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The global automotive alternator market size is estimated to grow by USD 3.29 billion between 2022 and 2027 accelerating at a CAGR of 6.08%.
The hypercompetitive environment in the automotive industry has made it imperative for manufacturers to adopt the latest technologies to ensure a sustainable presence which is deliberately driving market growth. Additionally, the global automotive alternator market has strict enforcement of new and improved emission norms. Enforcement of stringent emission norms has necessitated the use of automotive alternators, especially in developing economies in APAC and MEA. In most of the major automotive markets, such as the US, the UK, China, and India, Euro 6 emission standards or country-specific equivalents are expected to be implemented during the forecast period. For example, the Government of India implemented the BS-VI in April 2020 for new vehicles.
This report extensively covers market segmentation by type (IC engine vehicles and hybrid & electric vehicles), application (passenger cars, LCVs, and M & HCVs), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021
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Furthermore, upcoming trends such as vehicle manufacturers focusing on designing compact internal components that increase the overall available space for accommodating large emission control systems or engines are positively impacting the market growth. Besides, the emergence of smart alternators and the increasing popularity of additive manufacturing in the automotive industry are also propelling the growth of the market.
The IC engine vehicles segment was valued at USD 5.91 billion in 2017 and continued to grow until 2021. An internal combustion engine vehicle (ICEV) is a vehicle that is powered by a regular internal combustion engine (ICE). Since the demand and production of vehicles are high in APAC, the demand for ICEVs and advanced technologies is also high. The drastic shift in the income of the middle class and rapid urbanization are driving the demand for vehicles.
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The rising focus of consumers and vendors on adopting low-emission and fuel-efficient vehicles has also brought HEVs into the limelight and increased their penetration rate. Moreover, constant government support in the form of grants and subsidies to vendors and incentives to consumers has helped in increasing the adoption rate of HEVs. For instance, France, the UK, California, and the US have declared that they will stop the sales of ICE vehicles by 2040.
The global passenger car market is constantly undergoing changes in terms of technological development. Technological upgrades are primarily driven by the dynamic nature of emission regulations, fuel efficiency standards, safety standards, and the pressure to decrease production costs. Vehicle makers are focusing on adopting 48V electrical systems to meet the technological advances of automotive electronics used within passenger cars. For instance, Kia Motors launched a diesel 48V mild hybrid powertrain called EcoDynamics+.
LCVs are commercial carriers used for transporting goods over short distances, especially within cities and between cities. The compact nature of these vehicles allows easier maneuvering within city limits. LCVs are mainly used by parcel delivery companies, goods transport companies, and passenger transport agencies. 48V electrical systems are increasingly being adopted within LCVs to power the onboard electronics. Valeo, Continental, and Bosch are the major players offering 48V systems to automakers. For instance, in 2019, Fiat Chrysler Automobiles NV launched a 48V mild hybrid on all gas engines for its Ram 1500 trucks.
M and HCVs include vehicles such as food trucks, refuse collection trucks, bulk haulage trucks, and construction, mining, and freight transport vehicles. These vehicles are specifically designed to haul an increased amount of load over longer distances.
APAC is estimated to contribute 56% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The automotive alternator market in APAC is mainly characterized as a developing market with a large scope of development in terms of vehicle ownership and technological adoption. The heightened sensitivity toward cost is restricting vehicle makers from adopting advanced automotive technologies, especially within the automotive market in India, China, and Japan. The production of automotive alternators in APAC depends on the production and sales of passenger cars and commercial vehicles and the rising demand for export-oriented production of automotive components. India and China accommodate a large manufacturing industry, mainly organized for export-oriented production. Lower wages, the ready availability of human resources, the availability of raw materials and associated transportation services, and the lower value of local currency further drive the manufacturing industry in these countries.
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The automotive sector in India, like in the rest of the world, was already reeling through a cyclical downturn before the COVID-19 crisis. This situation was worsened by the onset of the COVID-19 pandemic and the imposition of lockdowns across India and the rest of the world. the automotive industry in APAC, especially in India and China, is expected to grow significantly during the forecast period. For instance, India experienced the highest growth in vehicle sales among the Asia-Pacific nations in 2022. Such factors are expected to drive the growth of the market in APAC during the forecast period.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Automotive Alternator Market.
MAPCO Autotechnik GmbH - The company offers automotive alternators such as MAPCO 113600, and MAPCO 113601. Through this segment, the company provides automobile parts and accessories such as suspensions, steering, brake, wheel drive, engine, filters, electrics, and other spare parts.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Automakers are moving their manufacturing hubs to countries with cheaper labor, materials, and facilities. China is a significant market, but trade tensions with North America and Europe are shifting focus to other low-cost countries in Asia. The COVID-19 pandemic has also increased demand for low-cost personal transportation, creating an opportunity for entry-level cars. Shifting production to low-cost countries will reduce costs and allow for lower prices, increasing demand and supporting the growth of automotive components.
Various industries are rapidly developing 3D printing or additive manufacturing technology. The automotive industry is actively contributing to the additive manufacturing industry, accounting for approximately one-eighth of the revenue generated. The potential for additive manufacturing is immense, especially for products with complex designs and low volumes, due to the increasing manufacturing costs. Automotive manufacturers are adopting the latest manufacturing technologies like additive manufacturing to reduce their costs. For instance, SLM Solutions Group partnered with Audi to launch a 3D printing center in Germany. Rolls Royce is also adopting additive manufacturing to increase production rates, with BMW 3D printing 10,000 components for the Rolls Royce Phantom model. As the popularity of additive manufacturing increases, it is expected to attract automotive actuator manufacturers, positively impacting the market during the forecast period.
Windshields and windows are standard in all passenger cars and commercial vehicles, which means that the global automotive alternator market is impacted by overall automobile production and sales. Since 2018, the automotive market has been experiencing a slump in sales and production, resulting in decreased demand for various automotive components, including alternators. Sales of light vehicles in the US dropped by 3.1% during January-March 2019, and automotive production has been declining in several countries such as Germany, the UK, and China. The slowdown in vehicle sales growth rate in 2019 has led to inventory costs for OEMs, forcing them to reduce or stop production temporarily. This has resulted in unsold passenger vehicles worth around USD 5 billion from various OEMs in India, such as Maruti Suzuki India Ltd., Tata Motors Ltd., Honda Motor Co. Ltd., and Mahindra and Mahindra Ltd. Such factors adversely affect automotive sales and production, reducing the demand for automotive components like alternators and hampering the growth of the global automotive alternator market.
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The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Alternator Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive Alternator Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.08% |
Market growth 2023-2027 |
USD 3.29 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.01 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 56% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALANKO GmbH, AS PL Sp. z o.o., BBB Industries LLC, BluePrint Engines, BorgWarner Inc., Cummins Inc., DENSO Corp., Hitachi Ltd., Jumps Auto Industries Ltd., MAHLE GmbH, MAPCO Autotechnik GmbH, Minda Corp. Ltd., Mitsubishi Electric Corp., Motorcar Parts of America Inc., Ningbo Zhongwang Auto Fittings Co. Ltd., Prestolite Electric Inc., Robert Bosch GmbH, Stellantis NV, TVS Motor Co. Ltd., and Valeo SA |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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