Increasing demand for fuel efficient vehicles, effort of mitigation of carbon emissions and rising cost of fuels are some of the main factors that led the automakers to move towards the energy efficient systems. As a result of such needs, an emerging technology, regenerative braking system(RBS), is evolving in the automotive industry and attaining a significant growth on a global scale. According to the report by BIS Automotive titled ‘Global Automotive Regenerative Braking System Market-Analysis & Forecast (2017-2026), the global regenerative braking market is expected to reach a volume of 16.7 million units by 2026. The RBS market is driven by the stringent government rules & regulations, growing adoption of RBS in electric & hybrid vehicles, and extensive usage of RBS to improve vehicle performance. Further, the growing demand of Electric Vehicles (EV) is also going to escalate the growth of RBS in the forthcoming years.
Automotive RBS is an energy recovery mechanism that converts the heat produced from friction in brakes into electrical energy, which can either be used immediately or stored until needed. In conventional vehicles, the heat produced from friction cannot be stored and hence, is dissipated into the environment which leads to an increase in the concentration of greenhouse gases (GHG) in the atmosphere. Therefore, the need to reduce the fuel consumption and emission of GHG are some of the prime reasons for the world-wide adoption of RBS.
The key players in the RBS market are focussing on expanding their business operations in the emerging countries, with new product launches as a preferred strategy also these market players are coming up with innovative product & services, pricing strategies, market initiatives, and developing & extending the product lines to maintain the competition in the market.
Based on vehicle type, automotive RBS market is segmented into two wheelers, commercial cars, and passenger cars. Passenger cars comprise of electric cars such as battery electric vehicles, hybrid electric cars and in-plug hybrid electric cars, and at present, passenger cars hold the highest share in the market as compared to others owing to an increase in the demand of electric cars in various countries such as China, Japan and USA. Based on storage type, automotive RBS market is segmented into electric, hydraulic, and others (flywheel &spring). Geographically, automotive RBS market is segmented into North America and Asia-Pacific (APAC). Currently, Asia -pacific is dominating the market and is expected to grow at a faster pace in the forecast period due to the emerging economies, such as India & China, also in these countries, there is a collective effort from the government of the respective country and manufacturers to develop technologies, which can reduce the greenhouse gas emissions as well as can increase the fuel efficiency.
BIS Research has conducted an extensive research on the regenerative braking system market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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