Published Date : 19 Apr 2023
The total size of the automotive alternator and starter motor market was USD 31.44 billion in 2022 and it will grow to USD 49.14 billion by 2032, progressing at a CAGR of 4.56% by the end of this decade.
The automotive alternator and starter motor market growth is driven by the increasing production of the vehicle, the growing demand for lightweight and fuel-efficient vehicles, growing automotive spending in developing economies, and the growing government initiatives.
When an automobile is in action, its alternator is used to supply current to its electrical circuits. The vehicle's battery, which is used to power the starter motor when the engine is initiated, is additionally charged by the alternator. Typically, a pulley and belt system is used to move alternators from the main engine.
Alternating current is produced by alternators and corrected to direct current. Because starting a car engine requires both a high current and a low voltage, automobiles are typically powered by 12 V or 24 V DC circuits. The headlights, interior lighting, engine control system, multimedia system, and electric windows are among the circuits that the alternator powers. However, an electrical instrument known as a starter or starter motor is used to rotate (crank) internal combustion engines to start them up on their own.
Asia Pacific accounted for the larger revenue share owing to the rapid growth of the automotive industries, increasing disposable income, the presence of prominent automotive market players, growing consumer preferences for convenient modes of transportation, and favorable governments initiatives to improve the infrastructure for hybrid electric and electric vehicles to reduce carbon footprint. China is considered the Asia Pacific region's largest market for automotive alternators and starting motors, owing to rising vehicle use and the country's growing automotive sector.
The rapid adoption of advanced technology, increasing production of vehicles, and enhancement in automotive infrastructure in several developing countries in the region such as China, South Korea, Japan, and India are projected to drive the growth of the market in the region.
Automotive Alternator and Starter Motor Market Report Scope:
|Market Size in 2022||USD 31.44 Billion|
|Projected Forecast Value in 2032||USD 49.14 Billion|
|Growth Rate||49.14% from 2023 to 2032|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Increasing demand for automobiles and growing production
Vehicles have been among the most widely used manufactured products in the past century. It is regarded as an efficient, flexible, comfortable, and cost-effective method of transportation and has developed into a status symbol or a means of personal opinion. One of the main drivers of the expansion of the automotive alternator and starter motor market is the sharp rise in demand for both commercial and passenger vehicles.
For instance, the number of vehicles sold worldwide rose from 78.8 million in 2020 to 82.7 million in 2021. Sales of passenger cars rose globally, rising from 54 million in 2020 to 56.4 million in 2021. However, sales of commercial vehicles rose globally, rising from about 24.9 million in 2020 to 26.3 million in 2021. Other factors that support the growth of this industry include the rise in the number of young people and rising middle-class income in major countries around the world. Additionally, the proliferation of businesses in the sector as well as an increase in functional mergers and acquisitions have caused the manufacturing of automobiles to shift towards developing nations.
Increasing demand for electric vehicles
The market growth for alternators and starter motors is significantly constrained by the steadily rising demand for electric cars. Customers are deciding to buy more electric automobiles rather than cars with internal combustion engines. For instance, 6.6 million electric vehicles (EV) sales, a new record, were made between 2020 and 2021, doubling from 2020. A major barrier to the expansion of the automotive alternator and starter motor market is created by the use of electric vehicles, which removes the need for alternator and separator motors.
Growing automotive expenditure in emerging economies
Growing economies like India, which invest more in the automotive sector, offer market participants multiple expansion opportunities. India and other developing and established economies are anticipated to spend more on cars as a result of cutting-edge technologies, manufacturer investment in R&D, and the creation of innovative automotive components. Throughout the forecast period, it is anticipated that this will drive up demand for car alternators and starter motors.
Major Key Players:
By Vehicle Type
By Sales Channel
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