What are the key data covered in the Automotive Energy Recovery Systems Market reports:
- Historic Market size
- Company landscape and analysis including Autoliv Inc., BorgWarner Inc., Continental AG, Cummins Inc., Gentherm Inc., Hitachi Ltd., Honeywell International Inc., Hyundai Motor Co., IHI Corp., Mitsubishi Motors Corp., Rheinmetall AG, Ricardo Plc, Robert Bosch GmbH, Skeleton Technologies GmbH, Stellantis NV, Tenneco Inc., UCAP Power Inc., ZF Friedrichshafen AG, DENSO Corp., and Panasonic Holdings Corp.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
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