Automotive Starter Motor and Alternator Market Predicted to Rake in US$38.56 bn by 2024

The top four players operating in the global automotive starter motor and alternator market held a share of 34.4% in the market in 2015. Denso Corporation, The Bosch Group, Mitsubishi Electric Corporation, and Valeo Group have been leading the global market with their persistent efforts to innovate products that meet the needs of a wide customer base. Additionally, move to emerging markets is also projected to benefit these players in the coming years. The market is highly fragmented with the presence of several medium and large companies, observes Transparency Market Research.

The research report states that the opportunity in the global automotive starter motor and alternator market is expected to be worth US$38.56 bn by the end of 2024 as compared to US$27.35 bn in 2015. Between the forecast years of 2016 and 2024, the overall market is projected to progress at a CAGR of 3.9%.

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Vehicle Manufacturing Activities Spell Positive Outlook for Asia Pacific Market

The two types of alternators available in the global market are claw pole alternator and cylindrical alternator. Out of the two types of alternators, the claw pole alternators are expected to hold a dominant share in the overall market as they are extensively being used in a wide range of vehicles. The segment is projected to rise at a CAGR of 3.5% between 2016 and 2024. Geographically, Asia Pacific is anticipated to make quite an impression on the overall market. Booming automobile manufacturing activities across Asia Pacific are projected to boost this market in the coming years. Owing to this reason, the Asia Pacific automotive starter motor and alternator market is likely to surge at a CAGR of 4.6% during the forecast period.

Introduction of Electric Vehicles Offers New Growth Opportunities

The rise in the production of vehicles has been the primary growth driver for the global automotive starter motor and alternator market. The market is also being supported by the improving standard of living, rising disposable incomes, and rapid urbanization have all contributed toward high demand for passenger vehicles, which, in turn, has had a positive impact on the overall market. The introduction of electric vehicles in the market to find eco-friendly solutions to the rising pollution levels is projected to augment the demand for automotive starter motor and alternators in the coming years as well.

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The automotive starter motor and alternator manufacturing companies are expanding their operations to several emerging markets such as India, China, Brazil, Russia, Saudi Arabia, and South Africa amongst others. This move comes as the aforementioned countries are focused on developing their automotive sector to cater to the burgeoning demand for passenger vehicles across the world. Furthermore, efforts by original equipment manufacturers (OEMs) to make vehicles lightweight and fuel-efficient is also boost the demand for automotive starter motors and alternators. In the coming years, development and adoption of lighter and efficient automotive starter motors and alternators are projected to provide an additional impetus to the global market.

Development and Adoption of Hybrid Vehicles to Retard Growth

The steady market drivers are being challenged by the research and development of hybrid vehicles, which do not require separate starter motor and alternators. Hybrid vehicles use one or more combined motor or generators, which ignites with internal combustion engine. The sophistication of these generators is has eliminated the need of conventional starter motors. Therefore, growing production of hybrid vehicles is expected to threaten the growth of the overall market.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.