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Automotive Hybrid Starter Generator Market 2024 - By Size, Industry Analysis, Segmentation And Outlook 2033
Automotive Hybrid Starter Generator Market
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According to The Business Research Company's, The automotive hybrid starter generator market size has grown strongly in recent years. It will grow from $16.58 billion in 2023 to $17.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to urbanization and traffic congestion, growing consumer awareness, increasing demand for more fuel-efficient vehicles, rising awareness of air quality issues, increasing infrastructure for hybrid and electric vehicles.
The automotive hybrid starter generator market size is expected to see strong growth in the next few years. It will grow to $21.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising disposable income, increasing market penetration of hybrid vehicles, expansion of aftermarket services for hybrid vehicles, rising awareness about environmental impact, growing trend towards electrification in the automotive industry. Major trends in the forecast period include demand for research and development, innovation in hybrid technologies, public and private sector partnerships, customization and flexibility, advancements in lightweight vehicle materials.
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Market Drivers and Trends:
Growing automotive industries are expected to propel the growth of the automotive hybrid starter generator market going forward. The automotive industry refers to the sector of the economy that involves the design, development, manufacturing, marketing, and sale of motor vehicles. The automotive industries are increasing due to changing consumer preferences, economic factors, regulatory and policy support, globalization and trade, and innovation in manufacturing. Hybrid starter generators are required for automotive because they enhance fuel efficiency, reduce emissions, and enable seamless start-stop and regenerative braking functions in hybrid vehicles. For instance, in February 2024, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, in January, British car manufacturing output increased by 21.0% to 82,997 units, with export volumes rising 11.6%, production for the UK market soaring 64.5%, and electrified vehicle production growing 4.5% to 29,590 units. Therefore, growing automotive industries are driving the growth of the automotive hybrid starter generator market.
Major companies operating in the automotive hybrid starter generator market are focusing on technological advancements such as integrated belt-driven starter generators to enhance efficiency, reduce emissions, and improve overall vehicle performance. An integrated belt-driven starter generator (BSG) refers to a component in hybrid and mild hybrid vehicle systems that combines the functions of a starter motor and a generator into a single unit. For instance, in March 2022, Nexteer Automotive, a US-based automotive industry company, launched the 48-volt Integrated Belt-Driven Starter Generator (iBSG). This Integrated Belt-Driven Starter Generator (iBSG) is a hybrid powertrain component designed to enhance the efficiency and performance of vehicles, particularly in mild hybrid systems. This system replaces traditional alternators, providing a reversible starter generator that captures kinetic energy during deceleration and reuses it during acceleration.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Denso Corporation, ZF Friedrichshafen AG, Continental AG, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Aisin Seiki Co. Ltd., Valeo, Parker Hannifin Corporation, Nidec Corporation, Schaeffler AG, TRW Automotive, BorgWarner Inc., Hella GmbH & Co. KGaA, Rheinmetall Automotive AG, GKN Automotive Ltd., Mando Corporation, SEG Automotive, Dayco Ip Holdings LLC, Mahle GmbH, IAV Automotive Engineering, Maserati Inc., Delphi Technologies, Magneti Marelli
Automotive Hybrid Starter Generator Market 2024 Key Insights:
• The automotive hybrid starter generator market size is expected to see strong growth in the next few years. It will grow to $21.84 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%.
• Rising Automotive Industry Boosts Demand for Hybrid Starter Generators Market
• Advancements In Automotive Hybrid Starter Generators
• North America was the largest region in the automotive hybrid starter generator market in 2023
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