The automotive energy recovery system is used to recover the moving vehicle’s kinetic energy under braking and convert it into electrical energy stored in a battery, supercapacitor, or mechanical energy in a flywheel. It increases the energy optimization of the vehicle by recycling exhausted gases. Automobile manufacturers are currently focused on producing advanced automotive energy recovery systems with a high-efficiency rate and low cost. 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. Furthermore, the adoption & popularity of regenerative braking systems (RBS) in electric buses exhibits a high mile range & initiatives taken by the governments for environment-friendly buses across the world, such as hybrid buses or electric buses, foster energy recovery system market opportunity in the heavy vehicles segment.
For the purpose of analysis, the automotive energy recovery system market is segmented on the basis of product type, vehicle type, and region. By product type, the market is divided into regenerative braking systems, turbocharger, and exhaust gas recirculation (EGR). By vehicle type, the market is categorized into passenger cars, commercial vehicles and electric vehicles. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the critical areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report also features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.
The key players operating in the global automotive energy recovery system market are BorgWarner Inc., Continental AG, Cummins Inc., Faurecia, Honeywell International Inc., Hyundai Motor Group, IHI Corporation, Mitsubishi Heavy Industries, Ltd., Robert Bosch GmbH, and Tenneco Inc.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive energy recovery system market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents detailed impact analysis information related to the key drivers, restraints, and market opportunities.
- The current automotive energy recovery system industry is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
BY PRODUCT TYPE
- Regenerative Braking System
- Turbocharger
- Exhaust Gas Recirculation
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Electric Vehicles
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Netherlands
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BorgWarner Inc.
- continental ag
- Cummins Inc.
- faurecia
- Honeywell International Inc.
- Hyundai Motor
- ihi corporation
- Mitsubishi Heavy Industries
- robert bosch gmbh
- Tenneco Inc.
Table of Contents
Executive Summary
According to this report titled, 'Automotive Energy Recovery System Market,' the automotive energy recovery system market was valued at $22.4 billion in 2020, and is estimated to reach $45.5 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.
In addition, the automotive energy recovery system market has witnessed significant growth in recent years, owing to increased demand for improved vehicle performance and the inclination of consumers toward environment-friendly vehicles. The companies operating in the market have adopted product launches, developments, and R&D to increase their market share and expand their geographical presence. For instance, in November 2020, Cummins Inc. upgraded the Series 800 Holset turbocharger with an all-new compressor stage designed for engines ranging from 15L to 28L to deliver significant improvements in performance, flow range, temperature, capability, and seal robustness. Moreover, an increase in consumer purchasing power and a surge in adoption of innovative & advanced technology are factors reinforcing the demand for energy recovery systems. In December 2019, BorgWarner Inc. launched the newest AirWerks upgraded turbocharger with a convenient bolt-on design and temperature-resistant materials that deliver optimal performance for the customers with Ford F-150 trucks with model years between 2011 and 2016 with an additional 85 horsepower to the vehicle.
The automotive energy recovery system market is segmented on the basis of product type, vehicle type, and region. By product type, the market is divided into regenerative braking systems, turbocharger and exhaust gas recirculation (EGR). By vehicle type, the market is categorized into passenger cars, commercial vehicles and electric vehicles. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Factors such as stringent vehicular emission rules & regulations, an increase in the trend toward downsizing the engine, and stringent fuel economy standards are expected to drive the automotive energy recovery system market growth. In addition, a rise in the number of electric vehicles & EVSE infrastructure and improved vehicle performance are anticipated to boost the market's growth. However, an increase in vehicles' overall cost & weight and high repair & maintenance costs restrain the market growth. Furthermore, technological advancements such as introducing waste energy recovery systems in two-wheelers and a rise in government rules & regulations provide lucrative growth opportunities for the market players.
Key findings of the Study
- By vehicle type, the electric vehicle segment is expected to register significant growth during the forecast period.
- Depending on product type, the regenerative braking system segment is anticipated to exhibit significant growth in the near future.
- Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis creates uncertainty in every market, including the automotive sector. The closure of assembly plants and large-scale manufacturing interruptions has led to the decline in global demand for automobiles, indirectly affecting the automotive energy recovery system market.
Furthermore, governments across different regions announced total lockdown and the temporary shutdown of industries, leading to border closures that restricted the movement of transportation & logistics services.
As per the data released by the Society of Electric Vehicle Manufacturers (SMEV), new electric vehicles (EVs) registrations during FY21 dropped by 20 percent compared with the number of new EV registrations in FY20, which affected the market.
However, the overall service activities of market players have registered a steady and favorable recovery in the subsequent months with an increase in the sales of electric vehicles owing to high fuel cost, which lead to rise in the demand for the global automotive energy recovery system market.
As per the current scenario, the overall world is getting back on track slowly; with the new restriction and policies, a significant recovery in product sales across the retail sector may positively influence the automotive energy recovery system industry owing to the latest technological innovations regarding vehicle performance.
The key players operating in the global automotive energy recovery system market are BorgWarner Inc., Continental AG, Cummins Inc., Faurecia, Honeywell International Inc., Hyundai Motor Group, IHI Corporation, Mitsubishi Heavy Industries, Ltd., Robert Bosch GmbH, and Tenneco Inc.
Companies Mentioned
- BorgWarner Inc.
- continental ag
- Cummins Inc.
- faurecia
- Honeywell International Inc.
- Hyundai Motor
- ihi corporation
- Mitsubishi Heavy Industries
- robert bosch gmbh
- Tenneco Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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