Strict vehicle emission rules and regulations, rise in the number of electric vehicles & EVSE infrastructure, and focus on engine downsizing drive the global automotive energy recovery system market.
PORTLAND, Ore., May 23, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Automotive Energy Recovery System Market by Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles), by By Product Type (Regenerative Braking System, Turbocharger, Exhaust Gas Recirculation): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global automotive energy recovery system industry was accounted for $22.44 billion in 2020, and is expected to reach $45.51 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Stringent vehicle emission rules and regulations, surge in the number of electric vehicles & EVSE infrastructure, and trend of engine downsizing have boosted the growth of the global automotive energy recovery system market. However, high repair & maintenance costs and surge in overall weight of vehicles hinder the market growth. On the contrary, rising government rules & regulations and advancements in technology would open new opportunities in the future.
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- The Covid-19 pandemic created uncertainty across the automotive sector due to closure of assembly plants and large-scale manufacturing interruptions, which led to decline in demand for automobiles.
- Government across several regions announced lockdown and border closures that restricted movement of transportation & logistics services.
- However, the service activities registered steady and favorable recovery post-pandemic due to relaxation on restriction by the governments.
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The commercial vehicles segment held the largest share
By vehicle type, the commercial vehicles segment held the largest share in 2020, accounting for nearly three-fourths of the global automotive energy recovery system market, due to rise in demand for using kinetic energy top power in heavy commercial vehicles. However, the electric vehicles segment is expected to register the highest CAGR of 11.6% during the forecast period, due to increased demand for electric vehicles across the globe.
The regenerative braking system segment dominated the market
By product type, the regenerative braking system segment held the lion's share in 2020, contributing to nearly half of the global automotive energy recovery system market. In addition, the segment is estimated to manifest the highest CAGR of 8.7% from 2021 to 2030, due to rise in production & sales of electric vehicles which includes regenerative braking systems to convert the kinetic energy to other forms of energy. The report includes analysis of other segments such as turbocharger and exhaust gas recirculation.
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Asia-Pacific, followed by Europe and North America, held the largest share
By region, the global automotive energy recovery system market across Asia-Pacific dominated in 2020, holding more than two-fifths of the market. In addition, the region is projected to portray the highest CAGR of 8.2% during the forecast period, owing to increased sales of electric and advanced vehicles across Asian countries. The report includes analysis of the market across North America, Europe, and LAMEA.
Major market players
- BorgWarner Inc.
- Cummins Inc.
- Continental AG
- Honeywell International Inc.
- IHI Corporation
- Hyundai Motor Group
- Robert Bosch GmbH
- Mitsubishi Heavy Industries, Ltd.
- Tenneco Inc.
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