Global Automotive Energy Harvesting and Regeneration Market: Snapshot
In order to steal a march over their competitors, keen players in the global automotive energy harvesting and regeneration market are not just entering into carefully-considered partnerships but also expending time and money on research and development of cutting-edge products.
The market so far has been majorly boosted by the soaring popularity of green manufacturing in the automotive industry, which energy harvesting and regeneration techniques help achieve. Strict government rules, namely The Corporate Average Fuel Economy (CAFÉ) Standards that are boosting uptake of energy efficient vehicles are leading to rising adoption of automotive energy harvesting and regeneration techniques too.
One factor posing a roadblock to the global automotive energy harvesting and regeneration market is the steep cost of vehicles and the current battery technology of EVs. In order to overcome the challenge, companies are trying to come up with low cost and more efficient batteries.
A report by Transparency Market Research forecasts the global automotive energy harvesting and regeneration market to reach a value of US$127.78 bn by 2025 from US$24.59 bn in 2016 by rising at a robust CAGR of 21.6% between 2017 and 2025.
Hybrid Vehicles Segment Rules Market by Dint of Integrating Electric Motors and Gasoline Engines
Based on the type of vehicles, the global automotive energy harvesting and regeneration market can be divided into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles. The hybrid electric vehicles, among them, hold a dominant share in the market. The segment will continue to retain its leading position in the future by clocking a solid 22.2% CAGR from 2017 to 2025. The popularity of hybrid electric vehicles results from the fact that they combine the benefits of both electric motors and gasoline engines and can be configured to suit various needs such as better fuel efficiency, increased power, and auxiliary power for power tools and electronic devices.
In terms of growth rate, the segment of battery electric vehicles will likely surpass the other two by registering a CAGR of 22.8% from 2017 to 2025. Their phenomenal growth will be mainly brought about by their powerful built and smooth acceleration. Other factors working to their favor are the quiet drive and superior torque. Further, battery electric vehicles do not use gasoline and are powered by a battery pack and high voltage electric motor, which negates carbon dioxide emissions directly from the vehicle.
Powered by China, Asia Pacific Market Outshines All Others
From a geographical perspective, Europe is a market leader in the global automotive energy harvesting and regeneration market. In the upcoming years too, the region will maintain its leading position on the back of Germany, Italy, the U.K., and France. In 2016, the market for automotive energy harvesting and regeneration in Europe was worth US$7 bn. By rising at a robust 20.0% CAGR between 2017 and 2025, the market is slated to become worth US$32.49 bn by 2025.
Vis-à-vis growth rate, however, Asia Pacific is expected to overtake all other segments by clocking a CAGR of 23.3% from 2017 to 2025. The primary engines of growth in Asia Pacific are China, India, and Japan. Among them, China accounted for maximum market share of 32.3% in 2016 and was trailed by Japan and India. The market in China has been propelled by the presence of numerous big domestic battery and automobile manufacturers.
Some of the key players operating in the global automotive energy harvesting and regeneration market are Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Tenneco Inc., Faurecia SA, ZF Group, Ricardo PLC, and Torotrak PLC.
Global Automotive Energy Harvesting and Regeneration Market: Overview
Recovering energy from the automotive systems is playing an increasingly important role in the development of next generation vehicles. This energy harvesting is being achieved in various different ways and is coupled with different types of power management and storage technologies. The global automotive energy harvesting and regeneration market has been segmented on the basis of heat recovery system type and vehicle type. The market has been further segmented by geography broadly into five major regions, namely: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
Global Automotive Energy Harvesting and Regeneration Market: Drivers and Restraints
Growing popularity of green manufacturing in the automotive industry coupled with stringent government regulations is driving the growth of the global automotive energy harvesting and regeneration market. Government policies and regulations globally such as The Corporate Average Fuel Economy (CAFÉ) Standards are encouraging the demand for energy efficient vehicles by formulating regulations for reducing petroleum consumption, increasing the availability of alternative fuel vehicles, lowering greenhouse emission and promoting the advancement of innovative technologies and this is offering a potential growth opportunity to the global automotive energy harvesting and regeneration market.
Additionally, organic growth of the global electric vehicle production, owing to increasing environmental awareness, government initiatives and technological innovation, is influencing the growth of the global market positively. Thus, the conjoint effect of all these drivers is projected to strongly bolster the growth of the global automotive energy harvesting and regeneration market in the coming years from 2017 - 2025.
Lack of awareness among customers and high initial cost of electric vehicles is posing to be a restraint to the growth of the global automotive energy harvesting and regeneration market. However, the original equipment manufacturers (OEMs) in the automotive industry globally are persistently trying to produce such automobiles which are more efficient and light in weight as this would help to improve their fuel efficiency and performance.
Moreover, government vehicular emission norms are compelling the OEMs to manufacture vehicles which are environment friendly and help to reduce carbon monoxide and nitrogen oxide emissions. These factors are offering substantial growth opportunities to the growth of the automotive energy harvesting and regeneration market, globally. The developing nations of Asia Pacific, Latin America and Middle East and Africa are also offering potential growth opportunities for the expansion of the market in these regions during the forecast period.
Global Automotive Energy Harvesting and Regeneration Market: Competitive Landscape
The key players that are operating in the global automotive energy harvesting and regeneration market have been profile in the report competitively and thoroughly across all the five broad regions covered under the scope of the study. The competitive landscape of these market players includes the recent developments in the field of energy harvesting and regeneration and the business strategies adopted by the companies to sustain and compete in the global market. In addition to this, SWOT analysis has been provided in the report of each of these players to identify and further analyze their positioning the market. The report further offers the market attractiveness analysis of the segment, vehicle type for offering an insight about the most lucrative type of vehicle in the current market scenario.
The market dynamics of the global market, which has also been exhaustively analyzed under the purview of the report, is inclusive of the market drivers, restraint and key opportunities. Thus, the global automotive energy harvesting and regeneration market report offers an in-depth and through study of the market and provides the revenue forecast of the market for the period of 2017 to 2025.
Some of the major players operating in the global automotive energy harvesting and regeneration market include: Robert Bosch GmbH (Germany), Continental AG (Germany), Delphi Automotive PLC (U.K.), Denso Corporation (Japan) and Tenneco Inc. (U.S.), Faurecia SA (France), Gentherm Incorporated (U.S.), ZF Group (Germany), Ricardo PLC (U.K.) and Torotrak PLC (U.K.) among others.
The global automotive energy harvesting and regeneration market has been segmented into:
Automotive Energy Harvesting and Regeneration Market, by Heat Recovery System Type
- Regenerative Braking System
- Exhaust Gas Recirculation System
Automotive Energy Harvesting and Regeneration Market, by Vehicle Type
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Battery Electric Vehicle
Automotive Energy Harvesting and Regeneration Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America