Over the last few years, this has resulted into significant increase in demand for fuel-efficient and environment friendly vehicles thereby leading to expansion of The Automotive Regenerative Braking System (RBS) market. In this dynamic market, competition among firms has intensified forcing companies to adopt various strategies aimed at boosting their respective market shares.
Differentiation through technological innovation is one common approach used by manufacturers of automotive RBS products. To improve upon operational efficiency and effectiveness some companies invest heavily on research and development so that they can come up with improved versions of their regenerative braking system brands. Employing cutting-edge technologies such as advanced energy recovery algorithms; integration with electric propulsion systems etcetera enables manufacturers differentiate their products while targeting high-end customers who look forward to superior product features from a particular brand. This does not only help in increasing the control over large portions of the market but it also strengthens an organization’s competitive position on basis of being innovative.
Another key strategy towards capturing a large segment of the target customers involves cost leadership positioning approach. Some players have focused on achieving economies of scale in order to produce cheap regenerative braking systems within the automotive RBS market. They use this method to set competitive prices, which can attract a wide range of clients such as cost-conscious buyers and cheap automakers. Companies that position themselves strategically as suppliers of low-cost but high-quality RBS solutions can gain substantial portions of market share thereby cultivating long-term customer loyalty.
Another strategy often used in the Automotive RBS market is collaboration and strategic alliances. To build synergies and broaden their customer base, firms usually enter into collaborations with car manufacturers, component suppliers and technology partners. If these manufacturers could include regenerative braking systems directly into original equipment manufacturing (OEM) production processes huge and steady market would be created for them. This not only improves visibility for the manufacturers of RBS but also creates an extensive ecosystem for promoting acceptance of regenerative braking technology.
Geographical expansion plays a crucial role in the positioning strategies employed by companies in the automotive RBS sector. There are emerging markets with growing automotive industries where environmental consciousness is on the rise. A strong regional presence allows producers to leverage on local demand hence gaining a competitive advantage over competitors who don’t have such presence in those areas. Moreover diversification of markets reduces risk that is posed by economic instability affecting specific regions thus enhancing overall company performance.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | The functional complexity of the components can check the growth rate |
The Automotive Regenerative Braking System market is estimated to reach a valuation of USD 12 billion by the year 2030, at a CAGR of 6% during the forecast period from 2024 to 2030. The regenerative braking system works as a key technology that reserves and curbs emissions and fuel in a conventional vehicle. Moreover, the regenerative braking system is an energy recovery system that transforms the vehicle's kinetic energy into electrical energy, which is produced during vehicle speed reduction. This transformed energy is deposited in the vehicle's storage unit to power the vehicle's interior electronics and to utilize it in various applications like headlights and start-stop functions. Different energy storage units are used in a regenerative braking system, like ultra-capacitors, flywheels, batteries, and many others. Through the use of regenerative braking systems, the transmitted energy can be saved up to 5% to 20% as its recoverable energy depends upon the stopping pattern and vehicle speed. Furthermore, the regenerative braking system is extensively used to produce electricity during the application of the brakes by transforming the momentum loss, which is one of the key reasons for the growth of the said market segment.
The trend of employing innovative strategies in regenerative braking systems for electric vehicles is aiding the said market's growth.
Brakes are a crucial component of the vehicle's safety system. The car industry is actively developing various technologies to enhance safety and overall efficiency in braking systems. Electrification and autonomy, in light of emission objectives, drive technological innovation in the braking sector, with regenerative brakes being developed as an essential component in the progression towards autonomous vehicles in the future. In modern times, hydraulic systems like hydraulic steering are being substituted with power steering, while hydraulic braking systems are being replaced with electric ones to enhance the efficiency of these systems. This braking system is employed in electric vehicles and plug-in hybrid electric vehicles (BEVs & HEVs). The kinetic energy harnessed during braking and deceleration is converted into electrical energy, which is then stored in batteries to power the vehicle as needed. Rising gasoline costs are driving the demand for automobiles that are more efficient in fuel use, hence fueling market expansion. Given the upward trend in fuel costs, there is a growing demand for fuel-efficient technologies from both consumers and automotive manufacturers. An automotive regenerative braking system minimizes fuel use and enhances the driving range, hence mitigating pollution and attracting global consumers.
The Automotive Regenerative Braking System market is primarily studied based on vehicle type, component, and propulsion.
