Alternators Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Voltage, by Phase, by End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

Alternators Market Research, 2032

The global alternators market size was valued at $21.1 billion in 2022, and is projected to reach $35.7 billion by 2032, growing at a CAGR of 5.4% from 2023 to 2032. The expansion of the renewable energy sector coupled with a surge in industrialization and infrastructure development has propelled the demand for alternators. Global initiatives towards renewable energy sources such wind and solar energy have increased demand for dependable alternators that transform mechanical energy into electrical energy.

Introduction

An alternator is an essential electromechanical device designed to convert mechanical energy into electrical energy through the process of electromagnetic induction. It functions primarily as a power generator in various applications, ranging from automotive vehicles to industrial machinery and power generation systems. The alternator consists of a stationary set of wire windings known as the stator and a rotating set of wire windings called the rotor. Alternators are commonly found in vehicles, where they play a crucial role in charging the battery and powering the electrical systems such as lights, air conditioning, and entertainment systems.

Key Takeaways

• The global alternators market has been analyzed in terms of value ($Million). The analysis in the report is provided on the basis of type, voltage, phase, end-use industry, 4 major regions, and more than 15 countries.
• The global alternators market report includes a detailed study covering underlying factors influencing the industry opportunities and trends.
• The alternators market share is fragmented in nature with few players such as Bosch Limited, Cummins Inc., Denso Corporation, Hella GmbH & Co. KGaA, Hitachi Astemo, Ltd., Lucas Automotive Aftermarket, Mitsubishi Electric Corporation, Prestolite Electric Incorporated, Remy International, and Valeo SA.
• The report facilitates strategy planning and industry dynamics to enhance decision making for existing market players and new entrants entering the alternators industry.
• Countries such as China, the U.S., India, Germany, and Brazil hold a significant share in the global alternators market.

Market Dynamics

Alternators are key components in renewable energy systems such as wind turbines, hydroelectric power plants, and solar photovoltaic arrays. The expansion of the renewable energy sector has significantly increased the demand for alternators that play a crucial role in the generation of electricity from renewable sources. According to the International Renewable Energy Agency (IRENA), renewables in Europe and North America grew by 57.3 GW and 29.1 GW respectively in 2022. Moreover, Africa continued to expand steadily with an increase of 2.7 GW in 2022 as compared to 2021. In addition, the expansion of the hydroelectric power sector has contributed to the increased demand for alternators. Hydroelectric power plants utilize alternators to convert the mechanical energy of flowing water into electrical energy. With many countries investing in the development of hydropower projects as part of their renewable energy portfolios. All these factors drive the alternators market trends during the forecast period.

However, vital components in electricity generation are indeed hindered by the dependence on fluctuating fuel prices. Alternators are integral to traditional power generation methods such as fossil fuel-based thermal power plants, where they convert mechanical energy into electrical energy. However, the reliance on fossil fuels such as coal, natural gas, and oil exposes power generation facilities to the volatilities of global fuel markets. Moreover, fluctuating fuel prices directly impact the cost-effectiveness of electricity generation from traditional power plants. All these factors hamper the alternators market growth.

The electrification of automotive systems within both hybrid and electric vehicles presents additional opportunities for alternators. According to the U.S. Energy Information Administration (EIA), in 2023 combined sales of the U.S. hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles rise by 16.3% of total new light-duty vehicle sales. As vehicles become increasingly electrified, with features such as advanced driver assistance systems (ADAS), infotainment systems, and electric power steering, the demand for alternators capable of meeting the increased electrical load witnesses growth. Alternators need to be designed to handle higher electrical outputs while maintaining efficiency and reliability, presenting opportunities for innovation and technological advancements in alternator design. All these factors are anticipated to offer new growth opportunities in the alternators market forecast.

