Automotive Energy Recovery Systems Market: Global Industry Analysis and Opportunity Assessment 2015-2025
New York, NY -- (SBWIRE) -- 06/04/2019 -- Vehicles create the energy while executing various functions. The energy generated by the vehicles can be used for providing additional power to the engine and other vehicle parts. The vehicle converts 25-30% of its fuel energy to move the vehicle, and the rest of the energy is wasted through the radiator and engine exhaust. To convert the heat extracted from hot exhaust gases into electrical power, exhaust energy recovery system is used.
Automotive energy recovery systems increase the energy optimization of the vehicle. For instance, the regenerative braking system uses electric motor to generate electricity by utilizing the kinetic energy. In the process, regenerative braking system devices convert kinetic energy to electrical energy to reduce the vehicle speed, electrochemical battery or a flywheel are used to store the energy stored through regenerative braking. The stored energy is reused for various vehicle functionalities.
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To recover the energy, the kinetic energy recovery system is used. The energy can be recovered from the kinetic energy generated after the brakes are applied to the moving vehicle, and this energy can be stored using a flywheel and battery. The recovered energy can be used later, during the vehicle acceleration.
Automotive energy recovery systems are seeing the traction in the market, due to the operational advantages it provides to the vehicle and customer.
Automotive Energy Recovery Market: Drivers and Challenges
Globally, in last 5-10 years, the fuel prices have grown by approximately 4-9% on the year on year basis. Original equipment manufacturers of automotive are promoting their products by boasting the fuel efficient quotient. Globally, the preferences of the customers are changing, and these days fuel efficient and improved performance vehicles are preferred by the customers. Due to this, there is a growing demand for automotive energy recovery systems. Globally, the governments of many countries like U.S.A. and Canada have implemented stringent government emission regulations, and this is also fuelling the demand for automotive energy recovery systems.
Currently, there is a lack of awareness in emerging economies about automotive energy recovery systems, which is inhibiting the growth of the market. High cost associated with automotive energy recovery systems is also inhibiting the growth of the global automotive energy recovery market.
Automotive Energy Recovery Market: Overview
The global automotive energy recovery system market by volume is expected to expand at a CAGR of around 7-9% during the forecast period (2016-2025), due to stringent government emission regulations and growing demand for fuel efficient vehicles.
Automotive Energy Recovery Market: Segmentation
The global automotive energy recovery market can be segmented on the basis of regenerative braking system, by passenger car, by waste heat recovery system and by regions
The global automotive energy recovery system market is segmented as:
Regenerative Braking System
Based on passenger vehicles, the global automotive energy recovery market is segmented as:
Plug-in Hybrid Electric Vehicles
Based on waste heat recovery system, the global automotive energy recovery market is segmented as:
Automotive Energy Recovery Market: Region-wise Outlook
The global automotive energy recovery market is expected to register a single-digit CAGR for the forecast period. Depending on geographic regions, global automotive energy recovery market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa.In terms of market revenue, Western Europe and North America automotive energy recovery market is projected to register a significant CAGR during the forecast period. Slow but stable economic growth, growing automotive industry, stringent government emission norms, changing consumer preferences, relatively high awareness regarding automotive energy recovery systems, innovative and advanced technologies are some of the factors which are fuelling the growth of automotive energy recovery market in North America and Western Europe. Both the regions are projected to register a single digit growth rate during the forecast period.
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Automotive Energy Recovery Market: Key Players
Some of the key market participants in global automotive energy recovery market are Continental AG, Robert Bosch GmgH, Denso Corporation, Tenneco, GenTherm, and TRW. In future the popularity of automotive energy recovery system is used for reduction of greenhouse gases and powertrain optimization.