Automotive Alternator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Global Automotive Alternator Market Manufacturers and It is Segmented by Powertrain Type (IC Engine Vehicles and Hybrid and Electric Vehicles), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers Market Size and Forecasts for the Automotive Alternator Market in Value (USD) for all the Above Segments.

Automotive Alternator Market Size

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Automotive Alternator Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 24.58 Billion
Market Size (2029) USD 36.06 Billion
CAGR (2024 - 2029) 6.70 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Automotive Alternator Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Automotive Alternator Market Analysis

The Automotive Alternator Market size is estimated at USD 24.58 billion in 2024, and is expected to reach USD 36.06 billion by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).

  • The automotive industry experienced a slowdown during the pandemic, with many manufacturing facilities temporarily shutting down or operating at reduced capacity. However, as restrictions eased and consumer demand recovered, vehicle production started to rebound. This recovery in vehicle production would positively impact the demand for automotive alternators.
  • The COVID-19 pandemic highlighted the importance of sustainability and environmental concerns, leading to increased interest in electric vehicles. As the adoption of electric vehicles continues to grow, the automotive alternator market might witness a shift in demand. Electric vehicles typically use different power generation systems, such as onboard chargers or electric motor-driven generators, reducing reliance on traditional alternators.
  • However, 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 anticipated 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 of 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.

Automotive Alternator Market Trends

Passenger Car Segment to Dominate the Market

  • The growing demand for automobiles, including passenger cars, commercial vehicles, and electric vehicles (EVs), has been a significant driver for the alternator market. As vehicle production increases worldwide, the demand for alternators also rises.
  • The financial crisis during 2019 and the outbreak of the coronavirus in the first quarter of 2020 have created a huge slump in sales. Sales in the world's largest automotive markets like China, the United States, India, and Japan have also plunged, due to which manufacturers are forced to cut down production. This decline in sales has hindered the growth of the automotive alternator market.
  • However, 2021 was the year of transition, and the sales are pacing up gradually, which is expected to fuel the automotive alternator market over the coming years. In 2022, around 24 million commercial vehicles were sold in the United States. Furthermore, the total number of cars sold in the country in 2021 was around 3.5 billion, indicating that the country's developing automotive sector will drive the market in the coming years.
  • However, with governments across the world taking several steps to boost passenger car sales, the market for alternators in passenger cars is expected to grow at a faster pace during the assessment period.
Automotive Alternator Market - Passenger Car Sales, Global, In Million Units, 2020 - 2022

Asia-Pacific and Europe to Lead the Market

  • The automotive alternator market is driven by the increasing global demand for passenger cars and commercial vehicles. Emerging markets, particularly in Asia Pacific, such as China and India, have witnessed significant growth in vehicle production and sales. These regions offer substantial growth opportunities for the automotive alternator market.
  • Asia is estimated to have the largest market share in the alternator market in 2022, and it is expected to continue at the same pace till the end of 2023 and much beyond. Countries such as India, China, and South Korea, have emerged as the major automotive manufacturing hubs, sourcing components from Western automakers.
  • Asia is an opportunistic region for commercial vehicle manufacturers. The automobile industry in India is developing, and it is expected to be the fastest-growing market in the production of automobiles. With the South Asian market providing low-cost labor, it is set to become the major automobile hub in the near future.
  • The European automobile industry has invested about EUR 59 billion in R&D activities. With the modernization of car-related appliances, there has been a rise in deploying electronic devices in vehicles and an increase in the requirement for power in cars. Thus, this has led to an increase in the demand for alternators.
Automotive Alternator Market - Passenger Car Sales, APAC, In Million Units, 2020 - 2022

Automotive Alternator Industry Overview

The market for automotive alternators is dominated mainly by four companies, Denso, Valeo, Mitsubishi Electric, and Hitachi Automotive. Collectively, these companies occupy nearly 80% of the global market. Denso claims to be the market leader in alternators since 1988. The 'others' part of the market is fragmented with the presence of both local and global players.

