Automotive Alternator and Starter Motor Market Rapid Growth and Increasing Demand for Automobiles

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Table of Content

The total size of the automotive alternator and starter motor market was USD 31.44 billion in 2022 and it will grow to USD 49.14 billion by 2032, progressing at a CAGR of 4.56% by the end of this decade.

The automotive alternator and starter motor market growth is driven by the increasing production of the vehicle, the growing demand for lightweight and fuel-efficient vehicles, growing automotive spending in developing economies, and the growing government initiatives.

Market Overview:

When an automobile is in action, its alternator is used to supply current to its electrical circuits. The vehicle's battery, which is used to power the starter motor when the engine is initiated, is additionally charged by the alternator. Typically, a pulley and belt system is used to move alternators from the main engine.

Alternating current is produced by alternators and corrected to direct current. Because starting a car engine requires both a high current and a low voltage, automobiles are typically powered by 12 V or 24 V DC circuits. The headlights, interior lighting, engine control system, multimedia system, and electric windows are among the circuits that the alternator powers. However, an electrical instrument known as a starter or starter motor is used to rotate (crank) internal combustion engines to start them up on their own.

Regional Insights:

Asia Pacific accounted for the larger revenue share owing to the rapid growth of the automotive industries, increasing disposable income, the presence of prominent automotive market players, growing consumer preferences for convenient modes of transportation, and favorable governments initiatives to improve the infrastructure for hybrid electric and electric vehicles to reduce carbon footprint. China is considered the Asia Pacific region's largest market for automotive alternators and starting motors, owing to rising vehicle use and the country's growing automotive sector.

The rapid adoption of advanced technology, increasing production of vehicles, and enhancement in automotive infrastructure in several developing countries in the region such as China, South Korea, Japan, and India are projected to drive the growth of the market in the region.

Automotive Alternator and Starter Motor Market Report Scope:

Report Highlights:

• By vehicle type, the passenger vehicle segment is expected to capture the largest market share over the forecast period. The growth in the segment is attributed to the growing sales of passenger vehicles across the globe. For instance, according to the Society of Indian Automobile Manufacturers, 3,069,499 passenger vehicles were sold overall, a rise from 2,711,457. Comparing April 2021 to March 2022, sales of utility vehicles rose from 1,060,750 to 1,489,178 units, while sales of passenger cars fell from 1,541,866 to 1,467,056 units. Vans sold 113,265 units during the same time frame as opposed to 108,841 units from April 2020 to March 2021. On the other hand, the commercial vehicle segment is expected to grow at the highest CAGR over the forecast period. The segment growth is ascribed to the growing logistics sectors and the growing e-commerce industry. According to the same source, sales of commercial vehicles rose overall, rising from 568,559 to 716,566 units. From April 2021 to March 2022 compared to the prior year, sales of Medium and Heavy Commercial Vehicles rose from 160,688 to 240,577 units, and sales of Light Commercial Vehicles increased from 407,871 to 475,989 units. Thus, this is expected to drive segment growth over the forecast period.
• By sales channel, the OEM segment is expected to dominate the market during the forecast period. Automotive alternators and separators are essential parts of a car's electrical system because they supply the electricity required to run the car's different systems and parts. Automotive alternators and separators that are manufactured by the original manufacturer of the vehicle or the component are referred to as original equipment manufacturer (OEM) parts. OEM parts are frequently of higher quality than aftermarket parts because they are made to precisely match the requirements and standards of the vehicle maker. OEM parts are usually sold to automakers or their authorized dealers in the automotive business, who then install them on the vehicles they produce. OEMs create a variety of alternators and separators for different vehicle makes and models and distribute them to automakers and licensed dealers all over the world.

Market Dynamics:

Drivers:

Increasing demand for automobiles and growing production

Vehicles have been among the most widely used manufactured products in the past century. It is regarded as an efficient, flexible, comfortable, and cost-effective method of transportation and has developed into a status symbol or a means of personal opinion. One of the main drivers of the expansion of the automotive alternator and starter motor market is the sharp rise in demand for both commercial and passenger vehicles. 

For instance, the number of vehicles sold worldwide rose from 78.8 million in 2020 to 82.7 million in 2021. Sales of passenger cars rose globally, rising from 54 million in 2020 to 56.4 million in 2021. However, sales of commercial vehicles rose globally, rising from about 24.9 million in 2020 to 26.3 million in 2021. Other factors that support the growth of this industry include the rise in the number of young people and rising middle-class income in major countries around the world. Additionally, the proliferation of businesses in the sector as well as an increase in functional mergers and acquisitions have caused the manufacturing of automobiles to shift towards developing nations.

Restraint:

Increasing demand for electric vehicles

The market growth for alternators and starter motors is significantly constrained by the steadily rising demand for electric cars. Customers are deciding to buy more electric automobiles rather than cars with internal combustion engines. For instance, 6.6 million electric vehicles (EV) sales, a new record, were made between 2020 and 2021, doubling from 2020. A major barrier to the expansion of the automotive alternator and starter motor market is created by the use of electric vehicles, which removes the need for alternator and separator motors.

Opportunities:

Growing automotive expenditure in emerging economies

Growing economies like India, which invest more in the automotive sector, offer market participants multiple expansion opportunities. India and other developing and established economies are anticipated to spend more on cars as a result of cutting-edge technologies, manufacturer investment in R&D, and the creation of innovative automotive components. Throughout the forecast period, it is anticipated that this will drive up demand for car alternators and starter motors.

Recent Developments: 

• In March 2020, three novel starter motors with stop-start technology were introduced by Autoelectro. The motors are used in vehicles like the Seat Exeo, Mitsubishi Colt, and a few Range Rover models.
• In September 2022, an upgraded L9918 auto alternator regulator from STMicroelectronics has been released, providing security and reliability for 12V automotive electrical systems. A MOSFET in the regulator provides the alternator with an excitation current, and it also has a diode for freewheeling to control the current running through the rotor when excitation is off. When the vehicle's power usage varies, closed-loop operation using the control of load (LRC) with return LRC maintains a constant voltage. Excitation MOSFETs have a greater current capacity than available regulators—up to 13 A—which enhances their ability to adapt to shifting demand. Additionally, this MOSFET provides superior RDS(on) thanks to the newest manufacturing process technology, which lowers power loss while boosting efficiency.

Major Key Players:

• Robert Bosch GmbH
• Cummins Inc
• BBB Industries
• Hitachi Astemo, Ltd.
• Mitsuba Corp.
• HELLA GmbH & Co. KGaA
• DENSO CORPORATION
• Valeo
• Prestolite Electric Incorporated.
• Broad-Ocean Technologies

Market Segmentation:

By Product

• Alternator 
• Starter Motor

By Vehicle Type

• Passenger vehicle
• Commercial Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Off-road Vehicle
• Agricultural Tractors & Equipment
• Construction & Mining Equipment

By Sales Channel

• OEM
• Aftermarket

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