Global Automotive Alternator Market was valued at US$ 6.97Bn in 2017 and is expected to reach US$ 11.26Bn by 2026, at a CAGR of 6.18% during a forecast period.
Global Automotive Alternator Market
Major driving factors of the Automotive Alternator market are due to the manufacturers of automotive starters and alternators are expanding their businesses to emerging economies like China, India, Russia, etc.as these countries square measure targeted on development of automotive sectors so as to serve the rising demand across the world.Vehicle manufacturers are determined to develop highly efficient and futuristic vehicle models that feature advanced technologies to maintain a competitive edge over competitors.The increasing quantum of electronic content is anticipated to drive the expansion of the automotive generator market. High cost of maintenance and change in cost of raw materials will act as restraint to the market.
Based on the Vehicle Type, Hybrid vehicle segment is expected to hold the largest share in the Automotive Alternator market during the forecast period.Increase in global passenger vehicle sales has directly affected the market of Automotive Alternator.The market is primarily driven by the advantages offered by hybrid vehicles, like higher fuel potency, increased driving range, and low emission.Rising demand for mid- and large-sized PHEV and NGV cars, government initiatives touching on hybrid vehicles are doubtless to additional boost the hybrid vehicle market.The introduction of Hybrid vehicles in the market to find eco-friendly solutions to the rising pollution levels is projected to augment the demand for the automotive starter motor and alternators in the coming years as well.
In Trends –Upgrade to 48V electrical architecture.
Stringent automotive regulations regarding the fuel economy and automotive emissions are encouraging original equipment manufacturers (OEMs) to upgrade their vehicles with 48V electric architecture. The upgraded 48V hybrid systems consist of hybrid powertrains, battery controllers, 48V lithium batteries, electric turbochargers, and AC/DC converters. Europe displays the best penetration of vehicles mistreatment 48V electrical architectures, tributary considerably to the automotive generator market. Also, the 48V system provides power to items requiring high-power input such as adjustable shock absorbers, air conditioning compressors, and electric coolant pumps.
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