Global Automotive Alternator Market - Growth, Trends, and Forecast (2018 - 2023)
The market is poised to register a GAGR of around 5.8% during the forecast period. The rise in vehicle production in the Asia-Pacific region and the recovering automotive manufacturing industry in US are anticipated to drive the automotive alternator market over the forecast period.
A vehicle has some electrical and electronic components powered by the coordinated arrangement of the battery and alternator. There are two types of alternators that are normally available in the market i.e., three-phase and single-phase. The type of alternators that are used in the car depends on the make of the vehicle. Luxury cars have high-output alternators as they have electrical systems that demand high amount of electricity, such as luxurious audio and video systems.
Rise in Vehicle Sales and Production
The automotive alternator market is driven by the increasing global demand for passenger cars and commercial vehicles. Asia is estimated to have the highest market share in alternator market in 2017 and is expected to continue at the same pace till the end of 2023 and much beyond. Countries, such as India, China, and South Korea have emerged as the major automotive manufacturing hubs, sourcing components to western automakers. Asia is an opportunistic region for commercial vehicle manufacturers. The automobile industry in India is developing and is expected to be the fastest growing market in the production of automotive by 2020. With the South Asian market providing the low cost of labor, its set to become the major automobile hub in the near future. The European automobile industry has invested about USD 46.3 billion in research and development activities. With the modernization of car-related appliances, there has been a rise in attaching electronic devices in vehicles and increasing requirement of power in cars, which has led to an increase in the demand for alternators.
In 2015, Mitsubishi Electric invested approximately 4 billion yen (33 million USD) in its subsidiary Mitsubishi Electric Automotive America, Inc. (MEAA) to expand and construct new facilities for the increased production of high-efficiency alternators. Mitsubishi Electric Automotive America, Inc (MEAA) began producing high-efficiency alternators at its plant in Mason, Ohio.
Major Players: ROBERT BOSCH GMBH, HELLA KGAA HUECK & CO., DENSO CORPORATION amongst others.
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Provides latest insights into the Automotive Alternator Market
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