The rising pollution and the deteriorating air quality levels are making environmental protection a major concern area for governments and regulatory authorities across the world. As a result, the governments of many countries are implementing strict regulations aimed at reducing greenhouse gas (GHG) emissions. The European Union (EU) enacted policies regarding decarbonized transport systems in Europe in 2015. The policy aims to keep the carbon dioxide (CO2) emissions lower than 95 grams per kilometer for all passenger vehicles, until 2021.
Apart from the aforementioned factors, the various performance advantages such as reduction in excessive wear and tear offered by the regenerative braking systems over the conventionally used ones are also fueling their popularity all over the world. Because of these reasons, the valuation of the global automotive regenerative braking systems market is predicted to grow from $6,555.6 million to $18,228.3 million from 2017 to 2023. Furthermore, the market is predicted to advance at a CAGR of 18.6% during 2018—2023.
Based on storage type, the automotive regenerative braking systems market is divided into flywheel, battery, hydraulics, and ultracapacitors. Amongst these, the battery-based RBS is predicted to dominate the market in the coming years. On the other hand, the ultracapacitor category is predicted to exhibit the fastest growth in the market in the forthcoming years. This would be because the ultracapacitors have higher charge-discharge capabilities and the ability to burst higher amount of power, even at -40 degrees Celsius, than batteries.
When vehicle type is taken into consideration, the automotive regenerative braking systems market is divided into commercial vehicles and passenger cars. Between these, the passenger car category recorded higher growth in the market in the years gone by. Both commercial vehicles and passenger cars are further divided into flywheel, batteries, ultracapacitors, and hydraulics, depending on storage type. Battery is the most commonly used storage system in the passenger cars equipped with RBS.
Geographically, the automotive regenerative braking systems market would demonstrate the fastest growth in the Asia-Pacific (APAC) region in the upcoming years, as per the forecast of P&S Intelligence, a market research company based in India. This is credited to the surging requirement for fuel-efficient hybrid automobiles and the growing demand for long-range battery electric vehicles in the region. In addition to this, the rising requirement for RBS in electric vehicles is fueling the market expansion in the region.
Thus, it can be inferred from the above paragraphs that the sales of automotive regenerative braking systems would surge across the world in the forthcoming years, mainly because of the rising implementation of strict environmental protection regulations in various countries, the numerous performance enhancing advantages offered by these systems, and the mushrooming deployment of electric vehicles around the world.
