The global automotive starter and alternator market is expected to gain momentum due to rising automobile manufacturing. Furthermore, as the number of vehicles sold around the world rises, the aftermarket for automotive starters and alternators has expanded. Furthermore, rising urbanisation and population disposable income are propelling the automotive industry forward, is expected to fuel the global expansion of automotive starter and alternator market
The global Alternator and Starter market is projected to reach US$ 47.23 Bn by 2031, growing at a CAGR of 4.7%
Covid-19 Impact & Market Status:
The covid-19 pandemic has had a drastic impact on economies in the world and the markets of various industries. The global alternator and starter market also experienced severe downturn during the pandemic. This was mainly because of lockdowns, mobility restrictions, and sudden halt to supply chain operations. The led to closure of auto production plants. The drop in global car sales in 2020 as a result of these blockades and limitations has had a significant impact on global car starter and alternator sales. After a specific time of their life cycle, automobile starters and alternators must be replaced, and travel restrictions influence the need to repair automotive switches, affecting the aftermarket for automotive starters and alternators.
This report provides financial data on the global alternator and starter market including market size, Compound Annual Growth Rate, annual GDP, growth forecasts, and future projections. It gives a comprehensive overview of the global alternator and starter market value chain, applications, types, categories, segments, and sub-segments. The report provides insights from numerous primary and secondary source and interviews with companies leading the market and in-depth analysis of latest trends and recent developments in the market. The drivers for adoption in highly performing nations across the world are explained in the report. The segments that are driving global alternator and starter market growth in regions like North America, APAC, Europe are discussed in the report. The major segment driving investments the aforementioned regions are given in the report. The key factors that have led back the adoption in the above regions are given in the report.
Alternator Segment Accounted for Highest Market Share
The global alternator and starter market is classified into starter motor and alternator on the basis of type. The automotive alternator in global alternator and starter market is predicted to grow in response to increased vehicle production and sales. The expanding usage of electrical and electronic components in automobiles that require greater power is another element boosting demand for starting motors and alternators. Other factors driving the worldwide automotive starter and alternator market growth include increased vehicle demand, expanding population, increasing disposable income, and fast urbanisation.
Electrical And Electronics Is Predicted To Be The Largest Segment
The electrical and electronics segment is predicted to be the largest segment in global alternator and starter market due to rising demand for flame retardants in various applications to improve halogenated flame retardant efficiency and reduce flammability of polymers, wires & cables, and plastics.
North America Dominates The Global Alternator And Starter Market
The global alternator and starter market is classified into North America, APAC, South America, Europe, Middle East and Africa. Because of technological developments in car alternators and increased vehicle production in the region, North America dominates the global alternator and starter market. Because of the large production of car vehicles, the availability of low-cost labour, and the region's economic expansion, Asia-Pacific is predicted to increase significantly from 2022 to 2029.
Rising automotive investment in emerging markets like India and others is projected to open up new opportunities for the global automotive starter and alternator business in the coming years. Furthermore, as consumers' willingness to spend more money on cars develops, manufacturers are motivated to invest more in R&D and the development of innovative automotive parts. This is good news for the auto starter and alternator industry.
The market value of global alternator and starter market is estimated to reach close to US$ 25116.2 Million by 2029 with an annualized growth rate of 2.3% through the forecast period 2021-2029.
The alternator placed in front of the automobile engine is electronic, and its principal duty is to charge the battery while you're driving. The alternator, on the other hand, cannot charge a dead battery. The alternator regulates the energy required to drive various components of your vehicle, allowing them to operate, whereas the starter is placed near the bottom of the left side of the motor. It is a rotating electric motor that starts the engine. The starter motor is connected to an electronic device called a solenoid, which accepts battery power and transfers it to the starter motor.
The three fundamental components of the car charging system are the battery, voltage regulator, and alternator. Working with the battery, the alternator creates electricity for electrical components such as the instrument panel, exterior, and interior lights. An automobile starting motor rotates the engine of a vehicle to allow it to start on its own power. Some new alternator designs also have built-in regulator circuits. These circuits automatically operate automatically and adjust to the output voltage.
However, increasing demand for electric vehicles due to growing environment concerns is likely to be the major growth hindrance for the global alternator and starter market.
Furthermore, the use of automotive starter motors and alternators in new vehicle segments such as hybrid and electric cars is expected to fuel the global alternators and starter market. The growth of this market has been aided by significant growth in the automotive sector, as well as economic reforms in major developing countries.
The major market players of global Alternator and Starter Market are Lucas Electrical (U.K), Mitsubishi Corporation (Japan), Denso Corporation (U.S), Control Power Technology (U.K), Robert Bosch GmbH (Germany), Valeo S.A.(France) Motor Corporation of America (U.S), among others.
These companies specialising in alternators and starter materials are expanding their footprint through new product launches, real estate base, mergers and acquisitions, and other activities to stay ahead of the competition and meet the increased demand. By applying technology, the R&D teams of the companies are focusing on coming up with better designs.
Major Developments In Global Alternator And Starter Market: A Snapshot
- Bosch unveiled ICs, a new automotive system, in November 2018. System ICs are integrated circuits that are specifically built for a particular application. They were created to complete specific duties. Engine management, alternator electronics, air bags, and transmission control are all covered by Bosch system ICs.
- The Hybrid4All system was introduced by Valeo S.A. When compared to a hybrid on the market, the Hybid4All system coupled a low-power electric motor with a traditional combustion engine, saving fuel consumption by up to 15% and lowering CO2 cost per gram.
Alternator and Starter Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||US$ 25116.2 Million|
|Growth Rate||CAGR of 2.3% during 2021-2028|
|Segment Covered||Product,Vehicle Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Lucas Electrical (U.K), Mitsubishi Corporation (Japan), Denso Corporation (U.S), Control Power Technology (U.K), Robert Bosch GmbH (Germany), Valeo S.A.(France) Motor Corporation of America (U.S), among others.|
Key Segments of Alternator and Starter Market
Product Overview, 2022-2029 (USD Million)
- Starter Motor
Vehicle Type Overview, 2022-2029 (USD Million)
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Regional Overview, 2022-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
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