Automotive Energy Recovery Systems Market Size

Automotive Energy Recovery System Market size was valued at USD 76.23 Billion in 2023 and is anticipated to reach USD 230.93 Billion by the end of 2036, expanding at around 8.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive energy recovery system is assessed at USD 82.34 Billion. The growth of the market can be attributed to the growing demand of automobiles as well as increasing sale of cars worldwide. Furthermore, growing manufacturing of fuel-efficient vehicles backed by the growing CO2 emission triggering the higher cases of respiratory diseases are also anticipated to hike the market growth over the forecast period. For instance, it was estimated that, in 2021 the car sales reached around 66 million automobiles globally. Hence, such factors are expected to flourish the growth of the market during the forecast period.

Global automotive energy recovery system market trends such as, recent advancements in automotive energy recovery systems as well as rising greenhouse gases, the demand for automotive energy recovery systems is on the rise amongst automobile manufacturers, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global market during the forecast period. For instance, it was found that a passenger vehicle emits 4.6 metric tons of carbon dioxide per year. Moreover government of different nation are investing heavily to promote the notion of saving the environment. Vehicles are one of the major mediums to increase the amount of pollution in the atmosphere and as a result there is a need for proper arrangement to prevent this issue.