New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global automotive energy recovery systems market is estimated to grow at a CAGR of ~9% from 2023 to 2033. The market is estimated to garner revenue of ~USD 170 billion by the end of 2033, up from a revenue of ~USD 70 billion in the year 2022 backed by the increased focus on reducing vehicular emissions and the government's initiatives to reduce the dependency on fossil fuels. The use of energy recovery systems in the automotive industry helps to improve fuel efficiency and reduce emissions. It is estimated that an average passenger vehicle emits 4.6 metric tons of carbon dioxide per year.
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Moreover, governments are actively looking to reduce the amount of air pollution created by vehicles, as the current levels have been linked to health issues and climate change. According to WHO, 4.2 million premature deaths were attributed to outdoor air pollution worldwide in 2019. Therefore, initiatives have been established to reduce vehicular and industrial pollution, such as introducing more energy-efficient vehicles, incentivizing the use of public transportation, and setting limits on emissions. For instance, for passenger cars and light trucks in the United States through 2026, federal greenhouse gas (GHG) emissions standards have been finalized by the Environmental Protection Agency (EPA). The standards set a limit for emissions of carbon dioxide, methane, and other GHGs from these vehicles. Thus, these initiatives are expected to drive the growth of the global automotive energy recovery systems market as these systems are used to reduce emissions and improve fuel efficiency.
Global Automotive Energy Recovery Systems Market: Key Takeaways
- Market in Asia Pacific to grow at the fastest rate in the next few years
- Regenerative Braking System segment to garner the highest growth
- Market in North America to witness substantial growth in the coming years
Development of High-Performing, Low-Cost Energy Recovery Systems for Vehicles, Owing To Technological Advancements to Boost Market Growth
Automobile companies are investing heavily in research and development in order to develop more efficient and cost-effective solutions for the automotive industry. As a result, there has been the development of advanced automotive energy recovery systems that have the potential to significantly reduce energy consumption and costs. This, in turn, is expected to drive market growth in the coming years. For instance, in August 2019, Hyundai Motor Group launched the world's first CVVD (Continuous Variable Valve Duration) engine, a 14 gasoline turbo with 180 horsepower and 27.0 kilograms of torque and recirculation of exhaust gases to maximize fuel economy with its Smartstream G1.6 T-GDi Engine. Moreover, government initiatives involving the adoption of hybrid and electric buses in many countries around the world are also contributing to the growth of the energy recovery system market, as they require RBS to be installed in order to be more efficient. For instance, in 2022, BYD introduced the Type A electric school bus, a battery-electric vehicle that included standard safety features including an electronic stability control system to ensure better handling, electronic braking system to ensure more evenly distributed brake force, and a high strength steel construction body. As these vehicles become more prevalent, there is a greater need for energy recovery systems to reduce the amount of energy consumed. These systems can help to reduce fuel costs, as well as carbon emissions, making them more attractive to consumers. This in turn is expected to create market opportunities for the automotive energy recovery systems market over the forecast period.
Global Automotive Energy Recovery Systems Market: Regional Overview
The global automotive energy recovery systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Huge Production of Electric Vehicles to Spur the Market Growth in the Asia Pacific Region
The automotive energy recovery systems market in Asia Pacific region is estimated to garner the largest revenue by the end of 2033 backed by the rising demand for electric vehicles as batteries used in electric vehicles require a lot of energy in order to power them, and energy recovery systems help to reduce the amount of energy needed. Furthermore, the high level of investments being made by governments and manufacturers into the development of electric vehicles is expected to create lucrative business opportunities for automotive energy recovery systems. For instance, in 2019, the Chinese government invested a total of USD 60 billion in the electric mobility sector in the form of subsidies and other financial incentives. The increased demand for EVs and their advanced features, such as battery management systems, advanced driver assistance systems, and regenerative braking systems is anticipated to drive the regional market growth. As these systems help to reduce the amount of energy lost during braking, this helps to increase the range of EVs. Moreover, the growing demand for heavy commercial vehicles owing to the growth in logistics, warehousing, and freight services, as a result of the rise of the e-commerce sector in the region and the rising disposable incomes in many countries in this region have increased the demand for personal vehicles, which is further expected to drive the demand for automotive energy recovery systems in the coming years.
