Major participants in the global automotive energy harvesting and regeneration market are Robert Bosch GmbH, Continental AG, Delphi Automotive PLC, Denso Corporation, Tenneco Inc., Faurecia SA, Gentherm Incorporated, ZF Group, Ricardo PLC, and Torotrak PLC.
Key methods leveraged by the big names in the global automotive energy harvesting and regeneration market to strengthen their positions are strategic partnerships and focus on technological advancements. Robert Bosch GmbH, for example, has partnered with Software AG for developing joint services and solutions for the Internet of Things and Industry 4.0. It has also invested heavily in research and development to come up with more cutting-edge offerings. Continental AG again is leading the market with a focus on innovative design. Denso Corporation, another crucial player, also banks heavily on research and development to beat competition by offering customers with technologically advanced products.
A report by Transparency Market Research predicts the global automotive energy and harvesting and regeneration market to expand at a phenomenal 21.6% CAGR between 2017 and 2025 to become worth US$127.78 bn by 2025 from US$24.59 bn in 2016.automotive energy harvesting regeneration market
Germany Propels Europe to the Top Slot
Depending upon the type of vehicles, the global automotive energy harvesting and regeneration market can be segmented into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles. Among the three, the segment of hybrid electric vehicles accounts for a leading share in the market and in the years ahead too will retain its dominant share by expanding at a robust CAGR of 22.2% between 2017 and 2025. This is because hybrid electric vehicles combine the benefits of both electric motors and gasoline engines and hence can be configured to suit various requirements such as better fuel efficiency, increased power, and auxiliary power for power tools and electronic devices.
Geography-wise, the global automotive energy harvesting and regeneration market can be segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Europe, among them, leads with maximum share and in the years ahead too will likely retain its dominant position, powered by Germany, Italy, the U.K., and France. In 2016, the market for automotive energy harvesting and regeneration in Europe was worth US$7 bn.
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Popularity of Green Manufacturing Catalyzes Growth in Market
Majorly boosting the global automotive energy harvesting and regeneration market is the soaring awareness and popularity of green manufacturing in the automotive industry. Green manufacturing makes use of renewable energy and attempts to bring down pollution by cutting down emissions. Energy harvesting and regeneration techniques help achieve just that.
Another factor stoking growth in the market is the strict government rules. “Stringent government policies and regulations globally such as The Corporate Average Fuel Economy (CAFÉ) Standards are encouraging the demand for energy efficient vehicles by formulating regulations for reducing petroleum consumption, increasing the availability of alternative fuel vehicles, lowering greenhouse emission and promoting the advancement of innovative technologies and this is offering a potential growth opportunity to the global automotive energy harvesting and regeneration market,” elaborates the lead analyst of the report.
On the flip side, the high cost of vehicles and current battery technology of EVs is crimping growth in the global automotive energy harvesting and regeneration market. However, manufacturers are expected to come up with low cost and more efficient batteries in the near future to overcome the challenge.