Automotive Alternator Market Projected to Reach USD 23,180

New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Alternator Market Information by Type, by Technology, by Vehicle Type and by Region - Forecast to 2030”, From 2022 to 2030, the automotive alternator market is anticipated to increase by USD 23,180 million at a CAGR of roughly 6.02%.

Automotive Alternator Market Overview

An automotive alternator is a generator that produces power for the car's electrical system. The automotive alternator market is anticipated to grow as a result of rising electrical power demand in cars and an increase in electrical and electronic devices in vehicles. The automotive alternator market is also expanding significantly due to the rising global demand for vehicles. Due to government-initiated FDI for international automotive players, favourable economic conditions, and the presence of significant automotive manufacturing industries, Asia-Pacific is predicted to have the largest market for the automotive industry. This is expected to drive demand for automotive alternator market

Key players operating in the automotive alternator market include

  • Valeo,
  • Denso,
  • Bosch,
  • Remy,
  • ISKRA,
  • Mando,
  • Mitsubishi,
  • Hitachi Automotive,
  • Magneti Marelli,
  • Motorcar Parts of America,
  • Hella KGaA Hueck & Co.,
  • Lucas Electrical

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Up until 2018, there had been an increase in the demand for both passenger and commercial automobiles worldwide. The economy's slump resulted in a modest fall in automobile sales in 2019. Due to the COVID-19 outbreak in 2020, which led to the temporary closure of several car and component manufacturing plants, this drop persisted. This is impeding the market expansion for ignition coils.

Over the world, developing nations are making efforts to increase the sale of passenger cars. For instance, the Indian Finance Minister stated that BS-IV passenger cars could be registered till March 31, 2020 during the switch from BS-IV to BS-VI. The nation's sales of passenger cars increased marginally as a result.

There has been a significant decline in sales as a result of the financial crisis in 2019 and the coronavirus outbreak in the first quarter of 2020. The main automobile markets in the world, including China, the United States, India, and Japan, have also seen a decline in sales, forcing producers to reduce output. The market for vehicle alternators hasn't been able to expand as a result of these sales declines. However, 2021 served as a transitional year, and sales are now steadily increasing, which is anticipated to support the automotive alternator market in the years to come.

Automotive Alternator Market Report Scope:

Report Metrics Details
Market Size by 2030 2030: USD 23,180 million
CAGR during 2022-2030 6.02% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Market Opportunities Increasing usage of electrical power in the cars

The rise in electrical and electronics device in the vehicles
Key Market Drivers Increasing global demand for vehicles has a significant contribution

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Automotive Alternator Market:

The market for alternators in passenger cars is anticipated to expand at a quicker rate throughout the assessment period, however, as governments all over the world take various measures to increase passenger car sales.

The rising demand for passenger automobiles and commercial vehicles on a global scale is what is driving the automotive alternator industry. In 2021, Asia is anticipated to hold the greatest market share for alternators, and it is anticipated that this trend would last well past 2023. As significant automotive manufacturing centres, nations like India, China, and South Korea have arisen, sourcing parts from western automakers.

Manufacturers of commercial vehicles can find opportunities in Asia. By 2020, it is anticipated that India will have the fastest-growing market for the production of automobiles due to the country's increasing automotive sector. It is anticipated that South Asia would soon overtake North America as the primary vehicle centre due to the region's availability of cheap labour.

Four companies primarily control the automobile alternator market: Denso, Valeo, Mitsubishi Electric, and Hitachi Automotive. Together, these businesses control almost 80% of the global market. Since 1988, Denso claims to have dominated the alternator market. Due to the existence of both domestic and international competitors, the "others" segment of the market is fragmented.

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Even in the aftermarket sector, where numerous small businesses are developing comparable products, the market is subject to fierce rivalry. The aftermarket players are also benefiting significantly from e-tailing and e-commerce in terms of sales. In order to retain their market share in specific regions, the big market participants have also been implicated in cases involving parts cartel and price fixing.

As a result, this has prevented other firms from controlling a sizable portion of the market in certain areas and given these players a monopoly.

The main drivers for the automotive alternator market during the forecast period are the rising demand for hybrid powertrain systems in automobiles and strict pollution regulations. Original equipment manufacturers (OEMs) are predicted to move increasingly towards electric vehicles as technology and emission regulations advance, which could marginally impede market growth in the near future.

Automotive Alternator Market Segmentation:

Automotive alternator market is segmented on the basis of Type, technology, vehicle type, and region.

By Type, the market is segmented into Single Phase and Three Phase.

By Technology, the market is segmented into Belt-driven alternator.

By Vehicle Type, the market is segmented into Passenger and Commercial.

By region, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.

Further, the North America segment is divided into U.S., Canada, and Rest of North America.

Europe is segmented into U.K., Germany, France, Sweden, Italy, and Rest of Europe.

Asia-Pacific is sub-segmented into China, India, Japan, and Rest of Asia-Pacific.

Rest of World is sub-divided into Brazil, Saudi Arabia, and Others.

A large portion of the market is anticipated to remain dominated by the Asia-Pacific region during the forecast period as a result of rising car sales, which are mostly coming from China, Japan, and India. To meet the strong market demand, major automakers have manufacturing facilities in this area.

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The largest market for vehicle alternators is in Asia-Pacific. The automotive alternator's fastest-growing market is anticipated to be in Asia-Pacific. Due to government initiatives encouraging foreign direct investments by international automakers, emerging economies like China, India, and South Korea are anticipated to lead the automotive alternator market. Additionally, rising individual disposable income and purchasing power are anticipated to further propel the market. Due to the presence of the main automotive firms there, the European region comes in second.

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Automotive Alternator Market Projected to Reach USD 23,180