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Increasing Demand for Hybrid Vehicles to Boost the Growth in the North American Region
The automotive energy recovery systems market in North America is anticipated to see the highest CAGR by the end of 2033 owing to the rapid expansion of the automotive industry and rising demand for energy-efficient cars, as well as increasing environmental awareness among consumers. For instance, light vehicle sales in the United States reached 14 million units in 2020. Globally, the United States ranks second in both vehicle production and sales. The United States produced 5 million vehicles in 2020 from international automakers. Moreover, the increasing production of hybrid and electric vehicles and the increasing number of government initiatives to promote the use of energy-efficient vehicles are also expected to contribute to the growth of the market in the region. It was observed that hybrid vehicles sold in the U.S. in 2021 accounted for 4% of all light vehicles sold in the country, up 75% from 2021. Hybrid vehicles use both electric and gasoline engines, and the energy recovery systems allow for more efficient use of the energy produced by the engines. This allows drivers to get more power out of their vehicles while using less fuel, making them more cost-efficient and environmentally friendly. Moreover, the use of advanced technology such as sensors, cameras and artificial intelligence in the automotive industry is stoking the demand for energy recovery systems in North America as these technologies require larger amounts of power, thus creating a need for efficient energy recovery systems.
Global Automotive Energy Recovery Systems Market, Segmentation by Type
- Regenerative Braking System
- Exhaust Gas Recirculation (EGR)
- Turbochargers
The regenerative braking system segment is anticipated to hold the largest revenue by the end of 2033. The regenerative braking system recovers kinetic energy from the wheels of the vehicle and converts it into electrical energy. This energy is then used to power the vehicle, which reduces fuel consumption and emissions. It is also relatively easy to install and is becoming increasingly popular due to its cost-effectiveness. Moreover, the rising demand for electric vehicles is also anticipated to drive the regenerative braking system segment growth over the forecast period. Since electric vehicles are powered by batteries and have electric motors that require the use of a regenerative braking system to convert the kinetic energy produced during braking into electrical energy, which can be stored in the vehicle's battery for later use. Worldwide, around 18 million electric vehicles, including all-electric cars and plug-in hybrids, were sold between 2012 and 2021. Also, electric cars, buses, vans, and heavy trucks are expected to comprise 143 million vehicles on the roads by 2030. Thus, the rise of electric vehicles has caused a surge in demand for regenerative braking systems, which has driven up the CAGR of the segment.
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Global Automotive Energy Recovery Systems Market, Segmentation by Application
- Passenger Vehicle
- Commercial Vehicle
The commercial vehicle segment is anticipated to hold the largest revenue by the end of 2033 backed by the increasing demand for energy recovery systems in commercial vehicles such as trucks and buses for improved fuel efficiency and reduced emissions. Commercial vehicles account for a large portion of the total vehicular traffic, especially in urban areas. Also, as commercial vehicles travel longer distances, they are more likely to require more energy for their operations. Automotive Energy Recovery Systems can help reduce the fuel costs for these vehicles, making them a more attractive option for businesses. Further, the increasing number of road and highway projects which require the transportation of goods and people and the growing trend of urbanization are also expected to contribute to the growth of the commercial vehicle segment, as more people move to cities and require efficient transportation options. Based on 2023 statistics, there are 14,180 14,180 businesses engaged in Road and Highway Construction in the United States, an increase of 0.5% in comparison with 2022.
Global Automotive Energy Recovery Systems Market, Segmentation by Vehicle Type
- Electric Vehicles
- Hybrid Vehicles
- Plug-in Hybrid Electric Vehicles
Few of the well-known market leaders in the global automotive energy recovery systems market that are profiled by Research Nester are General Motors, Mitsubishi Heavy Industries, Ltd., Continental AG, Robert Bosch GmbH, Delphi Group, Panasonic Holdings Corporation, Faurecia, Tenneco Inc., Cummins Inc, and other key market players.
Recent Development in the Global Automotive Energy Recovery Systems Market
- A new Battery Impact Detection (BID) system and a Current Sensor Module (CSM) have been released by Continental AG for electrified vehicles. The BID system monitors the state of charge of the battery and detects potential damage caused by deep discharge. The CSM also monitors the current draw of the battery and can be used to adjust the power output of the battery. Both systems are designed to help protect the battery and extend its life.
- The General Motors Company announced the features of its Ultium-based EVs, which can capture and recycle battery waste energy. The Ultium Platform produces waste energy that can be used to increase a vehicle's range, increase the speed of charging, reduce the amount of energy needed for heating, and even enable sportier driving.
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