Thanks to the increasing popularity of green manufacturing processes in the automotive industry, the global market for automotive energy harvesting and regeneration is observing a high growth rate. The implementation of stringent government regulations, impelling the usage of energy efficient vehicles, are also boosting this market substantially.
According to Transparency Market Research (TMR), the worldwide automotive energy harvesting and regeneration market will keep its growth streak rising over the next few years. The opportunity in this market will progress at an impressive CAGR of 21.60% between 2017 and 2025, increasing from US$24.6 bn in 2016 to US$127.8 bn by the end of 2025.
In this blog post, analysts at TMR are answering some of the important queries about the global automotive energy harvesting and regeneration market:
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What are the main factors that are influencing the global automotive energy harvesting and regeneration market?
The continual shrinking of energy sources has triggered the demand for energy harvesting and regeneration across various sectors, the automotive industry being one of them. Consumers, nowadays, have been more aware of the repercussion that the depleting energy resources can have over the next few years. This, as a result, has shifted their focus toward saving and regenerating energy form whatever means they have, including automobiles. This is, where, automotive energy harvesting and regeneration system comes to play.
Overall, the future of this market looks great. However, the advent of EV battery technology and the high cost of energy efficient vehicles may obstruct the growth trajectory of this market in the near future. To normalize the effect of this challenge, manufacturers are anticipated to involve into developing efficient yet low cost batteries over the next few years.
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Which of the geographical segments is going to lead this market over the forthcoming years?
The Middle East and Africa, North America, Asia Pacific, Latin America, and Europe have surfaced as the key geographical segments of the worldwide market for automotive energy harvesting and regeneration. On account of the stringent government regulations, implementing standards for energy saving in the U.K., France, Germany, and Italy, Europe has acquired the leading position in the global market. With increasing trend of green technology, this regional market is anticipated to remain on the top over the next few years.
Which strategies do key players adopt for business expansion?
The leading participants in the global market for automotive energy harvesting and regeneration, such as Robert Bosch GmbH, Delphi Automotive PLC, Faurecia SA, and Denso Corp., have been actively involved in tactical partnerships, which they are most likely to continue even over the forthcoming years. Heavy investments in research activities for the development of innovative products is also a preferred strategy among key players looking for expansion.