PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250800
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250800
According to Stratistics MRC, the Global Regenerative Braking System Market is accounted for $6.03 billion in 2022 and is expected to reach $11.30 billion by 2028 growing at a CAGR of 11.02% during the forecast period. Regenerative braking is a form of kinetic energy recovery technology that is used to convert an object's kinetic energy into stored energy in order to slow down and improve fuel efficiency. The vehicle's energy storage unit stores this electric energy, which is used for a variety of functions including the start-stop system, headlights, and the interior electronics. Regenerative braking systems are used in automobiles to extend a vehicle's range and improve fuel efficiency.
According to the study published in EV-Columes.com, approximately 6.75 million units of electric vehicles were sold across the globe in 2021, a 108% increase from 2020.
Increasing demand for fuel-efficient vehicles
The primary driver fueling the expansion of the worldwide regenerative braking system market is the increase in demand for fuel-efficient automobiles. By transferring the kinetic energy from braking and either storing it in batteries or immediately using it, regenerative braking conserves energy. This reduces the energy required to produce power, improving the vehicle's fuel economy. Other significant factors boosting demand for fuel-efficient automobiles are fluctuating fossil fuel prices. In many nations, the rising pollution levels brought on by rising carbon emissions are a cause for concern. Regarding vehicle carbon emissions, several nations have enacted strict rules. As a result, the demand for regenerative braking systems has increased.
Increase in the Overall Cost of Vehicles
The disc, flywheel, motor generators, batteries, Electronic Control Unit (ECU), and connecting cables are the major parts of regenerative braking systems. The weight of the vehicle as a whole is increased by this entire system. These additional parts also raise the cost of repairs and upkeep, which reduces the ability of the market to expand and raises the fuel consumption of the vehicle.
Adoption of innovative strategies
Brakes are an indispensable part of the vehicle's security system. Many technologies are fighting to increase safety and overall effectiveness in the interesting field of braking systems development in the car industry. Regenerative brakes are recognised as an essential component of moving towards autonomous vehicles in the future due to the emission methods that are motivated by electrification and autonomy. In order to increase the efficiency of the systems, power steering has replaced hydraulic steering systems in the modern day. Electric brake systems have also taken the place of hydraulic ones in some cases.
Less effective at slower speed
Since the vehicle has less kinetic energy at slower speeds, less braking effort is needed. As a result, the battery pack does not get much of a charge from the regenerative braking system, which receives less energy. The brake pedals on hybrid and electric vehicles do work, but they may feel strange to you if you're not used to them. For example, you might experience temporary unresponsiveness or a pedal that does not crush as smoothly as you would expect. As it slows down, it might not provide as much stopping power as conventional brakes. In order to achieve the same effectiveness, brake pressure may need to be increased for drivers of hybrid and electric vehicles.
Due to the worldwide implementation of lockdown to stop the virus's propagation, the COVID-19 pandemic had a huge impact on the global automotive industry. The entire market demand for vehicles has been impacted. Nonetheless, the market for electric vehicles had tremendous growth, which was mirrored in the market for automotive regenerative braking sales. Due to the growing popularity of electric vehicles, the company further anticipates raising output in the years to come.
The commercial vehicle segment is expected to be the largest during the forecast period
The commercial vehicle segment is estimated to have a lucrative growth. Regenerative automotive braking systems for commercial vehicles would face more competition as a result of government initiatives to electrify the fleet of public transportation vehicles. The size of the commercial vehicle fleet is expanding as a result of rising factory growth and the expansion of services. Commercial vehicles using alternative fuels would produce more emissions quickly if they were produced quickly.
The battery electric vehicle (BEV) segment is expected to have the highest CAGR during the forecast period
The battery electric vehicle (BEV) segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the high adoption rate of electric vehicles, along with improvements in battery technology and the incorporation of super capacitors to ensure quick energy transfer during acceleration and deceleration processes, are the main factors driving the segment's growth. This has resulted in an increase in the use of systems that increase vehicle efficiency.
North America is projected to hold the largest market share during the forecast period owing to the increased sales of electric and hybrid vehicles in the region, North America held the greatest market shares. The presence of major market participants, strict pollution regulations, and more disposable income are a few factors contributing to the increase in the sale of electric and hybrid vehicles in the area.
Asia Pacific is projected to have the highest CAGR over the forecast period. Also, compared to other regions, it exhibits the quickest growth rate. Over the projected period, it is anticipated that this region's increasingly strict emission standards would increase demand for BEVs, PHEVs, and FCVs. The surge in battery demand in Asia Pacific was mostly driven by China.
Some of the key players profiled in the Regenerative Braking System Market include Autoliv Inc., Continental AG, Maxwell Technologies, Inc., Toyota Motor Corporation, Hitachi Automotive Systems, Ltd., ZF Friedrichshafen AG, Brembo, Robert Bosch GmbH, ADVICS CO.,LTD., Skeleton Technologies, Tesla, Mazda Motor Corporation, Denso Corporation, Eaton Corporation PLC, Delphi Automotive, Bosch Mobility Solutions, Hyundai Mobis and AIWAYS.
In January 2022, Advics Co., Ltd. Declared that its Electric Parking Brake (EPB) and the regenerative coordinated braking system would be supplied for the GAC Group's GS8 hybrid vehicle. This is the first time Advics' products will be provided to the GAC Group model, and the adoption was based on the company's market experience and performance in electrification products.
In April 2022, Brembo was announced as the main supplier of whole brake calliper assembly by Faraday Future Intelligent Electric Inc. for its FF 91 EV model. Brembo will be providing specialized caliper assembly for the FF 91. This will include assembly, pistons, calipers, and pads along with the electronic parking brake.
In June 2021, Mazda announced a joint venture. As part of its Sustainable Zoom-Zoom 2030 plan, with Toyota and Denso developing Evs, Mazda will invest 5% in a joint venture. The partnership includes developing powertrains, advanced braking systems, and platforms for their Evs.
In February 2019, Hyundai Mobis also introduced its new braking system, Integrated Mobis Electronic Brake (iMEB). Hyundai Mobis iMEB system generates 13% rise in brake responsiveness and 5% deduction in weight. This provides 30% cost saving in comparison to separate hydraulic systems.
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