Automotive Energy Recovery Systems Market Size and Growth Rate:
Automotive Energy Recovery Systems Market value was valued at USD 14 billion in 2021 and is expected to reach USD 71 billion by 2026, with a CAGR of 27.9% for the 2022 - 2027 forecast period. In a vehicle, for example, to power the engine or batteries, and to improve the efficiency of the engine by recycling the exhaust. The use of dissipated energy improves the overall performance of a vehicle and reduces greenhouse gas emissions. Most electric vehicles are equipped with regenerative braking, while turbocharger and exhaust recirculation have greater penetration in diesel and gasoline-powered vehicles.
Industry Recent developments:
In February 2017, Vermont Electric Power Company and IBM announced the formation of a new company, Utopus Insights Inc., based in Valhalla, NY. Utopus Insights will participate in the next generation of intelligent energy solutions, such as the Energy Analysis Platform and many others.
Automotive Energy Recovery Systems Drivers, Restraints and Growth Insights:
Globally, over the last 5 to 10 years, fuel prices have risen by about 4% to 9% per year. OEMs promote their products with an effective fuel efficiency ratio. Overall, customer preferences are changing, and these days, vehicles prefer more efficient and fuel-efficient vehicles. As a result, there is a growing demand for automotive energy recovery systems. Worldwide, governments of many countries such as the United States and Canada has put in place strict government regulations on emissions, which is also fueling the demand for automotive energy recovery systems.
Emerging economies are currently poorly aware of automotive energy recovery systems, which is holding back market growth. The high cost associated with automotive energy recovery systems also holds back the growth of the global automotive energy recovery market.
Motor vehicle energy recovery systems are gaining ground because of the operational benefits they provide to the vehicle and the customer. The Asia-Pacific region represents the market for more lucrative energy recovery systems for automobiles, due to strict regulations on vehicle emissions and the increasing number of electric vehicles in China, Japan, and in South Korea. Increased public investment in EVSE infrastructure and electric utility vehicles, such as buses and trucks, has also boosted the market growth.
Automotive Energy Recovery Systems Industry Classification:
Industry Analysis – By Product Type:
Industry Analysis – By Vehicle Type:
Geographical Segmentation of the Market:
Regional Presence of the Market:
The global automotive energy recovery market is expected to record a single-digit compound annual growth rate (CAGR) for the forecast period. In terms of market revenues, the motor vehicle energy recovery market in Europe and North America is expected to post a significant CAGR over the forecast period. Slow but stable economic growth, the growing automotive sector, tight government regulations on emissions, changing consumer preferences, relatively high knowledge of automotive energy recovery systems, innovative and advanced technologies are all part of Factors driving the growth of the energy recovery market in motor vehicles in North America and Europe. Both regions are expected to experience a single-digit growth rate over the forecast period.
Leading Key Players Mentioned in the market report:
Highlights of the research report:
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