The Automotive Energy Harvesting And Regeneration Market is estimated to be valued at US$ 4.4 Bn or Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The automotive energy harvesting and regeneration market involves technologies that can recapture energy lost during vehicle braking and use it to charge the vehicle battery or power onboard electrical devices. Regenerative braking is a key technology that converts kinetic energy to electrical energy during braking and feeds it back to the vehicle's battery. Automakers are also exploring the potential of harvesting ambient energy sources inside the vehicle through thermoelectric generators, pyroelectric energy harvesting, and electromagnetic energy harvesting to boost fuel economy.
Market Dynamics:
Increased stringency of fuel economy and emission reduction norms globally is a key factor driving the adoption of energy harvesting and regeneration technologies in the automotive industry. Automakers are under regulatory pressure to reduce average fleet emissions and improve fuel efficiency. Regenerative braking enables electric and hybrid vehicles to capture up to 60% of braking energy that is otherwise lost as heat. Moreover, hybrid vehicles equipped with regenerative braking systems can achieve a 15-25% improvement in fuel efficiency. Furthermore, growing sales of electric vehicles is also fueling demand for on-board energy harvesting technologies. The proliferation of advanced driver-assistance systems and autonomous driving features is prompting automakers to explore new sources of in-vehicle power including energy harvesting. However, high development costs and incremental costs associated with energy harvesting devices continue to restrain faster market growth.
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Segment Analysis
The automotive energy harvesting and regeneration market is dominated by the hybrid vehicle segment. Hybrid vehicles use regenerative braking systems that convert kinetic energy lost during braking into usable electrical power. This captured energy is then stored in the battery and used to supplement the conventional engine or electric motor. Hybrid vehicles account for over 50% of the total automotive energy harvesting market as they offer improved fuel efficiency over conventional vehicles. Plug-in hybrid vehicles are an emerging sub-segment within hybrids owing to lesser emissions and ability to run on electricity as well as gas.
PEST Analysis
Political: Stricter emission norms in regions like Europe are driving demand for hybrid and electric vehicles that use energy harvesting systems. Governments provide subsidies to manufacturers as well as consumers to promote green vehicles.
Economic: Rising fuel costs and electricity prices are encouraging adoption of energy efficient solutions in vehicles. Companies are investing heavily in developing innovative regeneration technologies to gain a competitive edge.
Social: Increasing environmental concerns and awareness about sustainability is positively impacting the sale of hybrids and EVs. Customers now prefer vehicles with enhanced mileage and reduced carbon footprint.
Technological: Advancements in lightweight materials, smart sensors and power electronics are facilitating improved energy capture abilities. Storage technologies like lithium-ion batteries are also evolving to support higher regenerative volumes.
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 integration of green technologies in vehicles. The market size for 2023 is estimated to be US$ 4.4 Bn.
Regional analysis indicates Europe dominates the automotive energy harvesting market currently owing to strict emission norms and supportive EV policies of governments. Asia Pacific is emerging as the fastest growing regional market led by China, which offers large production and sales volumes for new energy vehicles.
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. These companies are investing in lightweight thermal and electric technologies to enhance the regenerative abilities of next-gen vehicles.
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An intensifying CAGR is estimated to shape the global energy harvesting system market in the impending period.The inclination of the general population towards energy conservation is estimated to expand the energy harvesting technologies market.
Also, the focus on safe and durable power sources development is predicted to create a novel scope for expansion in the energy harvesting system market.Competitive Analysis The backing from administrative bodies around the world is escalating because the market requires an additional impetus to attain regularity in such a situation.
The stress on modernization is appraised to see an upswing in the coming years, as the user requirements have to be tackled in an improved manner to safeguard the revival of the worldwide market.
The conflict in the forces of demand and supply is appraised to produce a measured development context in the market.The eminent contenders in the energy harvesting system market include Fujitsu (Japan), Honeywell International Inc.(U.S.), STMicroelectronics (Switzerland), Siemens AG (Germany), Microchip Technology Inc. (U.S.), ABB Limited (Switzerland), Convergence Wireless (U.S.), Cymbet Corporation (U.S.), and Texas Instruments (U.S.) among others.Get Free Sample Report@ https://www.marketresearchfuture.com/sample_request/1167Segmental Analysis The segmental investigation of the energy harvesting system market is carried out on the basis of components, methods, sensors, application and region.Based on the components, the energy harvesting system market is segmented into batteries, solar cells, capacitors, transistors, controllers, and switches, among others.Based on the methods, the energy harvesting system market is segmented into photovoltaic, vibration, and thermal, among others.Based on the sensors, the energy harvesting system market is segmented into pressure, humidity, temperature, and IR, among others.The application-based segmentation of the energy harvesting system market comprises of automation, consumer electronics, industrial, and transportation, among others.Based on the regions, the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.Detailed Regional Analysis The regional review of the energy harvesting system market is segmented into the Americas, Europe, the Middle East, Asia Pacific and Africa.
The extraordinary growth in the arena of technology and substantial investment by the vital companies in research and development and new product introductions are some of the foremost factor backing up the market development.