Based on vehicle type, the Automotive Regenerative Braking System market is further classified into passenger cars, light commercial vehicles, and heavy commercial vehicles. Out of which, the passenger cars segment owes the major market share during the forecast period. The passenger car segment exhibited dominance in the year 2022 and is projected to have steady growth in the foreseeable future. The increasing technical improvements and enhanced driver comfort in high-end passenger cars, including the integration of Internet of Things (IoT) technology and real-time information solutions, are driving the expansion of the premium car market. Apart from this, LCV comprises compact trucks and commercial buses mostly used for shorter distances and lighter payloads compared to other categories.
Based on components, the automotive regenerative braking system market is further divided into battery, ECU, motor, and flywheel. Out of which, the battery segment dominates the global market share. The battery segment is seeing tremendous growth due to significant technological advancements in the automotive industry for batteries, as well as developing trends in battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell vehicles (FCVs). Furthermore, an increase in worldwide transportation demand is amplifying the need for batteries. Furthermore, the motor segment is experiencing rapid growth in the market, primarily attributed to the advancement of a lightweight material casing that enhances motor efficiency and the braking system. Both ECU and flywheel categories have experienced substantial growth throughout the projected timeframe, while the market demand for linked automobiles and advanced flywheel systems has surged in recent years.
Based on propulsion, the automotive regenerative braking system market is further sub-segmented into PHEV, BEV, and FCEV, where the BEV segment dominates the market share. The support of government subsidies, buying incentives, and the enforcement of strict emission rules are benefiting fully electric vehicles. For example, the purchase incentives for Battery Electric Vehicles (BEVs) are considerably greater than those for Plug-in Hybrid Electric Vehicles (PHEVs) in Germany, the U.K., and France. PEVs, or Plug-in Electric Vehicles, are an emerging category that follows the growth of BEVs, or Battery Electric Vehicles, in the market. In 2023, the typical battery capacity of PHEVs is expected to be approximately 15 kWh. Charging times are significantly reduced when utilizing Level 1 or Level 2 chargers with ease. Therefore, the growing prevalence of SUVs will result in a higher need for solutions. Apart from this, the Fuel Cell Electric Vehicles (FCEVs) are now in the developmental phase and are projected to experience substantial growth due to their superior emission-free characteristics.
The Automotive Regenerative Braking System market is primarily studied across four major regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Out of which, the Asia-Pacific region is said to dominate the global market share during the forecast period.
The Asia-Pacific region dominates the market share of the regenerative braking system market and is projected to experience growth throughout the forecast period. Additionally, it demonstrates the highest pace of growth in comparison to other regions. The market for Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Fuel Cell Vehicles (FCVs) is predicted to increase in this region due to the progressively stricter emission regulations. In 2021, China was the main driver of the rise in battery demand in the Asia-Pacific region, as it sold almost 3.3 million electric vehicles, surpassing the global sales of electric vehicles in 2020. Followed by the Asia-Pacific region, the North American region ranks second in terms of market revenues. The region is witnessing a growing use of regenerative braking in electric vehicles due to the rising need for safe driving, reduced stress, and efficient transport among the population. Apart from this, the Automotive Regenerative Braking System market has experienced significant expansion in both Europe and the rest of the world. Europe is prioritizing enhancing its market position by implementing tactics like early standardization of autonomous car usage. The government is accountable for the implementation of autonomous cars through the provision of financial resources and initiatives.
Major key competitors in the said market segment employ crucial strategies, including partnerships, joint ventures, mergers and acquisitions, product launches, and business expansion deals to expand their business operations across the globe and have a strong command over a certain region in the market.
Mitsubishi Motors Corporation announced the worldwide launch of Xpander and Xpander Cross MPVs hybrid electric vehicle (HEV) models in March 2024. The newly developed system primarily consists of EV driving, hybrid driving, and regenerative braking that work together to offer high fuel efficiency and an exciting drive by automatically shifting to the most appropriate driving mode depending on the battery charge level and driving conditions.
Mobility product specialist Pride Mobility launched Pursuit 2.0 in July 2023, offering a "next generation” mobility solution with features such as power, comfort, and safety combined together in one package. Among its outstanding features is the regenerative braking system of the Pursuit 2.0 Mobility Scooter, which not only ensures maximum energy conversion but also provides gentle and reliable stopping power for better safety, enabling the end user to negotiate numerous terrains confidently.
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)