According to a new market research report by BIS Research titled Global Automotive Regenerative Braking System Market - Analysis and Forecast: 2017–2026, the global regenerative braking system (RBS) market is expected to reach a value of $24.52 billion by 2026.
The market is being driven by factors such as stringent government rules and regulations, growing adoption of RBS in electric and hybrid vehicles, and an extensive use of RBS in order to improve vehicle performance. Regenerative brakes give an obvious advantage over conventional brakes, thus, gaining popularity in the automotive industry.
Here are five key things to know about the global regenerative brake system market.
1. Incentives to Curb Greenhouse Gases Boost Market
The automotive industry is one of the forerunners in technological advancements globally and a strong pillar in the macroeconomic growth of a nation. Automobiles have become a necessity, rather than a luxury, and we are witnessing unprecedented growth in the number of vehicles worldwide. The global vehicle sales in the year 2016 reached approximately 88 million, registering a growth of 4.8% as compared to 2015.
This increase in sales volume of vehicles has increased the greenhouse gas emissions at an alarming rate. Environmental agencies, along with the governments of various nations and automobile manufacturers, are developing modes to reduce fuel consumption and emission. The investment is backed by various legislative assemblies that have associated several incentives and offers with the usage of these components. The regenerative braking system is one such technology which has garnered the attention of the automotive industry.
2. What Is Regenerative Braking
The regenerative braking system is built to recover a vehicle’s kinetic energy which is usually wasted during deceleration. The recovered energy is stored in different types of energy storage units such as flywheel, batteries, and ultracapacitors, among others, and is then used for applications such as start-stop function, headlights, and powering vehicle’s interior electronics.
3. Strong Market Growth Predicted
According to the market report, the volume of the global automotive regenerative braking systems market is expected to reach 16.7 million units by 2026. The manufacturing cost of the RBS is also anticipated to fall during the forecast period which will contribute to the high growth of the market on a global scale.
4. Market Segments for Regenerative Braking Systems
Based on storage types, this market intelligence report divides the global automotive RBS market into batteries, flywheels, hydraulics, and ultracapacitors. In 2017, batteries based regenerative braking systems were anticipated to hold the maximum share of the total market, and these are expected to dominate the market during the forecast period as well.
However, among these storage types, ultracapacitors based RBS are expected to grow at the fastest rate owing to the better charge-discharge capabilities than batteries, and superior performance over other storage-based systems. The ultracapacitors based RBS offers several additional advantages over battery based systems such as the ability to burst high amount of power even at -400 Celsius, greater efficiency, and high storage capacity. These advantages of ultracapacitors are anticipated to result in a dynamic shift from the batteries to the ultracapacitors, especially for commercial vehicles.
The report also divides the market based on vehicle type, which includes passenger cars and commercial vehicles. The automotive RBS in passenger cars held the highest share in the market in 2016 in terms of value and is expected to grow at a higher rate as compared to commercial vehicles. This higher growth rate of RBS in passenger cars is due to the increasing demand for electric passenger cars. As RBS is one of the major components in an electric car, the growing adoption of RBS in hybrid and electric passenger cars will help in maintaining the dominance of passenger cars in the market during the forecast period.
The report provides a detailed market analysis and forecast of the automotive RBS market with respect to different energy storage types used in RBS. While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of RBS in different types of vehicles, which include passenger and commercial vehicles. The report includes the market analysis and forecast of automotive RBS in different regions, along with the country-wise segmentation.
5. Leading Companies to Watch
The report also examines the role of the leading market players involved in the industry. Some of the key players are Aisin Seiki Co.Ltd (Japan), Adgero S.A.S (France), Autoliv Nissin Brakes Systems (Japan), Continental AG (Germany), Denso Corporation (Japan), Eaton Corporation Plc (Ireland), Magnetti Marelli S.p.A (Italy), Maxwell Technologies (the U.S), Mazda Motor Corporation (Japan), Robert Bosch GmbH (Germany), Skeleton Technologies (Estonia), Torotrak Plc (the U.K), and ZF Friedrichshafen AG (Germany).
To access the full report on the automotive regenerative braking system market, visit the report page on MarketResearch.com and download the study today.
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About the Publisher: BIS Research is a global market research company that provides comprehensive reports covering 12 technology verticals. Its team includes industry veterans, experts and analysts with diverse backgrounds in consulting, investment banking, government, and academia.