Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global automotive energy recovery system market size was valued at USD 17.12 billion in 2022. The market is projected to grow from USD 18.17 billion in 2023 to USD 29.60 billion by 2030, exhibiting a CAGR of 7.2% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Automotive Energy Recovery System Market, 2023–2030."
A device known as the automotive energy recovery system is used to store and redistribute the energy produced when a car is coasting or braking. The technology transforms the gathered energy into useful types of energy, such as electrical energy, that can be used to recharge the battery or power the vehicle's accessories. The introduction of strict fuel pollution rules and regulations by governments and regulatory agencies is responsible for the expansion of the automotive energy recovery system market.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 7.2% | |
| 2030 Value Projection | USD 29.60 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 17.12 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 200 | |
Drivers & Restraints-
Fuel Efficiency and Range Improvements will Promote Market Expansion
Systems for energy recovery can increase the fuel efficiency of cars and trucks, saving consumers a lot of money on their fuel bills. Manufacturers may gain a competitive edge by using the system so they can provide more environmentally friendly and fuel-efficient vehicles. Additionally, the technology can enhance the driving experience by lowering the energy required to operate the car, which could lead to better performance and acceleration. The energy recovery technology also helps the electric vehicle's range by extending its driving range. These factors are anticipated to increase the automotive energy recovery system market share.
However, for certain producers and customers, the cost of developing and implementing energy recovery devices prevents them from being widely used, which may hamper the automotive energy recovery system market growth.
COVID-19 Impact-
Market Expansion is Being Driven by an increase in the Integration of Automotive Energy Systems into Electric Vehicles
The expansion of the market has been influenced by the COVID-19 pandemic. Due to the pandemic's impact on the worldwide supply chain, manufacturing decreased, and energy recovery solutions are less readily available. Vehicle sales significantly decreased as a result of the epidemic as people prioritized buying necessities in the face of financial uncertainty. However, the pandemic forced automakers to delay new product introductions and production plans, which slowed down the deployment of energy recovery technologies in new cars.
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Segments-
Strict Emission Standards and High-Performance Standards Boost the Market for Subsystems
Based on the subsystem, the market is segmented into the turbocharger, exhaust gas recirculation, and regenerative braking system. In 2022, the automotive energy recovery system market was significantly dominated by the turbocharger sector. By enabling improved fuel combustion and improving engine performance, the turbocharger aids in the reduction of emissions. This aids in upholding the government's emission regulations, and fostering the market expansion for automobile energy recovery systems.
Propulsion Growth is Fueled by the Advantage of Driving Range in Electric Vehicles and Mileage in ICE Vehicles
Based on propulsion, the market is categorized into ICE and electric. In 2022, the ICE segment had the largest market share. Due to their accessibility and availability, ICE-based vehicles are the most extensively utilized vehicles in the world. Demand for energy recovery systems in ICE vehicles is increased by the idea of hybridizing ICE vehicles.
Vehicle Segment is Expanded by Rising Demand for Fuel-Efficient and High-Performance Vehicles
Based on the market by vehicle, the market is classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. According to projections, the passenger car sector will account for the greatest market share in 2022. The rising demand for automobiles that are economical with fuel and kind to the environment is what's fueling the rise of the passenger car market.
Report Coverage-
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Asia Pacific to Lead Due to High Automotive Production in The Region
Asia Pacific leads the global automotive energy recovery system market share due to high automotive production. The market players of the region are involved in product innovation & development. Increased adoption of electric vehicles in the year 2021 compared to 2020 led to an increase in the market share.
Europe is set to have significant growth due to the major automotive player's focus on developing products related to increasing efficiency and conserving energy.
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Competitive Landscape-
Businesses Prioritize Acquisitions, Partnerships, and Mergers to Improve the Competitive Landscape
Numerous regional and global market participants are always developing cutting-edge methods to acquire a competitive advantage. For the purpose of fostering market expansion, several businesses are establishing partnerships and alliances. A deal for eTurbo was signed in May 2021 by BorgWarner, a well-known OEM in Europe and one of the top businesses in the global vehicle energy recovery systems market. The turbo from BorgWarner can act as a generator by gathering extra exhaust energy and transforming it into electrical energy. As a result, it is effectively possible to use a smaller battery because recovered energy can be used to extend the driving range of the car.
List of Key Players Covered in Automotive Energy Recovery System Market Report:-
• BorgWarner Inc. (U.S.)
• Continental AG (Germany)
• Robert Bosch GmbH (Germany)
• Tenneco Inc. (U.S.)
• Rheinmetall Automotive AG (Germany)
• Hyundai Motor Group (South Korea)
• Cummins Inc. (U.S.)
• Mitsubishi Electric Corporation (Japan)
• GARRETT MOTION INC. (Switzerland)
• Energy Recovery (U.S.)
Automotive Energy Recovery System Market Segmentation:-
By Subsystem
- Turbocharger
- Exhaust Gas Recirculation
- Regenerative Braking System
By Vehicle
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Propulsion
- ICE
- Electric
Key Industry Development:
April 2022 – Mercedes-Benz announced the launch of the Mercedes-AMG C 43 sport sedan with an electric turbocharger which is equipped with Garrett E-Turbo technology that makes the car both faster and more efficient. The instant boost of the E-Turbo enables the engine to run advanced combustion techniques, and the electric regeneration capability allows it to harvest exhaust energy.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Report Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions & Partnerships
- Latest Technological Developments
- Porters Five Forces Analysis
- Impact of COVID-19 on Global Automotive Energy Recovery System Market
- Global Automotive Energy Recovery System Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Subsystem
- Turbocharger
- Exhaust Gas Recirculation
- Regenerative Braking System
- Market Analysis, Insights and Forecast – By Vehicle
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of World
Toc Continued……
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