The market for starter motor in terms of value is estimated to grow at a rate of 5.20% from 2015 to 2020, while that of alternator is estimated to grow at a CAGR of 5.36%. Asia-Oceania is estimated to be the largest market for starter motor & alternator. The region houses some of the most populous nations such as China and India, which together constitute two-thirds of the world population. The huge population base associated with economic labor, low production costs, and lenient regulations, provide huge opportunities for automakers. North America is another attractive market for starter motors and alternators, mainly due the low penetration of start-stop vehicles in the region. The region is an attractive market for start-stop systems to grow. The market is estimated to account for approximately 1/4 of the global starter motor and alternator market in 2015 and is projected to grow by value at a CAGR of 4.0% during the forecast.
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As indicated by the research report, the worldwide alternators market is required to be worth US$28900 Million before the finish of 2024 when contrasted with US$20300 Million in 2015. Amid the estimate long stretches of 2016 and 2024, the worldwide alternators showcase is relied upon to advance at a CAGR of 4.0%.
Asia Pacific Promises Lucrative Growth Opportunities to Global Market
On the basis of voltage range, the global market is segmented into low voltage, medium voltage, and high voltage. Of these, the low voltage alternator segment is expected to remain the leading segment due to its soaring demand in the automotive sector. Analysts anticipate that the low voltage segment is expected to progress at a CAGR of 3.7% during the forecast period. The growing demand for back-up power in several emerging economies is also expected to fuel the demand for low voltage alternators during the forecast years.
Europe: Stable market for alternator
Based on the European automobile manufacturers association, the automobile industry in Europe has made an investment of around USD 46.3 billion for research and development activities in 2014. As a result, about 6,000 patents were registered by the automotive sector. Following the increasing requirement of power in the vehicle, due to rising use of electrical and electronics components and to give the automobile a smooth start, manufacturers are involved in continuous R&D across the region, advance technologies such as ISG and direct start have been adopted by the automakers.
Automotive Sector Fuels Adoption of Alternators
The global alternators market is expected to receive a massive impetus from the booming automotive sector in the emerging economies of China, South Africa, India, Mexico, Indonesia, and Taiwan. The increasing production of vehicles in these countries is likely to offer several lucrative opportunities to the alternators market during the forecast period. The increasing automotive sales are also expected to complement the uptake of alternators in the near future.
The insatiable demand for power across the globe is yet another reason for the growing adoption of alternators in various industrial sectors. The demand for power is expected to rise as the investments are slated to grow in construction and infrastructural sectors. Furthermore, rising expenditure in the utility sector is also expected to have a positive impact on the global alternators market.
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Volatile Economy Spells Danger for Growth of Global Market
The volatility of economy has an impact on several aspects of a nation’s overall growth. Thus, the economic slowdown in several developed nations has had a severe impact on the demand for alternators. The cuts in capital outflows, state policy changes, and political challenges has retarded the pace of infrastructural development in several countries across the globe, which has declined the sales of alternators. The global market is also being stymied by the slump in the chemical and mining industry amid growing worries about global warming and political tensions.
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