Global Regenerative Braking System Market Research Report: Forecast (2023-2028)
Market Definition
A Regenerative Braking System in a vehicle is an energy recovery mechanism that transforms the kinetic energy of a moving vehicle while slowing down into a form that can be stored & used later. This energy is stored in the vehicle's battery, from where the system can utilize it while accelerating next time without the need to access its energy reserve.
The energy might otherwise be lost to the brake discs as heat, as in the case of conventional brakes, and can be recovered from the vehicle's momentum using an electric traction motor. Further, with the growing inclination & adoption of hybrid & battery vehicles, the demand for regenerative braking systems is escalating swiftly, instigating the automakers to integrate the mechanism in modern cars.
Market Insights & Analysis: Global Regenerative Braking System Market (2023-28)
The Global Regenerative Braking System Market is projected to grow at a CAGR of around 16.8% during the forecast period, i.e., 2023-28. The market is driven by the escalating procurement of battery & hybrid electric cars across the globe, in line with reducing carbon emissions, instigating the need for the regenerative braking industry to bring revolutionary changes in the entire automotive sector.
Besides, the growing affinity of people toward efficient & eco-friendly vehicles further projects an extending necessity for automotive regenerative braking systems to enhance the overall operational efficiency of the vehicle. Besides, growing awareness among people about the significance of regenerative brakes & their capability to increase the vehicle's range, ultimately improving the efficiency of the brake system, is also augmenting the demand for these systems in vehicles and driving the market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 16.8% |
| Regions Covered | North America: US, Canada |
| Europe: Germany, The UK, France, Rest of Europe | |
| Asia-Pacific: China, Japan, South Korea, Rest of Asia-Pacific | |
| Rest of the World | |
| Key Companies Profiled | 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. |
| Unit Denominations | USD Million/Billion |
Moreover, owing to their versatility & efficiency in energy conservation, especially in commercial vehicles, these braking systems are likely to gain momentum in the forecast period. After all, energy-efficient modules allow all freight & passenger cars to move toward higher fuel economy, leaving minimal carbon footprints behind. Hence, the adoption of these braking systems is likely to upsurge in the coming years and lead the market toward substantial growth.
Global Regenerative Braking System Market (2023-28): Segmentation Analysis
The Global Regenerative Braking System Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Vehicle, and Storage Type the market has been further classified as:
By Vehicle:
Among all, Commercial Vehicles are anticipated to dominate the Global Regenerative Braking System Market with the largest share during the forecast period. It owes to the growing inclination of the governments of different countries on strengthening the public transportation systems and procuring newer vehicles for different commercial applications.
Besides, with the escalating need to address carbon emissions, the adoption of battery-driven vehicles for commercial use is gaining swiftly momentum and instigating prominent automakers to install regenerative braking systems. Moreover, consecutive charging & traveling range are increasing backed by the mounting utilization of these vehicles, the need for regenerative braking systems is upsurging rapidly, leading the market to witness substantial growth. Furthermore, growing awareness among automakers about the benefits of these braking systems in commercial vehicles due to their rigorous use, offering better fuel efficiency & range is also stimulating the market growth.
By Storage Type
Battery storage in the regenerative braking system shall also have a significant contribution to the market expansion during the forecast period. It owes to the rapidly increasing adoption of electric vehicles across the world principally to minimize carbon emissions and bring greater energy efficiency to vehicles. Owing to the growing popularity & sales of these vehicles, automakers are installing regenerative braking systems in these vehicles with battery storage systems due to the presence of electric motors used when the vehicle is run in one direction, converting electrical energy into mechanical energy.
When the vehicle runs in the opposite direction, these battery motors become electric generator and transforms mechanical energy into electrical energy, thereby making the electrical energy into a charging system for the vehicle batteries. Hence, the demand for these systems for energy efficiency is escalating swiftly and positively influencing market growth.
On the other hand, the flywheel storage system is anticipated to contribute substantially to the expansion of the Global Regenerative Braking System Market during the forecast period. It owes principally to the capabilities of this system to transform the recovered energy into electrical energy using an integrated flywheel system. Besides, growing awareness about the benefits of these systems to regain energy for a very short interval is also fueling its demand globally. Besides, the flywheel is used for converting translational energy into rotational energy, enabling efficient storage of this energy until it is needed to accelerate the vehicle.
Global Regenerative Braking System Market Regional Projection
Geographically, the Global Regenerative Braking System Market expands across:
Here, North America is anticipated to dominate the market with the largest share during the forecast period. The dominance attributes to the growing adoption of electric vehicles across different countries in the region, backed by stringent norms & encouragement by the government to invest in these vehicles to curb carbon emissions and bring environmental sustainability.
It, in turn, is also triggering the need for greater safety & energy efficiency for the consumers to run the vehicle for longer ranges. Hence, people are increasingly fueling the demand for regenerative braking systems across North America, especially in countries like the US & Canada. Besides, the well-established automotive infrastructure and regulated frameworks for Electric vehicles have also played a prominent role in paving the way for industry growth in the region.
On the other hand, Asia-Pacific is anticipated to demonstrate the fastest growth in the Global Regenerative Braking Systems Market during the forecast period. It owes principally to the vast automotive industry, exponentially rising population, improving economic conditions, growing inclination toward private vehicle ownership, and escalating demand for enhanced vehicle safety & efficiency, augmenting the demand for regenerative braking systems.
Besides, support from the governments of countries like China & India, among others, through tax benefits & incentives to buy electric vehicles, is also contributing to the large influx of entrants across the Asia Pacific region and shall generate lucrative opportunities for the leading players during the forecast period.
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Frequently Asked Questions
A. The Regenerative System Market is projected to grow at a CAGR of around 16.8% during 2023-28.
A. Key drivers are the rising demand for fuel-efficient or electric vehicles, whereas the restraining factors are the high cost and bulky size of the regenerative braking system equipped vehicles.
A. Battery is anticipated to emerge as an area of remunerative opportunities for the leading players in the Regenerative System Market during the forecast period.
Global Regenerative Braking System Market Research Report (2023-2028) - Table of Contents
