Automotive Energy Harvesting and Regeneration Market-Current Trends and Future Forecast
Incorporation of energy conservation and regenerative systems such as automotive flywheels, turbochargers, and exhaust gas recirculation systems, leads to additional cost of ownership of the vehicles. Moreover, battery storages have small energy density per unit volume and also add on to the existing architecture of the vehicle. This significantly decreases the performance of the vehicle and in turn dissuades consumers from adopting these alternative fuel powered vehicles. These factors are expected to hamper the overall automotive energy harvesting and regeneration market growth over the forecast period.
European Union and the U.S. have showed substantial inclination towards adoption of these technologies to enhance operational efficiency of vehicles and usher in clean energy driven vehicles. Among the chief trends gaining traction in the region, green manufacturing to curtail the emission of GHGs and improve the utilization of renewable sources has gained significant popularity. Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Automotive PLC, Faurecia SA, Tenneco Inc., ZF Friedrichshafen AG, Gentherm Incorporated, Torotrak PLC, and Ricardo PLC among others are the chief players in the global automotive energy harvesting and regeneration market.
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According to CIA World Factbook, conventional fuels, commonly referred to as the fossil fuels such as coal, oil, and gas are expected to be exhausted by 2052, if the global consumption of oil remains consistent with an annual oil consumption of over 11 billion tons. Automotive and transportation account for a major share of the global energy consumption, which is expected to fuel demand for advanced technologies in the industry segments. Plug-in hybrid electric vehicles, hybrid, battery electric vehicles are expected to be among the prominent end-use segments of the technology, with hybrid electric vehicles dominating the industry share over the forecast period.
Another factor influencing the growth of the automotive energy harvesting and regeneration market is the growing stringency of the regulatory bodies towards reducing the carbon footprint and enhancing the existing efficiency of the fuel efficiency and emissions. For instance, Corporate Average Fuel Economy (CAFÉ) Standards in U.S. propagating adoption of energy efficient automotive by formulating regulations for reduction of petroleum consumption, enhancing the utilization of alternative fuel vehicles such as hybrid vehicles. It also focuses on reducing greenhouse emissions, and promoting development of innovative technologies to increase their reliance on renewable and conservation of energy sources. This in turn creates a highly conducive environment for growth of the global automotive energy harvesting and regeneration market.
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