Automotive Energy Recovery System Market size is estimated to reach USD 170 Billion by the end of 2033, growing at a CAGR of 9% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive energy recovery system was USD 70 Billion. The growth of the market can be attributed to the growing demand of automobiles as well as increasing sale of cars worldwide. Furthermore, growing manufacturing of fuel-efficient vehicles backed by the growing CO2 emission triggering the higher cases of respiratory diseases are also anticipated to hike the market growth over the forecast period. For instance, it was estimated that, in 2021 the car sales reached around 66 million automobiles globally. Hence, such factors are expected to flourish the growth of the market during the forecast period.
Global automotive energy recovery system market trends such as, recent advancements in automotive energy recovery systems as well as rising greenhouse gases, the demand for automotive energy recovery systems is on the rise amongst automobile manufacturers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global market during the forecast period. For instance, it was found that a passenger vehicle emits ~ 4.6 metric tons of carbon dioxide per year. Moreover government of different nation are investing heavily to promote the notion of saving the environment. Vehicles are one of the major mediums to increase the amount of pollution in the atmosphere and as a result there is a need for proper arrangement to prevent this issue.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
9% |
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Base Year Market Size (2022) |
USD 70 Billion |
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Forecast Year Market Size (2033) |
USD 170 Billion |
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Regional Scope |
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Vehicle Type (Electric Vehicles, Hybrid Vehicles, Plug-in Hybrid Electric Vehicles)
The global automotive energy recovery system market is segmented and analyzed for demand and supply by vehicle type into electric vehicles, hybrid vehicles, and plug-in hybrid electric vehicles. Out of these vehicle type, the electric vehicles segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing demand of electric vehicles (EV) along with the surge in the sale for electric vehicles worldwide. For instance, it is forecasted that by 2040, EVs and other zero-emission vehicles will account for almost 70% of new vehicle sales. Automotive energy recovery systems are used in electric cars for energy recover management. It can convert the kinetic energy into electrical when braking. Hence, this factor is expected to hike the growth of the segment over the forecast period.
Application (Passenger Vehicle, Commercial Vehicle)
The global automotive energy recovery system market is also segmented and analyzed for demand and supply by application into passenger vehicle and commercial vehicle. Amongst these segments, the commercial vehicle segment is expected to garner a significant share. The segment is expected to grow on the back of higher utilization of automotive energy recovery systems in commercial vehicles across the globe. Commercial vehicles are used for the transportation of passenger and transport goods to provide profit for businesses and individuals. Some of the different types of commercial motor vehicles (CMVs) are taxicabs, pickup trucks, busses, trucks, vans, travel trailers, and many more. As of 2021, the global production of commercial vehicle rises from 22 million units while the sales of these vehicles estimated to hit around 700,000 units in the similar year across the globe.
Our in-depth analysis of the global automotive energy recovery system market includes the following segments
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By Type |
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By Vehicle Type |
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By Application |
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Asia Pacific Market Forecast
The Asia Pacific automotive energy recovery system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the growing demand for automobiles as well as the rising sales of vehicles including cars and commercial vehicles in the region. For instance, the total number of vehicles sold by China, Japan and South Korea in 2020 was projected to be ~25,225,200, ~ 8,067,557, and ~3,506,774 respectively.
North America Market Forecast
Furthermore, the global automotive energy recovery system market is anticipated to witness significant growth in North America region. The growth of the market in this region can be attributed to the escalated production of electric vehicles backed by the presence of many key manufacturers who are intrigued to invest large capital to make several new innovations in the energy recovery systems. Around 15 million units of light electric vehicle were projected to be sold out in the USA in 2021.
Europe Market Forecast
Further, Europe is anticipated to provide lucrative growth opportunity for the growth of the automotive energy recovery systems market over the forecast period on the back of growth in the R&D and spending in the automotive sector by the government and other private organizations. Therefore, all these factors are anticipated to boost the market growth in the region over the forecast period.
The General Motors Company announced the characteristics of its Ultium-based EVs that capture and repurpose waste energy from the battery. The Ultium Platform’s energy recovery system can increase a vehicle’s range, increase charging speed, reduce battery energy needed for heating, and even enables sportier driving through this waste energy.
Continental AG is launching two new sensors for electrified vehicles: The Current Sensor Module (CSM) and the Battery Impact Detection (BID) system. The manufacturing of all new high-voltage current sensor modules (CSM) will begin by 2022. The new solutions focus on protecting the battery and/or on battery parameter retention.
Author Credits: Harshita Srivastava, Saima Khursheed
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