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Automotive Alternator Market Trends

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

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Automotive Alternator Market Trends

This trend of expanding alternator offerings in the automotive market is driven by the increasing diversity of vehicles and manufacturers, necessitating broader aftermarket coverage. Workshops require access to high-quality replacements for various makes and models as vehicle lifespans extend and maintenance needs grow. With a rise in global vehicle production, particularly in commercial and off-highway sectors, there’s a greater demand for reliable alternator replacements.

Companies like Bosch are capitalizing on this by offering all-makes programs to meet market demands efficiently. Furthermore, the consolidation of part numbers streamlines inventory management, making the replacement process more convenient for workshops and improving service availability.

For instance, in November 2023, Bosch has expanded its range of starters and alternators to include an all-makes program, significantly increasing market coverage for workshops. This extension allows workshops to replace starters and alternators from various manufacturers, covering a broad range of passenger cars and commercial vehicles from European and Asian brands. Bosch's new products maintain the same quality standards and rigorous testing as their original equipment components, ensuring reliable performance. The expanded range is available globally, with part numbers condensed for improved product availability and efficiency. Workshops can access the new range through Bosch’s usual distribution channels.

Another challenge in the automotive alternator market is the increasing complexity of modern vehicle electrical systems. As vehicles incorporate more advanced technologies, such as infotainment, safety, and driver-assistance systems, alternators must provide higher power output and greater efficiency. Meeting these demands requires significant technological advancements, which can increase production costs. This challenge forces manufacturers to balance innovation with affordability, ensuring that high-performance alternators remain cost-effective for a broad range of vehicle models and markets.

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.