July 23, 2024

Automotive Energy Harvesting And Regeneration Market Is Estimated To Witness High Growth Owing To Rising Demand For Fuel Efficient Vehicles

Market Overview:

The automotive energy harvesting and regeneration market consists of technologies and components that recover waste or natural sources of energy and convert them into useful energy for vehicles. These technologies help reduce dependence on the internal combustion engine and traditional sources of energy by recapturing kinetic energy lost in braking or other processes and reusing that lost energy. Common products include thermoelectric modules, piezoelectric transducers, batteries for storing energy, and electric generators.

Market Dynamics:

The automotive energy harvesting and regeneration market is expected to witness significant growth over the forecast period owing to rising demand for fuel-efficient vehicles. Stringent emission norms regarding vehicular emissions are being implemented by regulatory bodies across the globe. This is driving automakers to focus on developing electrified vehicles with advanced energy recovery systems. Furthermore, rapid deployment of regenerative braking technology in hybrid and electric vehicles aids in improving overall vehicle range on a single charge. Regenerative braking systems capture up to 30% of kinetic energy lost during braking and use it to recharge the vehicle’s battery. Growing popularity of hybrid vehicles integrated with regenerative braking will support the market growth over the forecast period.

SWOT Analysis

Strength: Automotive energy harvesting and regeneration provides an eco-friendly solution to reduce vehicle emissions. It helps recover energy that is normally lost during braking and convert it into usable electricity. The technologies offers improved vehicle efficiency and fuel economy. Manufacturers are developing advanced energy harvesting solutions to meet strict emission norms.

Weakness: High initial costs associated with research and development as well as production of energy harvesting components. Return on investment may take time due to high capital expenditure requirements. technological challenges in harvesting kinetic energy efficiently across varying driving conditions.

Opportunity: Stringent government regulations regarding vehicle efficiency and emissions present an opportunity for energy harvesting solutions. Rising consumer demand for electric vehicles and hybrid vehicles will drive the need for recovery and storage of energy.

Threats: Slow adoption rate of the technologies due to lack of standardized product offerings and high costs. Dependence on conventional automotive technologies pose threat from disruptions.

Key Takeaways

The Global Automotive Energy Harvesting And Regeneration Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing stringency of emission norms. Governments across regions have implemented stringent fuel economy and carbon emission standards to curb environmental pollution. This has accelerated adoption of efficient vehicle technologies including energy harvesting solutions by automakers.

Regional analysis: North America dominated the global market in 2023, accounting for around 30% of the total share, owing to presence of majority of automotive OEMs and stringent fuel-economy regulations set by EPA. Asia Pacific is anticipated to witness fastest growth during the forecast period led by China, India and Japan. Rapid growth of automotive industry along with enactment of emission standards comparable to other developed nations will drive the regional market.

Key players related content comprises Key players operating in the 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. Continental AG and Robert Bosch GmbH dominate the market and are focusing on development of cutting-edge energy harvesting components integrated with hybrid and electric vehicles.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it