(MENAFN- GlobeNewsWire - Nasdaq) Westford USA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Automotive Flywheel market Share will reach a value of USD 16.43 Billion by 2031, with a CAGR of 1.9% during the forecast period (2024-2031). The automotive flywheel industry is growing mainly because of interest in lowering auto emission and fuel usage levels. Flywheels represent essential energy management and energy storage. However, other competitive products stay, such as electric autos that minimize the need for power wheel systems and Network powers complexities. The demand for the traditional flywheel system declines accordingly. It is also hard for the competitors because there are tight emissions regulations and a continuous demand to innovate new products. On the positive side, there is room for innovation in the market. These primarily arise from developing new materials and technologies for flywheels to be both light and fast. Download a detailed overview:
Browse in-depth TOC on the "Automotive Flywheel Market"
Pages – 223
Tables – 88
Figures – 70
Automotive Flywheel Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 14.13 Billion |
| Estimated Value by 2031 | USD 16.43 Billion |
| Growth Rate | Poised to grow at a CAGR of 1.9% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Type, Vehicle Type, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing demand of flywheel |
| Key Market Opportunities | Expansion into public transportation |
| Key Market Drivers | Hybrid and electric vehicle growth |
Iron Segment Dominates Market Share Due to Toughness and Cost-Effectiveness
As per the global automotive flywheel market analysis, in the year 2023, the iron segment held the highest market share. Amongst the many strong materials, iron shows toughness and can withstand severe levels of heat and tension. As a result, it is suitable for highly demanding applications. In addition, iron is also an economical choice for deployment in energy storage due to it being much cheaper as compared to the other materials that are robust and very dense. Its high thermal conductivity also serves to dissipate heat created by the process of storing and releasing energy, which would help increase efficiency generally. Moreover, if care is taken, iron flywheels can last long.
Passenger Car Segment Expected to Lead Owing to Technological Advancements
The passenger car segment is expected to be the automotive flywheel industry leader during the projection period. Manufacturers are forced to produce and introduce new models of cars that would meet consumer's demand for more technologically advanced, environmentally friendly, and fuel-efficient automobiles. More importantly, what the customer wants would be the policies and programs of government with regards to fuel economy targets, restrictions on pollution, and incentives.
Asia-Pacific Growth Fueled by Urbanization and Rising Income
According to the automotive flywheel market forecast, Asia-Pacific is the leader in the market and also is expected to continue so. The rapid urbanization, expansion of the middle class, and high disposable incomes of the people from China, India, and the other Southeast Asian countries drive vehicle demand. Hybrid and driverless vehicles are also poised on an increasing trend due to the convergence of sustainability and innovation thrusts of many governments and automakers. These trends have been spreading through this region.
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Automotive Flywheel Market Insights
Drivers
Rising Demand for Fuel Efficiency
Cost Reduction in Manufacturing
Hybrid and Electric Vehicle Growth
Restraints
Energy Loss During Operation
Potential Safety Concerns
Dependency on Infrastructure
Key Players Operating Within the Automotive Flywheel Market
Pioneer Automotive Industries
Schaeffler Technologies AG & Co. KG
View report summary and Table of Contents (TOC):
Key Questions Covered in the Global Automotive Flywheel Market Report
What are the factors driving the growth of the market?
What strategies are adopted by key players operating within the market?
Which segment, under the material type, accounted for the largest share in 2023?
What are the key automotive flywheel market trends?
By what % of CAGR, is the market expected to grow?
This report provides the following insights:
Analysis of key drivers (rise in demand for hybrid & electric vehicle, increase in demand for fuel efficiency), restraints (potential safety concerns, dependency on infrastructure) opportunities (expansion into public transportation, integration with smart technologies), and challenges (supply chain issues, investment risks) influencing the growth of the automotive flywheel market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automotive flywheel market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automotive flywheel market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
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Massachusetts 01886
USA (+1) 351-333-4748
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