Why Is Automotive Industry Adopting Regenerative Braking Systems?
The Global Carbon Project database estimates that the global carbon dioxide (CO2) emissions increased from 36.43 billion tonnes in 2018 to 36.45 billion tonnes in 2019. As per the database, the international transport sector emitted 1.27 billion tonnes of CO2 in 2019. Furthermore, Our World in Data states that the CO2 concentration was 408.52 parts per million (ppm) in 2018. The increasing concentration of CO2, especially due to vehicular emissions, is propelling the installation of regenerative braking systems (RBSs) in automobiles, as these systems can mitigate exhaust emissions.
Moreover, the burgeoning demand for fuel-efficient vehicles, owing to the depleting reserves of crude oil and growing public awareness on air pollution caused due to its combustion, will help the automotive regenerative braking systems market advance at a healthy CAGR of 18.6% during 2017–2023. The market was valued at $6,555.6 million in 2017, and it is projected to generate $18,228.3 million by 2023. The integration of RBSs in vehicles can reduce the fuel consumption, owing to which vehicles emit lesser CO2 and other greenhouse gases (GHGs).
According to P&S Intelligence, the Asia-Pacific (APAC) region adopted the highest quantity of RBSs in the preceding years due to the burgeoning demand for long-range battery electric vehicles (BEVs) and fuel-efficient hybrid electric vehicles. Moreover, the implementation of stringent government regulations for the curtailment of GHG emissions in China, Singapore, India, Japan, and South Korea and the expanding automotive industry in these countries will create a huge requirement for RSBs. Owing to these reasons, APAC is also expected to adopt such equipment at the highest rate in the foreseeable future.
Whereas, North America held the second position in the automotive regenerative braking systems market in the past owing to the booming demand for zero-emission vehicles (ZEVs). The quick public shift toward ZEVs can be ascribed to the implementation of strict government regulations regarding vehicular pollution in the U.S. and Canada. For instance, the National Highway Traffic Safety Administration (NHTSA) and the U.S. Environmental Protection Agency (EPA) are proactively working toward mitigating GHG emissions.
Therefore, the soaring need to mitigate air pollution levels and the booming demand for fuel-efficient vehicles will fuel the adoption of RBSs.
