Automotive Energy Recovery System Market: Snapshot
The automotive energy recovery system market is anticipated to show substantial growth during the forecast period of 2021-2031. The automotive energy recovery system technology makes use of dissipated energy to provide power to the batteries. The automotive energy recovery system enhances the efficiency of the engine through the process of recycling the energy. This energy helps in enhancing the overall performance of the engine and reduces the gas emissions of the vehicle. The electric vehicles are well equipped with a regenerative braking system. The penetration of diesel and gasoline-powered vehicles and innovations in automobile technologies have added new products to the portfolio. The investment in electric turbochargers and the shift from conventional gasoline and diesel-powered vehicles to fuel cell vehicles (FCVs), hybrid vehicles (HEVs), and battery electric vehicles (BEVs)
The automotive energy recovery system market can be segmented into the turbocharger, exhaust gas recirculation, and regenerative braking system based on product type. On the basis of vehicle type, the market can be divided into electric vehicles, commercial vehicles, and passenger cars.
The team at TMR offers an analytical depiction of the automotive energy recovery system market and has provided an in-depth analysis of various parameters such as industrial perspective, key trends, drivers, opportunities, and regional dimensions. The report educates the stakeholders and CXOs in understanding financial competency and taking proper decisions.
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Automotive Energy Recovery System Market: Competitive Landscape
The key players operating in the automotive energy recovery system market by focusing on research and development activities to innovate novel technologies to enhance the product. The new developments may create new avenues for the growth of the automotive energy recovery system market during the forecast period of 2021-2031.
Some of the key players are Mitsubishi Heavy Industries, Hyundai Motor Group, Robert Bosch GmbH, Tenneco Inc., Honeywell International Inc., Cummins Inc., Continental AG, and BorgWarner Inc.
Automotive Energy Recovery System Market: Key Trends and Opportunities
The government bodies of various countries have imposed stringent regulations regarding harmful emissions to reduce air pollution caused by vehicles and industries which is likely to open new growth avenues for the automotive energy recovery system market. The energy recovery systems are likely to drive the growth of the automotive energy recovery system market.
The expanding demand for electric vehicles to support the green environment coupled with huge investments being made to enhance the EV infrastructure may provide multiple growth opportunities for the automotive energy recovery system market. The popularity of electric vehicles among the global population and the incorporation of electrical energy even in public transport may propel the growth of the automotive energy recovery system market. Electric vehicle sales have augured significantly which may ultimately lead to the growth of the automotive energy recovery system market.
The advanced technology to reduce emissions and decrease fuel costs is expected to generate new opportunities for the growth of the automotive energy recovery system market. The new launches such as electric school buses with standard safety features may contribute to the market growth. The rising scope for energy reserve funds in electric vehicles may prove to be growth booster for the automotive energy recovery system market.
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Automotive Energy Recovery System Market: Regional Dimensions
The global automotive energy recovery system market can be segmented into Asia Pacific, North America, Europe, Latin America, the Middle East and Africa based on the regions. North America is anticipated to grow rapidly owing to the technological developments and extensive research and development activities in this region. Asia Pacific may contribute to good revenue generation for the global market owing to the rising expenditure on commercial vehicles and electric vehicles. All these aspects have led to the growth of the automotive energy recovery system market.
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