Segments Overview

The alternators market is segmented on the basis of type, voltage, phase, end-use industry, and region. On the basis of type, the market is divided into brushed alternators, brushless alternators, and permanent magnet alternators. On the basis of voltage market is bifurcated into medium and high. On the basis of phase market is divided into three phase alternator, two phase alternator, and single phase alternator. On the basis of end-use industry, the market is segmented into oil and gas, marine, construction, automotive, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Brushed alternators segment accounted for more than two-fifths of global alternators market share in 2022 and is expected to maintain its dominance during the forecast period. Brushed alternators are coupled to an external mechanical power source such as an engine or turbine. The rotation of this power source is transmitted to the alternators rotor, causing it to spin within the magnetic field. The efficiency and reliability of this mechanical system are crucial for ensuring consistent power generation. All these factors drive the demand for brushed alternators during the forecast period.

The medium segment accounted for more than two-thirds of global alternators market share in 2022 and is expected to maintain its dominance during the forecast period. The expansion of infrastructure projects worldwide fuels the demand for medium voltage alternators. Infrastructure development in sectors such as construction, oil and gas, mining, and utilities requires reliable power generation solutions such as medium voltage alternators. As countries invest in modernizing and expanding their infrastructure, there is a corresponding need for dependable electrical machinery to support these initiatives.

Three phase alternator segment accounted for half of global alternators market share in 2022 and is expected to maintain its dominance during the forecast period. The rise in automation and electrification of various industrial processes drives the need for three-phase alternators to power machinery and equipment. Industries such as manufacturing, mining, agriculture, and construction depend on three-phase power for operating motors, pumps, compressors, and other heavy-duty equipment. As these industries modernize and upgrade their facilities, the demand for high-performance three-phase alternators is increases.

The automotive segment accounted for less than one-third of global alternators market share in 2022 and is expected to maintain its dominance during the forecast period. The increase in demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs) has significantly boosted the demand for alternators. While EVs rely primarily on batteries for propulsion, alternators are still necessary for charging the vehicles battery and powering auxiliary systems.

Asia-Pacific accounted for more than two-fifths of the global alternators market share in 2022 and is expected to maintain its dominance during the forecast period. The expansion of the automotive and transportation sectors in Asia-Pacific has further contributed to the demand for alternators. According to the International Energy Agency (IEA), China is the frontrunner in electric car markets, accounting for around 60% of global electric car sales in 2022. With the rising number of vehicles on the roads, there is an increased need for alternators in automotive applications to generate electricity for powering various electrical components, such as lights, air conditioning systems, and infotainment systems.

Competitive Analysis

Key players in the alternators market include Bosch Limited, Cummins Inc., Denso Corporation, Hella GmbH & Co. KGaA, Hitachi Astemo, Ltd., Lucas Automotive Aftermarket, Mitsubishi Electric Corporation, Prestolite Electric Incorporated, Remy International, and Valeo SA. Apart from these major players, there are other key players in the alternators market. These include Continental AG, Dixie Electric Ltd, Elstock, ISKRA, Lucas-TVS Limited, MAHLE GmbH, Mando Corporation, and Nidec Motor Corporation.

In the global alternators market, companies have adopted expansion and product launch strategies to expand the market or develop new products. For instance, in November 2023, Bosch Limited expanded its range of alternators for workshops. These alternators are used in a wide range of passenger cars, commercial vehicles, and off-highway applications. This expansion strengthens its business position and increases its consumer base. In April 2023, American Power Inc. launched new line of lower turn-on RPM alternators.

The new alternators are ideal for use as a secondary alternator for vehicles with onboard lithium battery bank systems needed to power onboard equipment, such as RVs and other vans, yachts and sailboats, work trucks, emergency vehicles and other data collection activities. Moreover, in December 2022, Valeo Service launched 54 new part numbers in the electrical segment in the range of alternators, starters and spare parts in India. These alternators are suitable for new gen TATA motors variants such as Altroz, Nexon, Punch, Tiago, Tigor; Hyundai motors variants such as Grand i10, Xcent and Elite i20, and Maruti Suzuki variants such as Wagon R 3rd Gen, Celerio and S-Presso.

