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The China automotive energy recovery system market is projected to grow at a CAGR of 20.2% during the forecast period.
The growth of the market has been attributed to the rising electric vehicle sales in China. Moreover, increasing partnerships and collaboration among different automotive manufacturers and suppliers to expand their distribution channel and global reach is further projected to propel the demand for the overall market. Due to the availability of raw materials at low cost and being the automotive hub, the Chinese automotive energy recovery system market is expected to lead in the forecast period.
Government Support for Electric Vehicles Thrives on Market in China.
The government of China has set aggressive targets for electric vehicle adoption and has provided significant financial support for the development and deployment of electric vehicles. This fuels the energy recovery system market, which are critical components in electric and hybrid vehicles. Moreover, automobile manufacturers are currently focused on producing advanced automotive energy recovery systems market by vehicle type, such as passenger cars and commercial vehicles. The companies are focused on increasing the energy optimization and making fuel efficient vehicles.
Growing Electric Vehicle Market in China Fuels the Market Growth
China accounts for the largest market for electric vehicles, with the government aiming to have 50% of all new vehicle sales be electric by 2035. For instance, in 2021, the number of electric vehicles sold in China was 3.3 million, almost thrice the vehicle sales in 2020, at around 1.16 million. Energy recovery systems, such as regenerative braking and kinetic energy recovery systems (KERS), are critical components in electric vehicles, as they help extend their driving range and improve overall efficiency. Thus, China accounts for a significant market size in the global automotive energy recovery market, which fuels the growth of the energy recovery systems industry in the country.
Lack of Standardization Affects the Market in the Country
There are no universal standards for energy recovery systems, which could limit their adoption by OEMs and create challenges for repair facilities. The lack of standardization could also lead to interoperability issues, making it difficult for energy systems to be used across different vehicle models and brands. Thus, restraining the China automotive energy recovery market growth.
In terms of the competitive landscape, Tenneco Inc., Honeywell Corporation, and Cummins Inc. are the key players in the China market, thanks to strong product offerings and active involvement in R&D investments to accelerate product launches and approvals in the forecast period. These companies are focused on strengthening their product portfolio and distribution network through strategic collaboration and partnerships to increase their China automotive energy recovery system market share.
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The market report provides qualitative and quantitative insights on the market and a detailed analysis of the China market size & growth rate for all possible segments in the market. Along with the China automotive energy recovery system market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights transpired 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.
CAGR of 20.2% from 2023 to 2030
Value (USD Billion)
The market is estimated to grow at a CAGR of 20.2% during the forecast period 2023-2030.
Increasing production and sales of electric vehicles fuels market growth.
Energy Recovery, Inc., GP TURBO CHARGER and Fengcheng Pacific Shenlong Turbocharger Co., Ltd. are leading players operating in the China market.
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