Alternators Market to Reach $35.7 Billion, Globally, by 2032 at 5.4% CAGR: Allied Market Research
The global alternators market is experiencing growth owing to rise in demand for dependable power sources, technological advancements, and a heightened focus on sustainable energy solutions. Industries spanning energy, automotive, and construction sectors heavily depend on alternators to maintain stable and uninterrupted power supply. These devices play a critical role in converting mechanical energy into electrical energy, thereby powering various equipment and machinery essential for industrial operations.
PORTLAND, Ore., March 4, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Alternators Market by Type (Brushed Alternators, Brushless Alternators, and Permanent Magnet Alternators), Voltage (Medium and High), Phase (Three Phase Alternator, Two Phase Alternator, and Single Phase Alternator), End-Use Industry (Automotive, Power Generation, Construction, Oil and Gas, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global alternators market was valued at $21.1 billion in 2022 and is projected to reach $35.7 billion by 2032, registering a CAGR of 5.4% from 2023 to 2032.
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Prime determinants of growth
The global alternators market is experiencing growth due to several factors such as expansion of the renewable energy sector, and surge in industrialization and infrastructure development. However, environmental concerns and emissions regulations hinder the market growth to some extent. Moreover, the electrification of automotive systems within both hybrid and electric vehicles presents additional opportunities for alternators. According to the U.S. Energy Information Administration (EIA), in 2023, combined sales of the U.S. hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles increased by 16.3% of the total new light-duty vehicle sales. As vehicles become increasingly electrified, with features such as advanced driver assistance systems (ADAS), infotainment systems, and electric power steering, the demand for alternators capable of meeting the increased electrical load witnesses growth.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $21.1 billion |
Market Size in 2032 | $35.7 billion |
CAGR | 5.4 % |
No. of Pages in Report | 250 |
Segments Covered | Type, Voltage, Phase, End-use Industry, and Region. |
Drivers | • Expansion of the renewable energy sector • Surge in industrialization and infrastructure development |
Opportunity | • Rise in adoption of hybrid and electric vehicles |
Restraint | • Environmental concerns and emissions regulations |
The brushed alternators segment is expected to maintain its dominance by 2032
By type, the brushed alternators segment held the highest market share in 2022, accounting for more than two-fifths of the global alternators market revenue and is estimated to maintain its leadership status throughout the forecast period. Brushed alternators are coupled to an external mechanical power source such as an engine or turbine. The rotation of this power source is transmitted to the alternator rotor, causing it to spin within the magnetic field. The efficiency and reliability of this mechanical system are crucial for ensuring consistent power generation. All these factors drive the demand for brushed alternators during the forecast period.
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The medium segment is expected to lead by 2032
By voltage, the medium segment held the highest market share in 2022, accounting for more than two-thirds of the global alternators market revenue and is estimated to dominate during the forecast period. The expansion of infrastructure projects worldwide fuels the demand for medium-voltage alternators. Infrastructure development in sectors such as construction, oil and gas, mining, and utilities requires reliable power generation solutions such as medium voltage alternators. As countries invest in modernizing and expanding their infrastructure, there is a corresponding need for dependable electrical machinery to support these initiatives.
The phase alternator segment is expected to maintain its dominance by 2032
By phase, the three phase alternator segment held the highest market share in 2022, accounting for half of the global alternators market revenue and is estimated to maintain its leadership status throughout the forecast period. The integration of three-phase alternators into renewable energy systems such as wind turbines, hydroelectric plants, and solar power installations has fueled the growth of three-phase alternators.
The automotive segment is expected to lead by 2032
By end-use industry, the automotive segment held the highest market share in 2022, accounting for less than one-third of the global alternators market revenue and is estimated to dominate during the forecast period. The increase in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) has significantly boosted the demand for alternators. While EVs rely primarily on batteries for propulsion, alternators are still necessary for charging the battery of the vehicle and powering auxiliary systems.
Asia-Pacific is expected to grow faster throughout the forecast period
By region, Asia-Pacific was the fastest-growing region in terms of revenue in 2022 representing 5.8% of the CAGR. Rapid urbanization and industrialization in countries such as China, India, and Southeast Asian nations have led to an increased need for power generation equipment. Alternators play a crucial role in power generation, whether it's for residential, commercial, or industrial purposes. As more infrastructure projects, manufacturing facilities, and residential complexes are built, the demand for alternators to ensure a stable and reliable power supply grows proportionally.
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Leading Market Players: -
Bosch Limited
Cummins Inc.
Denso Corporation
Hella GmbH & Co. KGaA
Hitachi Astemo, Ltd.
Lucas Automotive Aftermarket
Mitsubishi Electric Corporation
Prestolite Electric Incorporated
Remy International
Valeo SA
The report provides a detailed analysis of these key players in the global alternators market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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