The market is subject to intense competition, even in the aftermarket segment, where many small companies are coming up with similar offerings. E-tailing and E-commerce are also helping the aftermarket players register considerable sales.

Furthermore, the major players in the market have been involved in cases regarding parts cartels and price fixation to maintain their market share in certain geographical locations. Hence, this has made sure that other players did not occupy a considerable market share in those regions, giving these players a market monopoly.

Automotive Alternator Market Leaders

  1. Denso Corporation

  2. Valeo

  3. Mitsubishi Electric Corporation

  4. Hitachi Automotive Systems Ltd

  5. Hella KGaA Hueck & Co.

*Disclaimer: Major Players sorted in no particular order

Automotive Alternator Market Concentration
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Automotive Alternator Market News

May 2023: Dayco expanded its product offering with the addition of the company's alternator decoupler pulley (adp) and will start production at its state-of-the-art facility in China by mid-2024.

July 2021: Denso expanded its PowerEdge alternator line by adding a new model 24PE series to cater to the demand for heavy-duty high-efficiency aftermarket alternators.

May 2021: Mecc Alte introduced a new ECP4 C-type alternator model. The company is focusing on customers seeking high-quality products at comparatively lower price points.

Automotive Alternator Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Increasing Vehicle Production

    2. 4.2 Market Restraints

      1. 4.2.1 Shift Towards Electric powertrain

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Powertrain Type

      1. 5.1.1 IC Engine Vehicles

      2. 5.1.2 Hybrid and Electric Vehicles

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Cars

      2. 5.2.2 Commercial Vehicles

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Asia-Pacific

        1. 5.3.2.1 China

        2. 5.3.2.2 Japan

        3. 5.3.2.3 India

        4. 5.3.2.4 South Korea

        5. 5.3.2.5 Rest of Asia-Pacific

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Saudi Arabia

        3. 5.3.4.3 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Tenneco Inc.

      2. 6.2.2 DENSO Corporation

      3. 6.2.3 Hella KGaA Hueck & Co.

      4. 6.2.4 Hitachi Automotive Systems Ltd

      5. 6.2.5 Lucas Industries PLC

      6. 6.2.6 Mitsubishi Corporation

      7. 6.2.7 BorgWarner Inc.

      8. 6.2.8 Robert Bosch GmbH

      9. 6.2.9 Valeo

      10. 6.2.10 Mecc Alte

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Technological Advancements

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Automotive Alternator Industry Segmentation

An automotive alternator is used to provide current to the vehicles and is used to charge the battery, and power the electrical system when its engine is running. 

The automotive alternator market is segmented by powertrain type (I.C engine vehicles and hybrid and electric vehicles), vehicle type (passenger cars and commercial vehicles), and geography (North America, Europe, Asia-Pacific, and the Rest of the World).

The report offers market size and forecasts in value (USD) for all the above segments.

Powertrain Type
IC Engine Vehicles
Hybrid and Electric Vehicles
Vehicle Type
Passenger Cars
Commercial Vehicles
Geography
North America
United States
Canada
Mexico
Rest of North America
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Rest of the World
Brazil
Saudi Arabia
Other Countries
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Automotive Alternator Market Research FAQs

The Automotive Alternator Market size is expected to reach USD 24.58 billion in 2024 and grow at a CAGR of 6.70% to reach USD 36.06 billion by 2029.

In 2024, the Automotive Alternator Market size is expected to reach USD 24.58 billion.

Denso Corporation, Valeo, Mitsubishi Electric Corporation, Hitachi Automotive Systems Ltd and Hella KGaA Hueck & Co. are the major companies operating in the Automotive Alternator Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Automotive Alternator Market.

In 2023, the Automotive Alternator Market size was estimated at USD 22.93 billion. The report covers the Automotive Alternator Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Alternator Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Automotive Alternator Industry Report

Statistics for the 2024 Automotive Alternator market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Automotive Alternator analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Automotive Alternator Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)