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Automotive Alternator Market Size

Report ID: GMI11720
Published Date: Oct 2024
Report Format: PDF

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Automotive Alternator Market Size

The global automotive alternator market size was valued at USD 24.8 billion in 2023 and is projected to grow at a CAGR of 6.3% between 2024 and 2032, due to the increasing global vehicle production, especially in developing regions like Asia-Pacific. As more passenger vehicles are produced, the demand for alternators, which power various electrical systems in vehicles, rises significantly.

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Additionally, the growing trend of electrification in vehicles, such as advanced infotainment systems, lighting, and safety features, further boosts the need for high-performance alternators. The shift towards energy-efficient vehicles also supports alternator demand, as modern alternators improve fuel efficiency by reducing engine load.

Automotive Alternator Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Alternator Market Size in 2023:	USD 24.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.3%
2032 Value Projection:	USD 43.7 Billion
Historical Data for:	2021 – 2023
No. of Pages:	252
Tables, Charts & Figures:	180
Segments covered:	Powertrain, Vehicle, Phase, Type, Sales Channel
Growth Drivers:	Increasing global vehicle production Growing demand for commercial vehicles Rising trend of vehicle electrification Advancements in alternator technology for fuel efficiency
Pitfalls & Challenges:	Increasing focus on battery management systems, reducing the need for traditional alternators High cost of advanced alternators impacting affordability for budget vehicles

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For instance, according to GMI, hybrid electric vehicle conversion kit market size was valued at USD 344.3 million in 2023 and is estimated to register a CAGR of over 15% between 2024 and 2032. Thus, the rapid shift to electric powertrain is anticipated to generate demand for EV alternators in the coming years.

Another driver of the automotive alternator market is the growing demand for commercial vehicles due to expanding logistics and e-commerce sectors. As these industries grow, the need for reliable power sources in vehicles to support various electrical components increases, further driving alternator demand.

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of automotive alternator reached USD 24.8 billion in 2023 and is set to grow at a CAGR of 6.3% from 2024 to 2032, driven by increasing global vehicle production, especially in developing regions like Asia-Pacific.

The passenger vehicle segment accounted for over 80% of the market share in 2023 and is expected to exceed USD 20 billion by 2032, due to high global production and widespread use of passenger vehicles, particularly in emerging markets like Asia-Pacific, where consumer demand for personal vehicles is growing.

The OEM segment held more than 85% of the market share in 2023. OEMs dominate the market by supplying alternators directly to vehicle manufacturers, ensuring their products meet specific requirements and quality standards of new vehicles.

China's market accounted for 60% of the revenue share in 2023 and is expected to exceed USD 8 billion by 2032, due to its large automotive production and consumption base, driving high demand for alternators.

The major players in the industry include Continental AG, Delphi Technologies, Denso Corporation, Hyundai Mobis, Magneti Marelli, Mitsubishi Electric, Robert Bosch GmbH, Schaeffler AG, Valeo SA, and ZF Friedrichshafen AG.