Dearth of conventional fuel sources in conjunction with concerns regarding growing carbon footprint fueling the growth of the automotive energy harvesting and regeneration market
Seattle, WA -- (SBWIRE) -- 11/08/2019 -- The process of storage and extraction of energy from an external source namely solar, wind, or kinetic energy from motion of the vehicle for application in powering or improving the vehicle overall energy efficiency is known as automotive energy harvesting and regeneration market. Energy generated in the process is stored in capacitors and batteries and is utilized for supporting the operations of the vehicles.
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According to CIA World Factbook, conventional fuels, commonly referred to as the fossil fuels such as coal, oil, and gas are expected to be exhausted by 2052, if the global consumption of oil remains consistent with an annual oil consumption of over 11 billion tons. Automotive and transportation are two major sectors accounting for dominant share in the consumption, which is expected to fuel demand for advanced technologies in the industry segments. Plug-in hybrid electric vehicles, hybrid, battery electric vehicles are expected to be among the prominent end-use segments of the technology, with hybrid electric vehicles dominating the industry share over the forecast period.
Moreover, strict regulatory policies to curb carbon footprint coupled with enhancing the existing efficiency of the fuel efficiency and emissions are expected to drive growth of the global automotive energy harvesting and regeneration market during the forecast period. For instance, Corporate Average Fuel Economy (CAFÉ) Standards in the U.S. propagating adoption of energy efficient automotive by formulating regulations for reduction of petroleum consumption, enhancing the utilization of alternative fuel vehicles such as hybrid vehicles. It also focuses on reducing greenhouse emissions, and promoting development of innovative technologies to increase their reliance on renewable and conservation of energy sources. This in turn creates a highly conducive environment for growth of the global automotive energy harvesting and regeneration market.
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Global Automotive Energy Harvesting and Regeneration Market Taxonomy
On the basis of vehicle type, the global automotive energy harvesting and regeneration market is classified into:
-Plug-in hybrid electric vehicles
-Hybrid Electric Vehicles
-Battery Electric Vehicles
-Pure Electric Vehicles
On the basis of recovery system, the global automotive energy harvesting and regeneration market is classified into:
-Plug-in hybrid electric vehicles
-Regenerative Braking System
-Exhaust Gas Recirculation System
Market Dynamics- Restraints
Incorporation of energy conservation and regenerative systems such as automotive flywheels, turbochargers, and exhaust gas recirculation systems, leads to additional cost of ownership of the vehicles. Moreover, battery storages have small energy density per unit volume and also add on to the existing architecture of the vehicle. This significantly decreases the performance of the vehicle and in turn dissuades consumers from adopting these alternative fuel powered vehicles. Therefore, these factors are expected to restrain growth of the global automotive energy harvesting and regeneration market growth in the near future.
Among regions, North America and Europe are expected to witness significant growth in the global automotive energy harvesting and regeneration over the forecast period. This is owing to growing inclination of European Union and the U.S. towards adoption of these technologies to enhance operational efficiency of vehicles and usher in clean energy driven vehicles. Moreover, rising trend of green manufacturing to curtail the emission of GHGs and improve the utilization of renewable sources are expected to drive the market growth in respective region
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Major companies operating in the global automotive energy harvesting and regeneration market are Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Automotive PLC, Faurecia SA, Tenneco Inc., ZF Friedrichshafen AG, Gentherm Incorporated, Torotrak PLC, and Ricardo PLC.