Automotive Thermoelectric Generator Market Size, Growth Analysis 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “Automotive Thermoelectric Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global automotive thermoelectric generator market size reached US$ 45.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 113.5 Million by 2032, exhibiting a growth rate (CAGR) of 10.5% during 2024-2032.

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Factors Affecting the Growth of the Automotive Thermoelectric Generator Industry:

• Rising Demand for Enhanced Fuel Efficiency:

The increasing demand for enhanced fuel efficiency in vehicles is supporting the growth of the market. Apart from this, automotive thermoelectric generators (TEGs) convert waste heat from engines into electrical energy, reducing the load on the alternator of vehicles and improving fuel efficiency. Moreover, manufacturers are focusing on meeting stringent fuel economy standards and reducing carbon emissions. They are making vehicles eco-friendlier and more cost-effective over their lifecycle. Besides this, the rising need for vehicles that offer more miles per gallon is bolstering the market growth.                 

• Advancements in Thermoelectric Materials:

The increasing development of high-performance thermoelectric materials is contributing to the growth of the market. Apart from this, innovations are leading to the development of materials that can operate at higher temperatures and with improved conversion efficiencies. These advancements are critical for integrating TEGs into a wider range of vehicles and enhancing their overall energy recovery capabilities. In addition, improved materials are capable of converting heat to electricity at a more effective rate, which is propelling the growth of the market.

• Stringent Emission Regulations:

Governing agencies of various countries are implementing stringent emission regulations to combat climate change and reduce the environmental footprint. These regulations are encouraging automakers to adopt cleaner and more sustainable technologies. In line with this, automotive TEGs convert waste heat from the engine of a vehicle into electrical energy, improving overall fuel efficiency by reducing the load of the engine, thereby decreasing fuel consumption and emissions. This process directly addresses the emissions challenge by making enhanced use of the energy produced by the vehicle.   

Leading Companies Operating in the Global Automotive Thermoelectric Generator Industry:

• Coherent Corp.
• European Thermodynamics Ltd.
• Ferrotec (USA) Corporation (Ferrotec Holdings Corporation),
• Laird PLC
• SANGO Co. Ltd.
• Thermonamic Electronics (Jiangxi) Corp. Ltd. 
• Yamaha Corporation

Automotive Thermoelectric Generator Market Report Segmentation:

By Component:

• Thermoelectric Module
• Cooling Plates
• Heat Exchangers
• Others

On the basis of the component, the market has been divided into thermoelectric module, cooling plates, heat exchangers, and others.

By Material:

• Magnesium Silicide
• Bismuth Telluride (Bi2Te3)
• Lead Telluride (PbTe)
• Skutterudite

Magnesium silicide holds the biggest market share as it offers enhanced thermal and electrical properties.

By Vehicle Type:

• Passenger Cars
• Commercial Vehicles

Passenger cars account for the largest market share due to the rising demand for energy-efficient and eco-friendly vehicles.

By Application:

• Waste Heat Recovery
• Energy Harvesting
• Direct Power Generation
• Co-generation

Based on the application, the market has been classified into waste heat recovery, energy harvesting, direct power generation, and co-generation.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America enjoys a leading position in the automotive thermoelectric generator market on account of stringent environmental regulations.    

Global Automotive Thermoelectric Generator Market Trends:

The increasing demand for electric and hybrid vehicles among the masses across the globe is impelling the growth of the market. In addition, in these vehicles, TEGs play a crucial role in power management by providing an additional source of electricity, thereby extending battery life and range. The integration of TEGs into electric and hybrid vehicles aligns with the rising demand for longer-lasting and more efficient energy solutions.

Apart from this, the integration of advanced technologies in vehicles for improved performance, safety, and comfort is supporting the market growth.

Other Key Points Covered in the Report:

• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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