PUBLISHER: The Business Research Company | PRODUCT CODE: 1409238
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409238
“Automotive Starter Motor And Alternator Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive starter motor and alternator market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive starter motor and alternator? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive starter motor and alternator market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive starter motors are vital electrical devices that initiate internal combustion engines by drawing significant current. Conversely, alternators produce alternating current to charge a vehicle's battery, powering its electrical systems.
The primary product variations in this domain include electric and gear reduction starter motors. Electric starter motors serve to reliably engage and disengage an engine. Various technological iterations exist, including belt-driven and integrated starter generator (ISG) systems, along with direct start mechanisms. They come in different power outputs, ranging from 1.0 KW to 3.0 KW, 3.0 KW to 5.0 KW, and above 5.0 KW. These systems cater to different vehicle types, encompassing internal combustion engines (ICE), hybrids, and others, and are distributed through diverse sales channels, including original equipment manufacturers (OEMs) and the aftermarket.
The automotive starter motor and alternator market research report is one of a series of new reports from The Business Research Company that provides automotive starter motor and alternator market statistics, including automotive starter motor and alternator industry global market size, regional shares, competitors with an automotive starter motor and alternator market share, detailed automotive starter motor and alternator market segments, market trends and opportunities, and any further data you may need to thrive in the automotive starter motor and alternator industry. This automotive starter motor and alternator market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive starter motor and alternator market size has grown strongly in recent years. It will grow from $30.65 billion in 2023 to $32.23 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historic period can be credited to the prevailing dominance of traditional internal combustion engines within the automotive sector. This period saw substantial growth in the automotive industry overall, driven by increasing vehicle ownership rates. Simultaneously, the upsurge in the complexity of vehicle electronics also contributed significantly to this growth. Additionally, the demand for maintenance and replacement services also played a role in driving industry expansion.
The automotive starter motor and alternator market size is expected to see strong growth in the next few years. It will grow to $39.76 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period is expected to stem from the increased adoption of hybrid and electric vehicles, as well as the integration of advanced start-stop systems. Additionally, the continuous trend towards vehicle electrification and the heightened emphasis on achieving greater fuel efficiency will contribute to this growth. In terms of major trends during this period, there will likely be a surge in aftermarket demand, significant technological advancements, adherence to global regulatory standards, challenges posed by supply chain disruptions, and an amplified focus on sustainability initiatives.
The automotive starter motor and alternator market is anticipated to experience growth due to the increase in global automotive production. Automotive production, encompassing various mobile machinery such as automobiles, trucks, and buses, relies on starter motors and alternators for charging the battery and supplying power to the vehicle's electrical system. According to the European Automobile Manufacturers Association's April 2022 report, global automotive production reached 79.1 million units in 2021, reflecting a 1.3% growth compared to 2020. This rise in global automotive production serves as a driving factor for the automotive starter motor and alternator market.
The growth of the automotive starter motor and alternator market is expected to be propelled by the expanding road transportation industry. This sector, covering the movement of goods and people by road, relies on essential components such as starter motors and alternators to ensure safe and efficient vehicle operation. The American Trucking Association estimates that the US gross freight revenues from trucking reached $940.8 billion, constituting 80.7% of the nation's freight bill in 2022. Additionally, around 11.46 billion tons of freight were transported by trucks in 2021, covering 195.62 miles traveled by combination trucks in the same year. The burgeoning road transportation industry plays a significant role in driving the growth of the automotive starter motor and alternator market.
A notable trend in the automotive starter motor and alternator market is the introduction of product innovations by major industry players. Companies such as Nexteer Automotive are actively incorporating innovative technologies to enhance their market position. In March 2022, Nexteer Automotive launched a 48-volt Integrated Belt-Driven Starter Generator (iBSG). This motor generator, functioning as both a starter motor and a generator, provides up to 12 kW of electric power to assist the engine. The iBSG contributes to improving fuel economy by up to 16% and reducing emissions by up to 15%. Additionally, it enables various vehicle features such as stop-start technology, electric power steering, and regenerative braking. The introduction of such innovative products reflects a key trend shaping the automotive starter motor and alternator market.
Major players in the automotive starter motors and alternator market are actively engaged in developing technological innovations, with a focus on features such as stop-start technology to gain a competitive advantage. Stop-start technology, also referred to as idle stop-start or start-stop, is a fuel-saving functionality that automatically halts and restarts a vehicle's internal combustion engine during idle periods, such as at traffic lights or in heavy traffic conditions. An illustration of this commitment to innovation is evident in TVS Motor Company's launch of intelliGO in February 2021. This technology employs an intelligent start-stop system to automatically turn off the engine during idle stops, contributing to fuel savings and emissions reduction. The implementation of Stop & Go technology not only diminishes pollution but also enhances fuel efficiency, providing a more comfortable ride for customers.
In May 2021, Ideanomics, Inc., a US-based electric vehicle manufacturer, acquired US Hybrid for an undisclosed amount. This acquisition represents a significant step in Ideanomics' objective to reduce greenhouse gas emissions from commercial fleets through advanced electric vehicle technologies and strategic alliances. US Hybrid, the acquired company, is a US-based manufacturer specializing in traction motors, aligning with Ideanomics' commitment to cutting-edge solutions for sustainable and environmentally friendly transportation. This strategic acquisition reinforces Ideanomics' position in the automotive industry while contributing to the development and adoption of innovative technologies in electric vehicles.
Major companies operating in the automotive starter motor and alternator market report are Robert Bosch GmbH, Hitachi Automotive Systems Ltd., Denso Corporation, Valeo SA, Mitsuba Corporation, HELLA GmbH & Co. KGaA, Lucas Electrical Limited, Controlled Power Technologies Ltd., Mitsubishi Electric Corporation, ASMICO Technologies Limited, Cummins Inc., BBB Industries LLC, Remy International Inc., RFL Alternators, Motor Corporation of America, Hella KGaA Hueck & Co., ASMO Co. Ltd., BorgWarner Inc., Mahle GmbH, Broad-Ocean Motor Co. Ltd., Cummins Generator Technologies, Magneti Marelli S.p.A., Mando Corporation, Prestolite Electric Inc., Remy Power Products, Unipoint Electric Mfg. Co. Ltd., WAI Global, Zhejiang Dehong Automotive Electronic & Electrical Co. Ltd., ACDelco, AS-PL Sp. z o.o
Asia-Pacific was the largest region in the automotive starter motor and alternator market in 2023. The regions covered in the automotive starter motor and alternator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive starter motor and alternator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive starter motor and alternator market consists of sales of hydraulic, and pneumatic starters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.