The global automated energy harvesting and regeneration market is aggressively competitive and fragmented, states an upcoming report by Transparency Market Research (TMR). The key player in the market comprises of Torotrak PLC, Continental AG, Robert Bosch GmbH, Tenneco Inc., and Gentherm Incorporated. The master strategies being adopted by these companies include investment in research and development to introduce technologically advanced products to strengthen their position in the global market.
The rising demand for environment friendly and sustainable solutions for automotive energy harvesting is expected to lead the global automotive energy harvesting and regeneration market in the future. The market is likely to grow at a staggering rate of 21.6% CAGR over the forecast period 2017 to 2025. The global automotive energy harvesting and regeneration market was valued at US$ 24. 59 bn in 2016 and it is expected to reach the estimated value US$127. 78 bn by the end of 2025.
On the basis of geographical outlook, Asia Pacific is projected to rule the global automotive energy harvesting and regeneration market. The growth in this region is expected from economies like India, China, and Japan. However, China is projected to fuel the global automotive energy and regeneration market during the forecast period. In terms of vehicles, the global automotive energy harvesting regeneration market is divided into hybrid electric vehicle, plug in hybrid electric vehicle, and battery electric vehicle. However, battery electric vehicle is likely to dominate the global automotive energy harvesting regeneration market in future.
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Rising Environmental Concern to Promote to Expand Market
The rising concern over the environmental damage has led to imposition of strict regulations such as maintaining the Corporate Average Fuel Economy Standards and demand for energy saving vehicles. This leads to opt for less carbon emission alternatives and introduction of better technologies. These factors are projected to drive the global automotive energy harvesting and regeneration market in succeeding years.
Moreover, rising popularity of green manufacturing in the automotive sector is expected to fuel the demand for energy harvesting and regeneration, owing to the robust expansion of the global automotive energy harvesting and regeneration market in the following years.
Depletion of Crude Oil to Accelerate Growth
The depletion of crude oil is leading to look for alternative fuel and energy source, aiding the growth in the global automotive energy harvesting and regeneration market. Additionally, the production of hybrid electric vehicles is expected to propel the demand for alternative energy source. Hybrid electric vehicles provide higher fuel efficiency, owing to the substantial expansion of the global automotive energy harvesting and regeneration. Automotive giants like Volkswagen have introduced mild hybrid vehicle to take the growth potentials to one step ahead. These vehicles employ regenerative braking systems. Further, emergence of latest technologies in car manufacturing is expected to bolster the global automotive energy harvesting and regeneration market. Many major companies are looking forward to introduce advanced battery operated vehicles is expected to further push the growth.