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Automotive Energy Recovery System Market Size
- Report ID: GMI7004
- Published Date: Oct 2023
- Report Format: PDF
Automotive Energy Recovery System Market Size
Automotive Energy Recovery System Market size was valued at USD 21.3 billion in 2022 and is anticipated to register a CAGR of over 10% between 2023 and 2032. According to the International Energy Agency, in April 2020, the UK automotive sector received USD 89.7 million in investment for advanced technologies in cutting carbon emissions and safeguarding and an estimated 14,000 jobs. The aim of the funding is also to increase the number of low-emission cars, commercial vehicles, and components. This investment led to the integration of energy recovery systems in vehicles, promoting their use and fostering innovation in this market segment.
Additionally, the focus on low-emission cars and commercial vehicles aligns with the goals of energy recovery systems, which can significantly contribute to reducing emissions & improving fuel efficiency, thus driving market demand.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Automotive Energy Recovery System Market Size in 2022: | USD 21.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 59.6 Billion |
| Historical Data for: | 2018 - 2022 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 327 |
| Segments covered: | Propulsion, Vehicle Type, Product |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Several regions are investing in automotive research, development, innovation, environmental protection, and energy efficiency. These investments promote the creation of eco-friendly vehicles & technologies, thus reducing emissions, enhancing sustainability, and driving advancements in energy recovery systems & related components. For instance, in December 2021, the European Commission approved an approx. USD 3 billion Spanish scheme aimed at supporting research, development, innovation, and environmental protection in the electric & connected vehicle value chain. This initiative, partially funded by the Recovery and Resilience Facility, aligns with the goal of advancing sustainable and connected mobility while ensuring fair competition in the European Union.
Concerns about cost, reliability, and performance present challenges in the automotive energy recovery system market. Consumers and automakers often weigh the upfront costs of implementing these systems against long-term fuel savings. There is a need for affordable & dependable systems that consistently deliver improved fuel efficiency and reliability. Overcoming these concerns is crucial to the widespread adoption of energy recovery systems in vehicles, ensuring they provide tangible benefits while addressing cost and reliability issues.
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Automotive Energy Recovery System Market Scope
