Automotive Energy Recovery System Industry - Regional Synopsis
Asia Pacific Market Forecast
Asia Pacific industry is predicted to dominate majority revenue share by 2037. The growth of the market can be attributed majorly to the growing demand for automobiles as well as the rising sales of vehicles including cars and commercial vehicles in the region. For instance, the total number of vehicles sold by China, Japan and South Korea in 2020 was projected to be 25,225,200, 8,067,557, and 3,506,774 respectively.
North America Market Forecast
Furthermore, the global automotive energy recovery system market is anticipated to witness significant growth in North America region. The growth of the market in this region can be attributed to the escalated production of electric vehicles backed by the presence of many key manufacturers who are intrigued to invest large capital to make several new innovations in the energy recovery systems. Around 15 million units of light electric vehicle were projected to be sold out in the USA in 2021.
Europe Market Forecast
Further, Europe is anticipated to provide lucrative growth opportunity for the growth of the automotive energy recovery systems market over the forecast period on the back of growth in the R&D and spending in the automotive sector by the government and other private organizations. Therefore, all these factors are anticipated to boost the market growth in the region over the forecast period.
