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.
The global automotive energy recovery system market size 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.
An automotive energy recovery system is a technology that turns kinetic energy into electrical energy to perform various functions in vehicles, such as delivering power to engines or batteries and enhancing engine efficiency by recycling exhausted gases. Most electric vehicles are equipped with a regenerative braking system, while turbocharger and exhaust gas recirculation have greater penetration in diesel- & gasoline-powered vehicles. Nowadays, the automotive industry is more inclined to use advanced technologies to reduce emissions and increase fuel economy. Hence, the adoption of energy recovery systems in various forms prompted automobile companies to invest extensively in these systems. For instance, in August 2019, Hyundai Motor Group launched the world’s first Continuously Variable Valve Duration (CVVD) technology in Smartstream G1.6 T-GDi Engine, an I4 gasoline turbo unit with 180 horsepower & 27.0kgm of torque that offers exhaust gas recirculation to optimize fuel efficiency.
Automotive Energy Recovery System Market Segment Overview
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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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.
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.
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Automotive Energy Recovery System Market Key Players
- BorgWarner Inc.
- Cummins Inc.
- Continental AG
- Honeywell International Inc.
- Faurecia
- IHI Corporation
- Hyundai Motor Group
- Robert Bosch GmbH
- Mitsubishi Heavy Industries, Ltd.
- Tenneco Inc.
The report provides a detailed analysis of these key players in the global market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in the country. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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