The latest research study “Automotive Thermoelectric Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global automotive thermoelectric generator market size reached US$ 40.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 80.0 Million by 2028, exhibiting a growth rate (CAGR) of 12.0% during 2023-2028.
What is Automotive Thermoelectric Generator Market?
An automotive thermoelectric generator represents a device that transforms the waste heat of an internal combustion engine (ICE) into electrical energy using the Seebeck effect. It contains heat exchangers, cooling plates, compression assembly, and thermoelectric materials, including bismuth telluride (Bi2Te3), lead telluride (PbTe), skutterudite, magnesium silicide, etc. An automotive thermoelectric generator is extensively utilized to power several systems of the vehicle, such as infotainment, air conditioning, lighting, and small refrigerators. It is a relatively simple system that reduces fuel consumption, recycles wasted heat energy, minimizes operating costs, supports vehicle electrification, etc. An automotive thermoelectric generator is also eco-friendly and lightweight, requires low maintenance, does not generate noise or vibrations, etc.
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Automotive Thermoelectric Generator Market Trends and Drivers:
The escalating demand for fuel-efficient vehicles is among the key factors stimulating the automotive thermoelectric generator market. Moreover, the widespread adoption of this device in passenger and commercial vehicles to reduce fuel consumption and improve efficiency is acting as another significant growth-inducing factor. Besides this, it provides faster warm-up of the engine and transmission, replaces the generator load, minimizes added mass, converts selected mechanical functions of the vehicles into electrical parts, such as coolant, oil, and trans fluid pumps, etc., which is positively influencing the global market. Furthermore, the growing consumer environmental concerns are also propelling the market growth. Apart from this, the implementation of stringent emission policies by government bodies is further bolstering the market growth. Additionally, the development of thin film variants that provide enhanced efficiency, scalability, cost-effectiveness, etc., is anticipated to fuel the automotive thermoelectric generator market over the forecasted period.
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Automotive Thermoelectric Generator Market Report Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Coherent Corp.
- European Thermodynamics Ltd.
- Ferrotec (USA) Corporation (Ferrotec Holdings Corporation)
- Laird PLC, SANGO Co. Ltd.
- Thermonamic Electronics (Jiangxi) Corp. Ltd.
- Yamaha Corporation.
The report has been segmented the market into following categories:
Breakup by Component:
- Thermoelectric Module
- Cooling Plates
- Heat Exchangers
- Others
Breakup by Material:
- Magnesium Silicide
- Bismuth Telluride (Bi2Te3)
- Lead Telluride (PbTe)
- Skutterudite
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
Breakup by Application:
- Waste Heat Recovery
- Energy Harvesting
- Direct Power Generation
- Co-generation
Breakup by Region:
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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