The automotive starter and alternator market are expected to be worth US$ 40.1 billion by the end of 2033. Automotive starters and alternators are prominently used in diesel and gasoline engine vehicles. Growing production and sales of vehicles are anticipated to drive the market growth of automotive starters and alternators.
According to FMI, the automotive starter and alternator market is expected to be valued at US$ 26.8 billion in 2023 and is projected to grow at a CAGR of 4.5 percent from 2023 to 2033.
Market Size (2022) | US$ 25.4 billion |
Market Size 2023 | US$ 26.8 billion |
Market Size 2033 | US$ 40.1 billion |
Value CAGR (2023 to 2033) | 4.5 % |
The starting motor uses electric power to start the engine by turning it. The three types of automotive starters are hydraulic, pneumatic, and electric. Over the forecast period, the electric starter type is anticipated to dominate the market. Electric starters used in the automotive industry include gear reduction, folo-thru drives, inertia starters, and moveable pole shoes. The claw-pole alternators are expected to experience significant expansion in the near future in terms of alternator type.
The automotive starter and alternator market are anticipated to grow significantly over the forecast period owing to the rise in demand for automobiles and the rising adoption of micro- and hybrid-technology vehicles.
The automotive starter and alternator market has witnessed a historic growth rate of 1.8 % from 2018 to 2022 and is projected to grow at a CAGR of 4.5 % from 2023 to 2033.
The global automobile industry has experienced a quick and severe impact as a result of the COVID-19 epidemic. The pandemic-induced lockdown caused original equipment manufacturers (OEMs) to stop manufacturing. Additionally, it resulted in the complete value chain of key industries being disrupted, which had an unfavorable impact on the manufacture of vehicle parts in micro, small, and medium-sized businesses. Exports of Chinese electronic components are being disrupted; there have been widespread production disruptions in Europe, the US, and other countries also. This is expected to result in a rise in merger and acquisition activity and is putting tremendous pressure on an industry that is already grappling with a downturn in global demand.
Manufacturers of automotive starters and alternators have been innovating starter motors and alternators that are suitable for the new smaller-size engines. The size of the engines is shrinking to enhance efficiency by reducing the weight of the vehicle. Growing manufacturer Research and Development expenditures, as well as mergers and acquisitions, are predicted to drive the worldwide automotive starter motor and alternator market during the forecast period. Furthermore, the market is anticipated to grow with changing engine technology and innovation in hybrid vehicles.
One of the major factors driving the market for automotive starters and alternators is the growing demand and sales of automobiles across the world. The demand for fuel-efficient vehicles is causing manufacturers to shrink the size of their engines, resulting in a demand for newly designed starters and alternators. Rising environmental concerns are boosting the adoption of hybrid vehicles, which are anticipated to increase the demand for starters and alternators.
The use of an electric starter in an automobile that uses gear-reduction technology has benefits such as being smaller and lighter in weight. As a result, gear-reduction electric starters in various segments are replacing direct-drive technology motors. Additionally, GRS starting motors prolong battery life since they consume less current. These motors are inexpensive to maintain and simple to service. The demand for automobile starter motors and alternators is projected to increase because of all these factors.
The rise in disposable income and changing lifestyles in developing countries have a positive effect on the demand for passenger vehicles and motorcycles. These factors also boost the demand for automotive starters and alternators globally. Over the forecast period, this demand for automotive starter and alternator replacement and repairs is expected to fuel market growth.
Key player investment in innovation in starter and alternator technologies for end users is boosting market growth for automotive starter and alternator systems. The rising market for automobiles will create lucrative opportunities for the automotive starter and alternator market.
The replacement of the engine in the vehicle by an electric motor places a significant strain on the starter and alternator. Starter and alternator motors are primarily used in internal combustion engines to start the engine. Rising environmental concerns, addressing carbon footprints, and rising fuel prices are driving vehicle buyers to switch to electric vehicles, which is having a negative impact on the market for starters and alternators.
The expansion of the worldwide automotive starter and alternator market is predicted to be hampered by the rising production of hybrid vehicles. The internal combustion engine is used to ignite one or more of the hybrid cars' motors. This has led to the elimination of automotive starters and alternators in these cars, which is projected to limit their use in the near future.
As the global hub of automotive manufacturing, the Asia Pacific region is expected to dominate the market for automotive starters and alternators, contributing a significant share of the global automotive starter and alternator market. Owing to the enormous demand for vehicles, emerging economies such as India and China are lucrative markets for automotive starters and alternators.
Over the expected period, North America, driven by the USA, is anticipated to have significant expansion. The demand for automotive starters and alternators is anticipated to increase in the near future due to the rising demand for starters and alternators in North America as a result of expanding vehicle production and ongoing investment in this sector. With lower demand, the automobile starter and alternator market in the Middle East, Africa, and Latin America is expected to expand steadily.
Major market players, including Valeo SA, Denso Corporation, Robert Bosch GmbH, Ningbo zhongwang auto fittings Co., LTD, Hitachi Automotive Systems, Ltd., Mitsubishi Electric Corporation, ASIMCO Technologies Ltd, Hella KGaA Hueck & Co., BBB Industries, Unipoint Electric MFG Co., Ltd., Remy International, Inc., Lucas Electrical Limited, Mitsuba Corporation is using a variety of techniques, including product launches, strategic acquisitions and collaborations, partnerships, agreements, and contracts, to provide better products and maintain competition. Continuous investment in Research and Development, combined with the market's growing automobile fleet, is expected to create significant market opportunities.
Valeo’s new starter FS60 starter's key benefits are durability and reliability, Produced in Valeo OE plants with the most modern technologies of spare parts to enhance quality.
Attribute | Details |
Growth Rate | CAGR of 4.5 % from 2023 to 2033 |
Base Year for Estimation | 2022 |
Historical Data | 2017 to 2022 |
Forecast Period | 2023 to 2033 |
Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2023 to 2033 |
Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
Segments Covered |
|
Regions Covered |
|
Key Countries Covered |
|
Key Companies Profiled |
|
Customization & Pricing | Available upon Request |
In 2022, the value of the Automotive Starter and Alternator market reached over US$ 26.8 billion
The Automotive Starter and Alternator market is projected to reach US$ 40.1 billion by the end of 2033.
Asia Pacific region is projected to lead the Automotive Starter and Alternator market in the forecast period.
During the forecast period, the automotive Starter and Alternator market is estimated to expand at a CAGR of 4.5 % from 2023 to 2033.
Explore Similar Insights
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.