Global Alternator Market Size, Share, Opportunities, And Trends By Type (Salient Pole Type, Cylindrical Pole Type), By Voltage (Low, Medium, High), By End-User (Automotive, Marine, Oil & Gas, Mining, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jun 2023
- Report Code : KSI061615457
- Pages : 145
The global alternator market is expected to grow at a CAGR of 5.81% during the forecast period.
An alternator is an electromechanical device that converts mechanical energy into electrical energy and it works on the principle of electromagnetic induction. Different types of alternators include salient pole types and cylindrical pole types which find their applicability in the automotive, marine, oil & gas, and mining sector as they provide a reliable source of electrical power for various equipment and systems. The increased automotive and oil & gas production along with the rise in marine vessel manufacturing is driving the global alternator industry growth, thereby expanding the global alternator market size.
Bolstering automotive production accelerates global alternator market growth
Alternators are essential for vehicles as they provide electrical power to various systems and accessories. There is a higher need for alternators to support the electrical requirements of the vehicles with more cars being manufactured. Additionally, advancements in automotive technology, such as the integration of more electrical components and the growing popularity of electric and hybrid vehicles, further contribute to. the global alternator market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA) in 2022, global passenger car production increased to 7.96% in 2022 compared to the previous year.
Rise in Marine vessel production
There is an increased need for electrical power in vessels as marine activities expand, such as commercial shipping, offshore exploration, fishing, and leisure boating. Alternators play a critical role in supplying electricity for various marine systems, including propulsion, navigation, communication, lighting, refrigeration, and entertainment. The rise in vessel manufacturing propels the expansion of the global alternator market size. According to the Food and Agriculture Organization of the United Nations in 2022, Africa's fleet and fishing vessels had increased compared to other countries and it comprised 23.5% of the world’s fishing vessels.
Global alternator industry growth is driven by increased oil & gas production
Alternators provide reliable and continuous electrical power for essential equipment, machinery, and systems involved in exploration, drilling, pumping, and processing activities. The increased oil & gas production is expected to drive the global alternator market growth. According to the U.S. Energy Information Administration report in 2023, the global OPEC crude oil production increased to 34.17 million barrels per day in 2022 from 31.66 million barrels per day in 2021. According to the International Energy Agency (IEA) in 2022, consumption of natural gas in India is expected to grow by 25 BCM, registering an average annual growth of 9% until 2024.
Asia-Pacific region is anticipated to dominate the market.
The Asia-Pacific will account for a significant share of the global alternator market due to the growing marine activities, oil & gas, and EV production. In 2021, under the 14th Five-Year Plan (2021-2025) the Chinese government implemented strategies like summarizing and analysing the regulations to improve marine equipment production. In December 2022, Mahindra & Mahindra planned to invest Rs 10,000 crore (US$ 1.2 billion) in an EV manufacturing plant in Pune, India. These developments drive the demand for alternators in Asia Pacific.
Substitute availability will restrain the global alternator market growth.
Alternators face competition from other energy storage technologies, such as batteries and fuel cells. These alternative technologies are becoming more advanced, cost-effective, and environmentally friendly, which can affect the demand for alternators in certain applications, thereby restraining the global alternator market size expansion. In November 2022, Honda announced that it would launch a fuel-electric vehicle in 2024 which uses hydrogen and oxygen to create electricity that powers the vehicle.
- April 2023: American Power Systems launched "lower turn-on RPM alternators" which allowed end-users to begin charging even at low or idling speeds and were ideal for use in vehicles with onboard lithium battery bank systems like yachts, work trucks, and sailboats.
- August 2022: Prestolite Electric introduced the "IdlePro Extreme™ M-Series alternators" to boost performance and protection against dust and particle infiltration in mining applications. Such products drive the alternator industry growth.
- May 2022: Dragonfly Energy acquired Wakespeed Offshore, an alternator regulator supplier to offer complete alternator-connected systems to RV consumers and manufacturers.
- January 2022: Chengdu Huachuan Electric Parts Co., Ltd. acquired the type 3 alternator business of Denso Corporation to strengthen their product line in China in the priority fields.
- September 2020: DENSO Launched "PowerEdge Heavy-duty J180 Mount Alternator" which expanded coverage of DENSO's high-performance PE starters and alternators to more than 90% of all Class 8 trucks on the road today.
- Traction alternator WGX series: This product by ABB is a three-phase alternator with compact size, high speed, and traction which can be used for generators and locomotives.
- 1-wire 100amp Chrome GM alternator: This product by Hitachi Automotive Systems Americas, Inc at an incredible price has load response control, long life, and consistent output. Such products drive the alternator market growth.
- RF2 AC 2: This product produced by RFL Alternators is a permanent magnet alternator series that is ideal for portable, industrial applications where minimal size and weight are required. he innovative permanent magnet alternators incorporate a fully embedded rotor design and are powered by strong rare earth Neodymium magnets.
Global Alternator Market Scope:
|Growth Rate||CAGR of 5.81% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, Voltage, End-User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||ABB Inc., Cummins Inc., Denso, Hitachi, Hubbell Incorporated, Mecc Alte SpA, Mitsubishi Electric Corporation, Nidec Corporation, RFL Alternators, Siemens|
|Customization Scope||Free report customization with purchase|
- By Type
- Salient Pole Type
- Cylindrical Pole Type
- By Voltage
- By End-User
- Oil & Gas
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL ALTERNATOR MARKET ANALYSIS, BY TYPE
5.2. Salient Pole Type
5.3. Cylindrical Pole Type
6. GLOBAL ALTERNATOR MARKET ANALYSIS, BY VOLTAGE
7. GLOBAL ALTERNATOR MARKET ANALYSIS, BY END-USER
7.4. Oil & Gas
8. GLOBAL ALTERNATOR MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. ABB Inc.
10.2. Cummins Inc.
10.5. Hubbell Incorporated
10.6. Mecc Alte SpA
10.7. Mitsubishi Electric Corporation
10.8. Nidec Corporation
10.9. RFL Alternators
Mitsubishi Electric Corporation
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