The Global Regenerative Braking System Market is projected to grow at a CAGR of 16.8% in the forecast period of 2023-28, cites MarkNtel Advisors in their recent research report. The market is driven by the constantly evolving & expanding automotive sector across the world, entwined with the growing popularity & demand for hybrid electric vehicles, instigating the vehicle owners to install more robust mechanisms for greater sustainability & energy efficiency. As a result, automakers are actively participating in the market and introducing new systems like regenerative braking systems to cater to such needs and drive the industry.
Besides, the implementation of regenerative braking systems positively influences the overall performance of vehicles, making them more fuel efficient, consumers are propelling the demand for these systems & instigating the leading players to increase their production & distribution capacities in the coming years, further states the research report, “Global Regenerative Braking System Market Analysis, 2023.”
Improving Transportation System Feuling the Sales of Commercial Vehicles & Driving the Market
Commercial Vehicles are anticipated to acquire the largest share of the Global Regenerative Braking System Market during the forecast period. The dominance attributes to the rapidly increasing focus & inclination of the governments of different countries on strengthening the overall public transportation infrastructure and addressing transportation issues while building better connectivity across locations.
It, in turn, is demonstrating a rise in the procurement of several new electrically driven vehicles for different commercial applications, associated with public transportation, in line with reducing carbon emissions. As a result, the demand for regenerative braking systems is escalating rapidly to bring better energy efficiency & safety for these commercial vehicles and stimulate the overall market growth through 2028.
High Electric Vehicle Fleet in North America Stimulating the Market Growth
North America is anticipated to dominate the Global Regenerative Braking System Market with the largest share during the forecast period. The dominance attributes to the mounting adoption of electric vehicles across different countries like the US & Canada in the region, backed by stringent norms & encouragement by the government to curb carbon emissions & bring environmental sustainability.
As a result, the demand for greater safety & energy efficiency by consumers in their vehicles to enhance the overall driving range & efficiency is escalating the installation of regenerative braking systems and stimulating market growth. The same aspect is also generating lucrative opportunities for the leading players across the region to increase their production & distribution capacities and cater to the rising need throughout North America in the future.
The leading players in the Global Market are Aisin Seiki Co., Ltd., Autoliv Nissin Brake Systems, Continental AG, Eaton Corporation Plc, Maxwell Technologies, Mazda Motor Corporation, Skeleton Technologies, Robert Bosch GmbH, Hyundai Mobis Co., Ltd, Nissin Kogyo Co., Ltd.
Key Questions Answered in the Research Report