Automotive Alternator Market Trends, Share, Size, Demand and Future Scope 2022-2027
The latest research study “Automotive Alternator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global automotive alternator market size reached US$ 22.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 32.88 Billion by 2027, exhibiting a growth rate (CAGR) of 6.10% during 2022-2027.
Automotive alternators represent the three-phase generators with a built-in rectifier circuit used in modern automobiles to charge the battery and power electrical systems while their engine is operating. They usually comprise a rotor, the stator, output diodes, the diode trio, etc., as standard parts. In line with this, automotive alternators include batteries, charging systems, voltage regulators, etc., as primary components. They aid in powering numerous vehicle electrical machinery, such as instrument panels and interior and exterior lights. Automotive alternators also assist in generating alternating current (AC) power by electromagnetism and converting mechanical into electrical energy. As a result, they are widely incorporated into commercial, light, and commercial vehicles. Presently, automotive alternators are commonly available in salient pole and cylindrical rotor types.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Automotive Alternator Market Trends and Drivers:
The expanding automotive sector and the rising production and sales of several hybrid vehicles (HEVs) are among the key factors stimulating the automotive alternator market. Furthermore, the increasing utilization of these generators in the electrical systems of such automobiles to activate various electronic components of vehicles is acting as another significant growth-inducing factor. Apart from this, the launch of favorable green initiatives by government bodies has encouraged leading manufacturers for using hybrid powertrain systems to mitigate carbon emissions from vehicles, which is positively influencing the global market. Moreover, the widespread adoption of automotive alternators in off-road and emergency vehicles to carry large amounts of snowplow by producing excessive drag on the electrical systems is further propelling the market growth. Besides this, the introduction of high-output variants, the inflating need for lightweight cars, and strategic collaborations among original equipment manufacturers (OEMs) are expected to fuel the automotive alternator market over the forecasted period.
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Automotive Alternator Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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.
The report has been segmented the market into 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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