Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive regenerative braking system market was accounted for $5.65 billion in 2020, and is estimated to hit $23.18 billion by 2030, growing at a CAGR of 15.5% from 2021 to 2030.
Strict vehicular emission norms & regulations and surge in number of electric vehicles along with development of electric vehicle infrastructure drive the global automotive regenerative braking system market. However, surge in overall cost & weight of vehicles and high repair & maintenance cost hamper the market growth. On the contrary, technological developments in two-wheeler based regenerative braking system and advent of regenerative braking system in heavy vehicles would open new opportunities in the future.
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Covid-19 Scenario:
- The Covid-19 outbreak negatively impacted the automotive industry, especially the electric vehicle industry. During the pandemic, the demand for new EV registration declined significantly and procurement of raw material became difficult.
- The prolonged lockdown disrupted the supply chain and increased the prices of raw materials. However, as the world is recovering from the pandemic, the demand for automotive would increase.
The report segments the global automotive regenerative braking system market on the basis of vehicle type, system, propulsion type, and region.
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Based on vehicle type, the passenger car segment held the lion’s share in 2020, accounting for nearly three-fourths of the market. However, the commercial vehicle segment is expected to register the highest CAGR of 19.8% during the forecast period.
On the basis of system, the electric segment would showcase the highest CAGR of 16.9% during the forecast period. In addition, the segment held the largest share in 2020, contributing to nearly three-fourths of the market. The report includes analysis of the hydraulics and other segments.
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The global automotive regenerative braking system market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020 in terms of revenue, holding nearly half of the market. However, Europe is expected to manifest the highest CAGR of 17.8% from 2021 to 2030.
The global automotive regenerative braking system market report includes an in-depth analysis of the prime market players such as Advics Co., Ltd., AISIN Corporation, Continental AG, DENSO Corporation, Faurecia, Hyundai Mobis, Maxwell Technologies, Robert Bosch GmbH, ZF Friedrichshafen AG, and Mazda Motor Corporation.
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