How Big is The Automotive Alternator Market:
IMARC Group, a leading market research company, has recently releases report titled “Automotive Alternator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global automotive alternator market size reached US$ 24.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.96% during 2023-2028.
What are Automotive alternators:
Automotive alternators refer to the three-phase generators with a built-in rectifier circuit that modern automobiles utilize to power electrical systems and charge the battery while their engine is operating. They consist of the stator, output diodes, a rotor, and the diode trio as standard parts. Automotive alternators are mainly available in salient pole and cylindrical rotor types. They include batteries, voltage regulators, charging systems, and alternators as major components. Automotive alternators aid in powering various vehicle electrical machinery, such as instrument panels and interior and exterior lights. In addition to this, they assist in generating alternating current (AC) power by electromagnetism and transforming mechanical into electrical energy. As a result, automotive alternators are widely incorporated into commercial, light, and passenger vehicles.
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Automotive Alternator Market Trends and Drivers:
The ongoing production and sales of various hybrid and electric vehicles (HEVs/EVs) and the expanding automobile industry are primarily driving the automotive alternator market. Besides this, the launch of several policies by the government bodies has prompted manufacturers to use hybrid powertrain systems to reduce carbon emissions from cars, which is further augmenting the market growth. Moreover, the extensive utilization of automotive alternators in various off-road and emergency automobiles to carry large amounts of snowplow by producing extreme drag on the electrical systems is also catalyzing the global market.
Apart from this, the inflating consumer disposable incomes, the increasing need for lightweight cars, and strategic collaborations among original equipment manufacturers (OEMs) to enhance product efficacy are acting as significant growth-inducing factors. Furthermore, the shifting inclination toward the high output generators over conventional variants, owing to long-lasting battery life and better electricity supply, is expected to bolster the automotive alternator market in the coming years.
Who are the key players operating in the industry?
- BorgWarner Inc.
- DENSO Corporation
- Hella KGaA Hueck & Co. (Faurecia SE)
- Hitachi Ltd.
- Hyundai Mobis (Hyundai Motor Group)
- Jinzhou Halla Electrical Equipment Co. Ltd
- MAHLE GmbH (Mahle Stiftung GmbH)
- Mecc Alte SpA (Co.mecc.fin.srl)
- Mitsubishi Electric Corporation
- Motorcar Parts of America Inc.
- Prestolite Electric Incorporated (Prestolite Electric Holding Inc.)
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH) and Valeo.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Powertrain Type:
- IC Engine Vehicles
- Hybrid and Electric Vehicles
Breakup by Vehicle Type:
- Passenger Cars
- Commercial Vehicles
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
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