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Asia Pacific Automotive Energy Recovery System Market Size, Share & COVID-19 Impact Analysis, By Subsystem (Turbocharger, Exhaust Gas Recirculation (EGR), and Regenerative Braking System), By Propulsion (ICE, and Electric), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Regional Forecast, 2023– 2030

Last Updated : April 01, 2024 | Format: PDF | Report ID: FBI108029

 

KEY MARKET INSIGHTS

Asia Pacific held the largest share in the global automotive energy recovery system market. It is projected to grow at a CAGR of 8.3% during the forecast period. Global automotive energy recovery systems market size is projected to grow from USD 17.12 billion in 2022 to USD 29.60 billion by 2030.


Electric vehicles are the main factor driving the growth of the market. Thus, the rising sale of electric vehicles owing to their increased driving range & efficiency has propelled the demand of automotive energy recovery systems in the Asia Pacific region. Moreover, increased demand for fuel-efficient vehicles augments market growth during the forecast period.


Our report on the Asia Pacific market covers the following countries/regions – China, Japan, India, South Korea, and the Rest of Asia Pacific.


LATEST TRENDS


Development of New Technologies Propels Market Growth.


The automotive industry in Asia Pacific is investing in the development of new and advanced technologies, such as regenerative braking systems, regenerative suspension systems, exhaust gas recovery systems (which improve engine efficiency by recycling exhaust gasses), and several others. These technologies can improve the efficiency and performance of energy recovery systems and reduce their costs.


For instance, in February 2021, the IIT-Madras team developed a new regenerative brake system for the electric vehicle type that incorporates dynamic features for existing technologies. The team developed strategies to improve the braking performance of electric vehicles (EVs), which will provide a comfortable ride in heavy commercial vehicles. Thus, the innovation and development in the automotive energy systems market for passenger cars and commercial vehicles drive the market growth over the estimated period.


DRIVING FACTORS


Increasing Adoption of Electric Vehicles Fuels Market Growth


The populace and governments of major countries such as China and India are focused on the adoption of electric vehicles. For instance, China witnessed the sale of 3.3 million electric vehicles in 2021, a 284.5% increase in sales as compared to the previous year, 2020, which was around 1.16 million. Thus, the region holds the largest automotive energy recovery system market share.


People are shifting toward adopting electric vehicles due to their low operating costs. Moreover, the governments focus on developing the infrastructure required for electric vehicles fuels market growth for the same. As with this development, the incorporation of energy recovery systems in electric vehicles is increasing to increase the range of the vehicle. This drives the demand for automotive energy recovery system market growth during the forecast period.


RESTRAINING FACTORS


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High Cost of the System Restrains Market Growth in Asia Pacific


Energy recovery systems are mostly expensive, which deters some buyers from investing in them, especially in countries with lower average incomes. The initial cost of these systems also makes them less attractive to budget-conscious fleet operators and businesses. However, major players are focused on research and development of the system that will provide increased efficiency at reduced cost. This will further propel market growth during the forecast period.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, Denso Corporation and Panasonic are the key players in the Asia Pacific market, thanks to strong product offerings and active participation in R&D investments to accelerate product launches and authorizations in the projected period. These companies are focused on strengthening their product portfolio and distribution network through strategic partnerships and collaborations to upsurge their market share in the Asia Pacific.


LIST OF KEY COMPANIESs PROFILED:



  • Denso Corporation (Japan)

  • Panasonic (Japan)

  • Mitsubishi Motors (Japan)

  • Hyundai Motor Group (South Korea)

  • Aisin Corporation (Japan)

  • IHI Corporation (Japan)

  • Robert Bosch GmbH (Germany)

  • Wuxi Credible Turbochargers Co., Ltd. (China)

  • Beijing HiLiQi Turbocharger Manufacturing Co., Ltd. (China)

  • Hyundai Mobis (South Korea)


KEY INDUSTRY DEVELOPMENTS:



  • December 2021- Eaton introduced a complete portfolio of variable valve actuation (VVA) technologies. The company has highly focused on heavy-duty commercial vehicles' waste heat recovery technology. This will help commercial vehicle manufacturers meet upcoming emissions regulations in China.

  • July 2019: Hyundai Motor developed and launched VVD engine valve control technology that will help improve the engine performance and fuel efficiency of all Hyundai and Kia vehicles.


REPORT COVERAGE


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The market report provides qualitative and quantitative insights on the market and a detailed analysis of the Asia Pacific market size & growth rate for all possible segments in the market. Along with the Asia Pacific automotive energy recovery system market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are overview of the number of procedures, an overview of price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships and, the impact of COVID-19 on the market.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 8.3% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



Subsystem; Propulsion; Vehicle; and Country/ Sub-Region



By Subsystem




  • Turbocharger

  • Exhaust Gas Recirculation (EGR)

  • Regenerative Braking System



By Propulsion




  • ICE

  • Electric



By Vehicle




  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles



By Country/ Sub-Region




  • Japan (By Propulsion)

  • China (By Propulsion)

  • India (By Propulsion)

  • South Korea (By Propulsion)

  • Rest of Asia Pacific (By Propulsion)






Frequently Asked Questions

The market is estimated to grow at a CAGR of 8.3% during the forecast period 2023-2030.

Increasing adoption of electric vehicles fuels market growth.

China dominated the Asia Pacific market in 2022.

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