The global Automotive Energy Harvesting And Regeneration Market is estimated to be valued at US$ 4.4 Bn 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 recapture waste or unused energy from vehicles and reuse it to perform useful functions and improve fuel efficiency. Energy harvesting systems capture braking or kinetic energy lost during deceleration and use it to charge the vehicle's electrical system or batteries. Regenerative braking is a type of energy harvesting that uses a vehicle's deceleration to recharge the batteries, thereby reducing mechanical braking and fuel consumption. The technology offers advantages such as improved fuel efficiency, reduced emissions, and increased driving range for electric vehicles. With stricter emission norms and rising demand for electric vehicles, automotive energy harvesting and regeneration is gaining importance.
Market key trends:
The key trend in the automotive energy harvesting and regeneration market is the growth of hybrid and electric vehicles. Automakers are increasingly focusing on developing hybrid, plug-in hybrid, and battery electric vehicles to meet emission regulations and consumer demand for sustainable mobility. Regenerative braking plays a vital role in increasing the driving range of electric vehicles by recapturing kinetic energy lost during braking and deceleration. Major automakers like Toyota, Ford, GM, and Honda have models with regenerative braking systems. Another trend is the increasing integration of energy harvesting technologies in conventional gasoline vehicles to improve efficiency. Technologies like Thermoelectric Generators that convert heat from the exhaust into electricity are gaining adoption. Advancements in material sciences are enabling more effective energy harvesting solutions.
Porter’s Analysis
Threat of new entrants: The automotive energy harvesting and regeneration market requires high R&D investment which acts as a barrier for new companies. The established players have technological and financial advantage.
Bargaining power of buyers: The presence of many vehicle manufacturers globally increases the bargaining power of buyers. They can negotiate on price and demand advanced technology.
Bargaining power of suppliers: The key components such as batteries, capacitors etc. require specialized manufacturing facilities. This gives suppliers an edge in price negotiations.
Threat of new substitutes: There are no close substitutes for automotive energy harvesting technology currently. Alternative battery technologies pose a threat in long run.
Competitive rivalry: The market has few large global players and many localized regional players. Players compete on technology, product features, quality, and pricing which drives innovation.
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 demand for fuel-efficient vehicles.
Regional analysis: North America dominated the global market in 2023, owing to strict emission regulations and presence of major automakers in the US and Canada. Asia Pacific is expected to grow at fastest pace during the forecast period with China and India emerging as major markets.
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. Continental AG and Robert Bosch GmbH are the market leaders due to their extensive product portfolio and global presence.
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