Alternators Market are the devices that convert any kind of mechanical energy from a prime mover into alternating electric power (AC current), at specific voltage and frequency. Since its first introduction, alternators have become an essential part of modern day power generation system. Rising demand for power for a variety of applications has resulted into an increase in the penetration of alternators. Applications such as automotive, industrial manufacturing and Processing, power plants and many others make extensive use of alternators in order to fulfill their power requirement. Alternators are used extensively in power generation plants using non-conventional energy sources.
The post-recession revival of the automotive industry is one of the major factors contributing to the rise in demand for alternators. Every modern day on-road vehicle is equipped with an alternator in order to provide AC electric supply to different modules of the vehicle. With the consistent rise in automotive industry, the demand for alternator is also expected to demonstrate considerable growth during the forecast period. Similarly, perpetually rising power consumption across applications such as marine, telecommunication towers, commercial and residential infrastructures is another prominent factor promoting the alternator market. In addition, alternators are used for locomotive traction motors, marine and mining application. Growing heavy industries and consistent rising demand for AC power supply is expected to continue boosting the overall alternator market in the following years.
In order to help strategic decision makers, the report also includes competitive profiling of the leading alternator manufacturers, their strategies, market positioning and key developments. Some of the major players profiled in the report include Controlled Power Technologies, Ltd., Valeo Group, Lucas Electrical, Ltd., Controlled Power Technologies, Ltd., ASIMCO Technologies Ltd., Hitachi Automotive Systems, Ltd., Hella KGaA Hueck & Co (Japan), Mitsubishi Electric Corporation, The Bosch Group, Denso Corporation, Mitsuba Corporation, Cummins, Inc., and Emerson, Electric, Co. among others. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global alternator market, offering market size and estimates for the period from 2023 to 2030, keeping in mind the above-mentioned factors.
As of 2020, Low voltage segment (ranging from 0 to 1000V) is the largest segment, in terms of revenue, of the overall alternator market worldwide. Low voltage alternators are extensively used in automobiles and small and medium capacity standby power equipment. With the consistent rise in the automobile consumption across the world, the demand for low voltage alternator is set to continue rising at a brisk rate. In addition, increasing power consumption and growing trend of using standby power equipment such as portable generators are also aiding the low voltage alternator segment in maintaining its dominance in overall alternator market.
High voltage alternator segment trails low voltage alternator segment in terms of revenue, as of 2020. High voltage alternator ranging 5000V and above are used in a variety of high voltage applications such as marine, railway locomotive, high power generation equipment and mining. High voltage alternators are also used in non-conventional energy generation stations including wind turbines, hydroelectric power and tidal energy power stations. Growing inclination towards non-conventional power sources is generating major demand for high voltage alternators. Consequently, the high voltage alternator market is expected to grow at a high rate during the forecast period.
As of 2020, the automotive segment dominated the overall alternator market. Alternators are extensively used in automobiles for power generation so as to run the related electronic modules. They derive power from the engine and generate the energy to charge the battery and supply electric power necessary for the vehicle utilities. With the rise in the number of electronic modules in modern-day automobile, the power requirement of automobile has also increased significantly. In addition, consistent growth in the automotive sector, especially in the Asia Pacific region, has uplifted the penetration of automotive alternators. In the following years, the automotive segment is estimated to retain its dominant position, in the overall market.
Standby power segment trails the automotive application segment, in terms of revenue. The segment growth is primarily driven by the increasing installation of standby power equipment and generators across commercial and industrial sectors. Alternator are extensively used in such equipment to convert mechanical motion into AC power supply. In addition, standby power equipment are used to supply continued power to telecommunication towers. Due to expanding application area, the segment would demonstrate promising growth in the following years.
As of 2020, the alternator market is dominated by the Asia Pacific region contributing to more than 40% of the total market revenue. The market here is primarily driven by the countries such as Japan, China, India and South Korea among others having high energy consumption. The energy requirement of these region is considerably high due to strong industrial manufacturing and processing sector here. In addition, flourishing automotive industries in Asia Pacific is creating high demand for alternators in this region. Consequently, Asia Pacific is expected to continue its dominance throughout the forecast period.
European alternator market succeeds the Asia Pacific region, in terms of revenue. High inclination towards non-conventional source of energy has extensively influenced the requirement for high voltage alternator in European countries.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Alternator market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Design
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Application
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