Historical Trends of Alternators

• The early to mid-20th century marked the commercialization and widespread adoption of alternators in various industries such as automotive, industrial, and power generation sectors. Companies such as Bosch, Denso, and Delco-Remy emerged as key players, producing alternators for a range of applications.
• The 1970s witnessed significant advancements in alternator technology with the introduction of solid-state electronics and improved designs for higher efficiency and reliability. This era also saw the expansion of alternators into new markets such as marine and aviation industries.
• In the 1980s, alternator technology experienced further evolution with the integration of computerized control systems and advancements in materials and manufacturing processes. This led to increased performance, durability, and compactness of alternators, driving their adoption in a broader range of applications.
• The 1990s marked a period of innovation in alternator design, focusing on enhancing energy efficiency and reducing emissions. Alternators equipped with voltage regulators and smart charging systems became standard in automotive applications, contributing to improved fuel economy and reduced environmental impact.
• The early 2000s saw a surge in demand for alternators driven by the growing automotive industry, particularly in emerging markets. Companies invested in research and development to produce alternators with higher power output, compact size, and improved thermal management to meet the evolving needs of vehicle manufacturers.
• By the 2010s, alternator technology had evolved to incorporate advanced electronic control systems and power management features. This enabled better integration with hybrid and electric vehicle platforms, supporting the global trend towards electrification in transportation.
• In the 2020s, the alternators market continued to evolve with a focus on sustainability and renewable energy integration. Innovations such as regenerative braking systems and variable voltage alternators aimed to improve energy efficiency and reduce carbon footprint across various sectors.

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the alternators market analysis from 2022 to 2032 to identify the alternators market trends.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the alternators market statistics and segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global alternators market overview, trends, key players, market segments, application areas, and market growth strategies.

  Alternators Market Report Highlights

Aspects	Details
Market Size By 2032	USD 35.7 billion
Growth Rate	CAGR of 5.4%
Forecast period	2022 - 2032
Report Pages	250
By Phase	Three Phase Alternator Two Phase Alternator Single Phase Alternator
By Type	Brushed Alternators Brushless Alternators Permanent Magnet Alternators
By Voltage	High Medium
By End-Use Industry	Automotive Power Generation Construction Oil and Gas Others
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, France, Italy, Spain, UK, Rest of Europe) Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
Key Market Players	Lucas Automotive Aftermarket, HELLA GmbH & Co. KGaA, Mitsubishi Electric Corporation, Cummins Inc., DENSO CORPORATION, Bosch Limited, Remy International, Hitachi Astemo, Ltd., Valeo SA, Prestolite Electric Incorporated.

Analyst Review

According to the opinions of various CXOs of leading companies, the alternators market is expected to witness growth during the forecast period owing to rapid expansion of renewable energy sector, and surge in industrialization and infrastructure development have increased the demand for alternators. The surge in technological advancement in the automotive and renewable energy sectors drives the demand for alternators. Alternators play a crucial role in converting mechanical energy into electrical energy, powering various systems in vehicles and industrial machinery. As these industries continue to evolve and adopt more advanced technologies, the demand for efficient and reliable alternators is expected to increase.

Moreover, the expansion of data-driven technologies and the rise of electric vehicles are contributing to the growth of the alternators market. Electric vehicles rely heavily on alternators for charging their batteries and powering onboard electronics, creating a significant demand for high-performance alternator systems. In addition, the evolution toward sustainable energy solutions is driving the demand for alternators in renewable energy applications. Alternators are essential components in wind turbines, hydroelectric generators, and other renewable energy systems, contributing to the growth of the market as the world shifts toward cleaner and more sustainable power generation.

Author Name(s) : Mayur Sunil Mahajan | Eswara Prasad

Related Tags

• Alternative Energy
• Automotive Accessories
• Construction Equipment
• Energy Transition