Global Automotive Thermoelectric Generator Market Analysis By Segmentations, Market Dynamics, Key Players, Geographical Expansion & Forecast 2023-2032

May 02, 2023

Global Automotive Thermoelectric Generator Market

The global thermoelectric generator market size was valued at around 510.11 million in 2022 and anticipated to grow at a CAGR of 11.9% over the forecast period.

The global automotive thermoelectric generator (ATEG) market refers to the market for devices that convert waste heat produced by automotive engines into electricity. A thermoelectric generator (TEG) is a solid-state device that generates electricity when there is a temperature difference between its two sides. In the automotive industry, TEGs are used to convert waste heat produced by engines, exhaust systems, and brakes into usable electricity, which can be used to power various electrical systems in the vehicle. The ATEGs are gaining popularity due to their potential to improve fuel efficiency, reduce emissions, and increase power output. The market includes manufacturers, suppliers, and distributors of automotive thermoelectric generators and related components.

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Covid-19 Impact:

The global automotive thermoelectric generator (ATEG) market has been impacted by the COVID-19 pandemic in several ways. The pandemic has disrupted supply chains, led to production shutdowns, and caused a decline in consumer demand for automobiles, all of which have had a negative impact on the market.

However, there are some potential opportunities for the market as well. The pandemic has led to an increased focus on sustainability and reducing emissions, which could drive demand for ATEGs as a way to improve fuel efficiency and reduce emissions. Additionally, the growth of electric vehicles and hybrid vehicles could also create opportunities for ATEGs, as they can be used to generate power for the vehicle's battery and electrical systems.

In the short term, the COVID-19 pandemic has led to a decline in production and sales of automobiles, which has had a negative impact on the ATEG market. However, in the long term, the market may see some opportunities emerge as a result of the pandemic's impact on the automotive industry.

Market Dynamics:

Drivers:

Growing demand for fuel-efficient vehicles: There is a growing demand for fuel-efficient vehicles in the automotive industry, driven by the need to reduce emissions and improve fuel economy. ATEGs offer a way to improve fuel efficiency by converting waste heat into usable electricity.

Government regulations: Governments around the world are implementing regulations aimed at reducing emissions and increasing fuel efficiency. This is driving demand for technologies that can help automakers meet these regulations, including ATEGs.

Technological advancements: Technological advancements in the field of thermoelectric materials and manufacturing processes have made ATEGs more efficient and cost-effective, which is driving demand for these devices.

Growth of electric and hybrid vehicles: The growth of electric and hybrid vehicles is creating new opportunities for ATEGs. These devices can be used to generate power for the vehicle's battery and electrical systems, helping to improve range and performance.

Increased focus on sustainability: There is a growing focus on sustainability in the automotive industry, driven by consumer demand and regulatory pressures. ATEGs offer a way to reduce emissions and improve the sustainability of automobiles.

Market Segmentation:

By Technology: The market can be segmented based on the type of technology used in ATEGs, such as single-stage and multi-stage thermoelectric generators.

By Wattage: The market can be segmented based on the wattage of ATEGs, such as less than 500 W, 500-1000 W, and more than 1000 W.

By Vehicle Type: The market can be segmented based on the type of vehicle, such as passenger cars, commercial vehicles, and two-wheelers.

By Application: The market can be segmented based on the application of ATEGs, such as waste heat recovery, power generation for electrical systems, and others.

By Sales Channel: The market can also be segmented based on the sales channel, such as OEMs (Original Equipment Manufacturers), aftermarket, and online retail.

By Region: The market can be segmented based on geographic regions, such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Key Player:

Some of the key players in the market include:

Gentherm Inc.

BorgWarner Inc.

II-VI Incorporated

Laird Thermal Systems

Evident Thermoelectrics

Alphabet Energy Inc.

Ferrotec Corporation

Kelk Ltd.

ThermoElectric Generator Solutions, Inc.

Romny Scientific, Inc.

These companies are primarily focused on developing innovative and efficient ATEG technologies to cater to the growing demand for fuel-efficient vehicles. They are also focused on expanding their market presence through strategic partnerships and collaborations with automotive manufacturers and suppliers.

In addition, companies in the ATEG market are investing heavily in research and development activities to improve the efficiency and scalability of ATEG technologies. For example, in September 2020, BorgWarner announced the development of a new ATEG that can generate up to 600 watts of power and can be used in a range of automotive applications.

Regional Analysis:

North America: North America is expected to hold a significant share of the global ATEG market due to the presence of major automotive manufacturers in the region, as well as strong government support for the development of clean energy technologies.

Europe: Europe is another key market for ATEGs, driven by the region's stringent emissions regulations and growing demand for electric and hybrid vehicles.

Asia Pacific: The Asia Pacific region is expected to see significant growth in the ATEG market due to the growing demand for fuel-efficient vehicles in countries like China, Japan, and South Korea, as well as government support for the development of clean energy technologies.

Middle East & Africa: The Middle East & Africa region is expected to see moderate growth in the ATEG market due to the increasing adoption of electric and hybrid vehicles in the region.

Latin America: Latin America is expected to see steady growth in the ATEG market due to increasing demand for fuel-efficient vehicles and government initiatives to reduce emissions.

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