The global automotive thermoelectric generator market, in terms of value, is expected to be $30.42 million in 2022. It is expected to reach $61.44 million by 2028 with a CAGR of 12.43% during the forecast period 2022-2028. In terms of volume, the global automotive thermoelectric generator market is estimated to be 1,60,100 units in 2022 and 2,93,142 units by 2028 at a growth rate of 10.61% during the forecast period 2022-2028.
A large amount of heat is wasted in the process of conversion energy in the automotive industry. Thermoelectric technology gives a solution to minimize this wastage of heat. Thermoelectric generator has the potential to reduce fuel consumption by converting waste heat produced during the process of energy utilization into usable form. Thermoelectric generator has been a topic of massive research and development since a long time, as it follows the principle of converting waste heat into usable electricity. It is anticipated that automotive thermoelectric generator market will have enormous opportunity to grow during the forecast period.
The factors driving the demand for automotive thermoelectric generator in the global market are improved vehicle fuel efficiency, increasing the requirement for fuel efficiency. The automobile industry is amidst a revolution to accelerate its pace toward becoming a sustainable and green industry. Proper utilization of waste heat in the automobile industry is another concern that has been gaining traction since a long time.
Ford, for example, is incorporating bismuth telluride as a thermoelectric material for its thermoelectric generator to minimize its fuel energy wastage. Moreover, Volvo Group have started the RENOTER project for a duration of 3 years with 8 partners, whereby targets are set for permissible heat wastage for different types of vehicles. Various commercial cars and sport utility vehicles (SUVs) have been testing prototype of thermoelectric generators. For instance, BSST, a thermoelectric device maker, has planned to install its prototype in BMW and Ford cars.
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North America is Expected to Witness the Highest Growth in the Market:
The demand for automotive thermoelectric generator may vary according to various geographical regions. The thermoelectric generator market is expected to hold a prominent share in various countries of North America, Asia-Pacific (APAC), Europe, and Rest-of-the-World (RoW). The U.S. thermoelectric generator market (by vehicle type), in terms of value, is dominated by passenger vehicles, followed by commercial vehicles. The use of thermoelectric generator in the passenger vehicles segment for waste heat energy recovery is expected to propel the demand for thermoelectric generator in the country.
Key Market Players:
The key market players in the global automotive thermoelectric generator market are Gentherm Incorporated, Tenneco Inc., Faurecia, Valeo, Laird PLC, Yamaha Corporation, Alphabet Energy, Inc., II-VI Marlow, KELK Ltd., SANGO Co., Ltd., European Thermodynamics, and Thermonamic Electronics (Jiangxi) Corp., Ltd.
Key Questions Answered in this Report:
• What is Thermoelectric Energy Harvesting?
• What is Automotive Thermoelectric Generator and why is it needed?
• What are the key technologies used in the automotive industry to recover waste heat?
• What are the trends in the global automotive thermoelectric generator market?
• What are the major forces that are expected to drive the demand for global automotive thermoelectric generator Market?
• What are the major factors inhibiting the growth of the global automotive thermoelectric generator market?
• What are the opportunities for the global automotive thermoelectric generator market?
• What will be the revenue generated by the Automotive Thermoelectric Generator Market in 2022, and what will be the estimates by 2028?
• Which material type (Bismuth Telluride, Lead Telluride, Skutterudite, and Magnesium Silicide) of the global Automotive Thermoelectric Generator will dominate the market between 2022 and 2028?
• What are the key components used for Automotive Thermoelectric Generator and what will be its market size during forecast period 2022-2028?
• What is the revenue generated by each vehicle type (Commercial and Passenger)?
• What is the expected market size for Automotive Thermoelectric Generator in each region i.e. North America, Europe, Asia-Pacific and Rest-of-the -World?
• Who are the key players in the global Automotive Thermoelectric Generator Market?
• What is the future of Thermoelectric Generator in Automotive Industry?
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