Global Automotive Energy Harvesting and Regeneration System Market - Growth Drivers, Opportunities and Forecast Analysis to 2026
Summary - A new market study, titled “Global Automotive Energy Harvesting and Regeneration System Market - Growth Drivers, Opportunities and Forecast Analysis to 2026” has been featured on WiseGuyReports.
The Global Automotive Energy Harvesting and Regeneration
System Market is expected to grow at a CAGR of 10.9% to reach a market value of
USD 63.9 billion by 2026.
Energy harvesting is the process in which a small amount of
energy, that would otherwise be lost such as heat,light, sound, vibration, wind
magneticforce or movement, is transformed intoan electric current and stored
for laterusage. Key players in automotive industry are investing heavily on
R&D to come up with leading-edge technologies which will give them
competitive advantage over other players in the industry. With the introduction
of energy harvesting and regeneration systems automakers have been able provide
solution to problems such as diminishing oil reserves and increased global
warming and pollution.
The report covers all the major trends and drivers playing a
vital role in the growth of the global market. The market has been segmented on
the basis of region, energy type, and vehicle type.
ALSO READ : https://www.openpr.com/news/2097247/global-automotive-energy-harvesting-and-regeneration-system
Market Dynamics: Drivers, Restraints, Opportunities
Challenges:
The global Automotive Energy Harvesting and Regeneration
System market is primarily driven by growing demand for electric vehicles (EVs)
globally. As energy harvesting and regeneration system are used EVs store
energy for later use. Therefore, rise in demand for vehicles running on
alternative fuels such as EVs coupled with introduction of regulation
pertaining to reducing carbon footprint and global warning will fuel growth in
the globalautomotive energy harvesting and regeneration system market during the
forecast period.
According to International Energy Agency (IEA), in 2017,
more than one million EVs were sold globally, with countries like Norway,
China, and the US dominating the global EVs market in terms of market share. In
the same year, globally more than three million EVs were in stock.Energy
harvesting and regeneration system is one of the key components which are now
being installed by EV manufacturers, to provide value addition to their
consumers. These systems provide clean source of energy and therefore it is
expected that demand for automotive energy harvesting and regeneration systems
will increase during the forecast period.
However, the high entry costs and low power capacity of
batteries may hinder market growth. Automotive energy harvesting and
regeneration systems have low energy conversion rate which is approximately 5%,
therefore, posing major threat for market growth.
Key Segment Analysis
Global Automotive Energy Harvesting and Regeneration System
Market By Vehicle type:
• Hybrid-electric vehicles (HEV)
• Plug-in hybrid electronic vehicles (PHEV)
• Battery electric vehicles (BEV).
HEV is powered by both petrol and electricity. Battery in
HEV is charged by the car’s own braking system; also called as regenerative
braking system that converts kinetic energy into electricity. However, in PHEV,
car’s battery can be charged through external power source. Unlike HEVs and
PHEVs, BEVs does not have petrol engine, fuel tank or exhaust pipe and are
fully electric vehicles with batteries which can be charged via charging
stations and power outlet.
In 2018, HEVs held the majority share in the market and will
continue to dominate the market growing at CAGR 0f ~20% during the forecast
period. However, with continuous technological innovation and high maintenance
battery and battery sensors coupled high replacement cost will result in growth
in demand for Automotive Energy Harvesting and Regeneration System in BEV
during the forecast period.
Global Automotive Energy Harvesting and Regeneration System
Market By Energy type:
• Kinetic Energy Recovery Systems (KERS)
• Regenerative Shock Absorber System
• Solar Power Systems (Photovoltaic)
Kinetic energy recovery systems (KERS) held the highest
market share as these energy harvesting and regeneration is most prominently
used in EVs. In a conventional vehicle a majority of the kinetic energy is
converted during friction braking into heat and emitted unused into the
environment. EVs such as HEVs and PHEVs use the electric motor to recuperate a
portion of kinetic energy produced for reuse. A photovoltaic system or solar
power system has also been attracting manufactures and consumers due to its
more efficient way of converting solar energy directly into electricity coupled
with its cost effectiveness. It is expected that regenerative shock absorber
system and solar power systems will grow at faster CAGR than KERS due to their
effectiveness in passenger EVs as well as commercial EVs.
Geographical Landscape
By geography, the global Automotive Energy Harvesting and
Regeneration System market is segmented into Europe, North America,
Asia-Pacific (APAC), South America, and Middle East and Africa (MEA).
Europe holds the largest market share in Global Automotive
Energy Harvesting and Regeneration System Market. During the forecast period,
it is expected Europe will continue to dominate the market, growing at a CAGR
of 18%-22%. Some of the key leading countries in the region are Germany,
Norway, France, and the UK.
North America held the second-largest market share in global
Automotive Energy Harvesting and Regeneration System market. With continuous
technological innovation, growing awareness about benefits of energy
harvesting, and new product launches providing better efficiency to consumers
will drive the market in the region.
APAC is the fastest growing region and expected to grow at a
CAGR of ~25% during the forecast period. Developing countries in the region
such as China and India will be driving the market growth mainly due to rapid
urbanization and economic growth. In 2018, China is the key leading country in
the region and will post a CAGR of close to 28% due to exponential growth in
sales of EVs in the country. In 2017, electric car sales were up by
approximately 89% as compared to 2016 in China.
Competitive Analysis
Global Automotive Energy Harvesting and Regeneration System
is very new and at nascent stage with presence of top multinationals as well as
small-mid size players. The major players includeRobert Bosch GmbH, Gentherm
Incorporated, Continental AG, Delphi Automotive PLC, and Denso Corporation.
These players have a diverse portfolio of products and offer from new
innovative product to their customers. Other prominent vendors with similar
product offerings are Tenneco Inc., Faurecia SA, ZF Group, and Ricardo PLC.
Robert Bosch GmbH, Continental AG, Delphi Automotive PLC,
and Denso Corporation are some of the big conglomerates with wide product and
service portfolio with worldwide presence.
In April 2019,Gentherm Incorporated was recognized as a 2019
Automotive News PACE Award winner for its battery thermal management (BTM)
system.
In April 2019, DENSO announced that it will invest
approximately 180 billion yen (US$1.6 billion) over the three years – from
FY2018 to late FY2020 – to support its aggressive development and production of
electrified automotive products, systems and technologies. To achieve its
long-term business goal to create and inspire new value for the future of
mobility, DENSO is focused on increasing its performance in the area of
electrification.
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/4532855-global-automotive-energy-harvesting-and-regeneration-system-market-2019-2026
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