The regenerative braking market is estimated to generate high revenue generation opportunities during the forecast period.
A Regenerative braking system an energy recovery mechanism that converts the kinetic energy of an object in motion into a form that can be used immediately or is stored in batteries for later purposes. Regenerative braking converts kinetic energy into electricity which aids in charging electricity and boosting the overall efficiency of the vehicle. Regenerative braking systems are installed along the drive train or are fitted to the drive wheels from where they detect the motion of wheels using magnetic fields or mechanical torque. The regenerative braking system has its application to both conventional and electric vehicles. Although, Regenerative braking is unique to electric vehicles as it enables the vehicle's kinetic energy to be converted into electrical energy during braking. The stored up energy helps in extending the driving range considerably. The stringent government emission regulations and rising awareness for electric vehicles have resulted in an increasing demand for hybrid and electric vehicles. Furthermore, the growing demand for electric vehicles has complemented the growth in the regenerative braking system market. The major factors which are driving growth in the regenerative braking system (RBS) market are the growing demand for fuel-efficient vehicles and raising concerns of environmental pollution produced by vehicles. Moreover, the growing demand for electric vehicle solutions for public transport and growing advancements in the two-wheeler segment are projected to propel growth in the market. However, rising maintenance cost concerning the overall braking system and rising cost and weight of vehicles is estimated to hinder the growth in the regenerative braking system market.
The outbreak of the novel coronavirus disease negatively impacted the Regenerative Braking market. The market was expanding at a notable rate before the market downturn but is likely to grow once the pandemic passes. The pandemic led to supply chain disruptions in the Regenerative Braking market and affected the production of parts, assembly, and shipments globally. Owing to the surge in demand for medical devices, hospitals, and other healthcare institutions were stretching the lifetime of their existing equipment, thereby leading to reduced trade-ins for refurbished medical devices. For instance, GE Healthcare witnessed a 10% decline in the refurbishment of medical equipment.
The Regenerative Braking market has been segmented based on braking system type, vehicle type, and geography. Geographically, the analyzers market is segmented into North American, European, Asian Pacific, South American, and the Middle East and African region.
Hyradulics to hold a significant market share
By braking system type, the Regenerative Braking market has been classified into Hydraulics, Battery, Flywheel, and others. The Hydraulics segment is anticipated to propel at a noteworthy CAGR until the end of the forecasted period. The dominant position in the market can be attributed to the rapid adoption of hydraulics systems into the passenger vehicle segment. Moreover, the growing adoption of hydraulic systems in high duty and off-road applications is expected to augment growth in the market. Overall, the growing use of hydraulics over battery systems is projected to augment growth in the regenerative braking market.
Commercial Vehicle segment to hold a significant market share
By Vehicle Type, the Regenerative Braking market has been classified into Passenger, Commercial Vehicles, Two-Wheelers, and others. The Commercial vehicle segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. The dominant market share in the commercial vehicle segment can be attributed to the rapidly increasing demand for commercial vehicles with an extended driving range. For the promoting extended range in commercial vehicles, installation of regenerative braking systems is increasing, thereby augmenting the demand in the regenerative braking market.
The BEV segment to hold a significant market share
By Electric vehicle, the Regenerative Braking market has been classified into Battery Electric vehicle, Hybrid Electric Vehicle, Plug-in Hybrid electric vehicle. The Battery electric vehicle segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. The dominant market share in the Battery electric vehicle segment can be attributed to the growing adoption of electric vehicles along with rapid technological advancements in the electric vehicles battery segment. Besides, the integration of superconductors to ensure energy transfer in acceleration and deceleration is further increasing the application of regenerative braking segments in Battery operated electric vehicles.
The Asia Pacific region to witness lucrative growth opportunities
Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is expected to propel at a notable annual growth rate over the forecasted period. The factor supporting the growth in the region is the rising demand for electric vehicles owing to the presence of strict emission norms. Moreover, the presence of notable OEMs in the region is further estimated to propel demand in the market. Besides, the European region is projected to grow at a considerable rate owing to the presence of established market players such Robert Bosch GmBH and Continental AG among others. However, the APAC region is projected to grow at the fastest rate over the forecasted period. The growth in the region can be attributed to growing disposable income, urbanization, and the presence of notable players like Mitsubishi, Hitachi, etc. Moreover, the stringent environmental norms regarding environmental pollution are expected to augment demand for electric vehicles, thereby propelling growth in the regenerative braking market.
Participation by market players
The market players are actively participating in form of increased investments in R&D for the launch of new innovative products to expand their market share and to meet the growing end-user requirements. For instance, Mitsubishi Motors corporation launched its new Engelberg Tourer based on its PHEV system that aims to achieve a high regeneration rate. Similarly, Robert Bosch confirmed 70 BS-VI projects for OEMs in India, supporting hybridization solutions for 48V systems.
Frequently Asked Questions (FAQs)
Q1. What is the base year considered in the regenerative braking market report?
A1. 2019 has been taken as the base year in the regenerative braking market report.
Q2. How is the regenerative braking market segmented?
A2. The regenerative braking market has been segmented based on braking system type, vehicle type, and geography.
Q3. Who are the major players in the regenerative braking market?
A3. Prominent/major key market players in the regenerative braking market include Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Hitachi Astemo, Ltd., BorgWarner Inc., Hyundai Mobis, among others.
Q4. What factors are anticipated to drive the regenerative braking market growth?
A4. The major factors which are driving growth in the regenerative braking system (RBS) market are the growing demand for fuel-efficient vehicles and raising concerns of environmental pollution produced by vehicles.
Q5. Which region holds the largest market share in the regenerative braking market?
A5. The North American region is expected to hold a significant share in the regenerative braking market over the forecasted period.