Market Overview

The automotive alternator market is expected to register a CAGR of 6.2%, during the forecast period, 2019-2024.

• The growing demand for hybrid powertrain systems in vehicles and stringent emission norms are the major factors propelling the automotive alternator market during the forecast period. As the technology and stringent emission are growing, original equipment manufacturers (OEMs) are likely to shift more toward electric vehicles, which can slightly restrain the market growth in the near future.
• The Asia-Pacific region is expected to continue to capture a major share in the market during the forecast period, owing to the increasing vehicle sales, majorly from China, Japan, and India. Major vehicle manufacturers have their manufacturing units in this region to capture high demand in the market.

Scope of the Report

The automotive alternator market is segmented by powertrain type, vehicle type, and geography.

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Key Market Trends

Increase in Sales of Passenger Cars

The passenger cars segment has shown a considerable rise in sales, particularly in the developing countries. Rising stringency of vehicular emissions regulations and fuel economy standards are the major factors driving the demand for the direct injected engines.

Additionally, an increase in the demand for SUVs and trucks in the developing countries is boosting the automotive alternator market.

At the global level, the passenger car sales have been continuously increasing at an average growth rate of 4.59%, during 2010-2017. However, in 2017, the passenger car sales have increased to only 1.93%, with 70,849,466 units sold in 2017 from its previous year, compared to the 4.79% growth rate from 2015-2016, with 69,506,882 units sold in 2016.

The lower growth rate in 2017, compared to 2016, was due to the decline in passenger car sales in the NAFTA region, and countries, like the United Kingdom and Switzerland, and slow growth in China. The ongoing trade war between the United States, Europe, and China has resulted in the decline of passenger car sales.

The US government is planning to create automotive jobs in the country. Additionally, the government has currently imposed a 2.5% tariff on EU passenger car imports and has declared that the tariff would go up to 20%, if they fail to produce cars in the United States, supporting the growth of the automotive parts industry.

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