Latest News- Automotive Alternator Market: IC engine vehicles is expected to lead the Type segment during 2024-2028

The Automotive Alternator Market is being driven by Increasing use of electronic components in vehicles

The Automotive Alternator Market is expected to grow at a CAGR of 5.59% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3141.7 million. In the automotive industry, there is a growing trend towards designing compact internal components to accommodate larger emission control systems and engines. Hybrid vehicles, in particular, are gaining popularity due to their increased fuel efficiency and decreased emissions. The integration of starter generators in hybrid vehicles is a key factor driving this trend. As hybrid vehicles become more prevalent, automakers are anticipated to introduce advanced models of integrated starter generators, which will eventually replace traditional alternators and starter motors. According to Technavio, this shift towards hybrid vehicles presents a significant growth opportunity for the automotive alternator market during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • IC engine vehicles
  • Hybrid and electric vehicles
• Application
  • Passenger cars
  • LCVs
  • M and HCVs
• Geography
  • APAC
    • China
    • Japan
    • South Korea
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing use of electronic components in vehicles
• Adoption of new or improved emission standards
• Production shift to low-cost countries

However, the market also witnesses some limitations, which are as follows:

• Increasing adoption of EVs
• Sharp decline in automobile production and sales
• Remanufacturing of automotive alternators

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Market Scope in Automotive Alternator Market Research Report

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Research Analysis Overview

In the automotive industry, the demand for efficient electrical systems in modern vehicles has led to significant growth in the market for automotive alternators. These essential electrical components are used in conjunction with the engine to power various systems in passenger cars and IC Engine Vehicles. Output diodes in alternators convert the generated electrical power from three-phase to DC, which is then stored in the battery for later use. Strategic alliances and joint ventures among automotive players have been instrumental in advancing technological innovations in alternator design. For instance, the integration of rectifier circuits in alternators has enabled the development of hybrid powertrain systems and electric vehicles, addressing environmental concerns and sustainability. Moreover, economic conditions and emission norms have driven the need for more efficient and eco-friendly electrical components in automotive manufacturing industries. The stator and rotor in alternators are crucial parts that convert mechanical energy into electrical energy through three-phase generators. As such, the automotive alternator market is expected to continue growing, catering to the evolving needs of the automotive sector.

Market Research Overview

The automotive alternator market caters to businesses producing essential components for automobiles, encompassing passenger cars, electric vehicles, commercial vehicles, heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Market size is determined by the consolidated revenue generated by alternator manufacturers within the automotive sector. Key growth drivers include the escalating demand for electronic control units and other electrical components due to the increasing sales of electric vehicles, motorcycles, and passenger cars.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/