Two wheeler electric starter magnet market is likely to record a promising CAGR 10.6% during the forecast period. The market is currently valued at US$ 36.96 Bn and is likely to reach US$ 93 Bn by 2032.
| Attributes | Details |
| Two Wheeler Electric Starter Magnet Market CAGR (2022-2032) | 10.6% |
| Two Wheeler Electric Starter Magnet Market Value (2022) | US$ 36.96 Bn |
| Two Wheeler Electric Starter Magnet Market Value (2032) | US$ 93 Bn |
As the crucial component of any electric motor that is fixed in the inner portion of starting cylinder. This cylinder works as an outer cover to the starting motor. The cover needs to be there as the motor holds the ignition components fitted.
This gives a push to the sales of two-wheeler electric starter magnets. Armature assembly rotates over the magnet, which is attached to the inner portion of starting cylinder, helping the ignition to start the motor efficiently.
Due to the unauthorized and independent suppliers, the market is characterized as organized and unorganized at the same time, hampering the demand for two wheeler electric starter magnets. Though, this doesn't limit the market in a global context, as the sales of two wheeler electric starter magnet is likely to skyrocket in the forecast period.
Significant growth in two wheeler’s fleet coupled with increasing sales of on-road two wheelers is projected to spike the sales of two wheeler electric starter magnet market over the slated time period. Moreover, the rapid adoption of electric two wheeler is also represents a noteworthy potential for two wheeler electric starter magnet market over the stipulated time period. Frequently start and stop of two wheeler which reduces the overall life of entire two wheeler starting system which in turn is estimated to push the new global two wheeler starter magnet at a newer level over the coming decades.
Substantial growth in the technological advancement pertaining to two wheeler starting components as well as leading manufacturers is investing hefty money in research and development to invent cutting edge starting components such as binding wire, armature, magnets, etc. This array of innovations is projected to create headwinds in the global two wheeler electric starter magnet market over the stipulated time period.
Two wheeler electric start magnet manufacturers are focused on making lightweight and compact size two wheeler electric starter magnet which in turn improves the overall vehicle ignition performance as well as reduce the lag created in the two wheeler starting.
Asia Pacific region is expected to grow with a healthy share in the global two-wheeler electric starter magnet market owing to an increasing fleet of two wheelers across the region.
However, India and China are projected to grow with a considerable growth rate in the market owing to the rising income of middle-class people. Thus the growth in the income of the middle-class population is estimated to drive the demand for two wheeler electric starter magnets over the coming years.
North America and Europe are also estimated to drive the global two wheeler electric starter magnet market owing to significantly focused on electric two wheeler, over the coming ten years, pushing the demand for two wheeler electric start magnets.
Furthermore, the Middle East & Africa region is projected to grow with an uptick growth rate in the global two wheeler electric starter magnet market due to limited manufacturing facilities of two wheeler. However, in this region, the market is import driven means authorized dealers or consumers are importing two wheeler from Europe, North America, and other regions.
The key players of the two wheeler electric starter magnet market are focusing on enhancing and adopting strategies like mergers, new approvals, product launches, and acquisitions to thrive in business. This is driving the sales of two wheeler electric starter magnets.
Key players in two wheeler electric starter magnet market include Hangseng (Ningbo) Magnetech Co Ltd, Jumps India, Spark MInda, SI Engineering Products Pvt Ltd, India Nippon Electricals Limited, TVS Group, and AUTO-LEK (P) Ltd.
| Report Attribute | Details |
| Growth Rate | CAGR of 10.6% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 – 2020 |
| Forecast period | 2022 – 2032 |
| Quantitative units | Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments covered | Product Type, Sales Channel, Region |
| Regional scope | North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa |
| Key companies profiled | Hangseng (Ningbo) Magnetech co. Ltd, Jumps India, Spark Minda, SI Engineering Products Pvt Ltd, India Nippon Electricals Limited, TVS Group and AUTO-LEK (P) Ltd |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The motorcycle segment is the biggest segment in the two wheeler electric starter magnet market by product type and is expected to hold a big portion of the market in the forecast period. The leading factor is the increased sales of motorcycles. This leads to the high demand for two wheeler electric starter magnet in developing countries.
Key competitors holding substantial two wheeler electric starter magnet market share are Hangseng (Ningbo) Magnetech Co Ltd, Jumps India, Spark MInda, SI Engineering Products Pvt Ltd, India Nippon Electricals Limited, TVS Group, and AUTO-LEK (P) Ltd.
Demand for two wheeler electric starter magnet is likely to rise with an increasing number of motorcycle sales, adoption of advanced transmission in two wheelers, increasing the sales of two wheeler electric starter magnets.
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