According to the latest report published by Variant Market Research, the global alternator market size was valued at $20.1 billion in 2016, and is estimated to reach $29.9 billion by 2024. In this report, the global alternator market forecast says that the global market is growing at a CAGR of 5% from 2016 to 2024.
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The global alternator market is mainly driven by increase in production of vehicles
High use of electronics, rising investments in the construction industry and the industrial infrastructure sectors, and rising disposable income are the major factors driving the global alternator market growth. In addition, growing demand for luxury cars with advanced technology worldwide is also a global automotive alternator market trend. However, increasing production of hybrid vehicles, and economic instability may limit the market from growing. Moreover, new technological advancements, rising demand for engine and turbines, and penetration of alternators in various sectors is expected to present potential growth opportunities over the forecast timeframe.
Voltage range, rotor type, end-user, and geography are the classification of the global alternator market. The voltage range segment is sub-segmented into low voltage (0V-1000V), medium voltage (1001V-4160V), and high voltage (4161V-15000V). On the basis of rotor type, the segmentation includes salient pole, smooth cylindrical, and other rotor types. Furthermore, oil & gas, power plant, marine, mining, stand-by power, and others are the categorization of end-user segment.
Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America (U.S., Canada, and Mexico), Europe (Spain, Germany, UK, France, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market.
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By voltage range, low voltage (0V-1000V) led the market with largest share in 2016
Low voltage (0V-1000V) contributed for the largest alternator market share in the year 2016, and is expected to continue its trend over the forecast period. Medium voltage (1001V-4160V) is likely to achieve the fastest CAGR from 2016 – 2024.
Others, by rotor type occupied the largest market share in 2016
Others dominated the majority of the share in the rotor type segment in 2016, and is expected to continue its dominance during the forecast period. In terms of growth. Besides, salient pole witnessed the fastest CAGR in the forecast years.
Mining witnessed the fastest CAGR in the end-user segment from 2016 to 2024
Mining is expected to attain the fastest CAGR of 7.5% in the end-user segment during the forecast period. On the other hand, other end-user industries accounted for the major share in the year 2016.
Asia-Pacific held for the leading region in the global alternator market
In the year 2016, Asia-Pacific generated the highest revenue accounting for 34% of the total market share, followed by Europe with 27%. The high growth is attributed to the growth of automotive industry in countries such as India and South Korea among others emerging economies of the region. Rest of the World (RoW) is the fastest growing region in the global alternator market, and is expected to continue this trend due rapid growth in urbanization and increasing oil & gas sector.
Also countries like South Africa, Poland, and Romania are witnessing a tremendous growth in the global alternator market.
Key players profiled in the report include Motor Corporation of America, Robert Bosch GmbH, Denso Corporation, Mitsuba Corporation, Hitachi Automotive, Lucas Electrical, Hella KGaA Hueck & Co, Cummins, Inc. Mitsubishi Electric Corporation, and Valeo SA among others.
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Scope of Alternator Market
- Low Voltage (0V-1000V)
- Medium Voltage (1001V-4160V)
- High Voltage (4161V-15000V)
Voltage Range Segments
- Salient Pole
- Smooth Cylindrical
Rotor type Segments
- Salient Pole
- Smooth Cylindrical
- Oil & Gas
- Power Plant
- Stand-By Power
- North America
- United Kingdom
- South Korea
- South America
- Middle East
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