Albany, NY -- (SBWIRE) -- 05/01/2018 -- Electric starter motors or starting motors are extensively used in several gasoline and diesel engines. They have become integral units of modern-day automobiles and are fixed in as permanent magnets or a series parallel wound direct current electric motors that have a starter solenoid on top like a relay. The unmatched production of automobiles across the world is the primary reason for the growing demand for automotive starter motor and alternators. According to the research report, the global automotive starter motor and alternator market is expected to be worth US$ 38.56 bn by the end of 2024 as compared to US$27.35 bn in 2015. During the forecast period of 2016 and 2024, the global market is expected to expand at a CAGR of 3.9%.
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The global automotive starter and motor alternator market has been thriving due to the stupendous growth of the automotive sector across the globe. The positive changes in economies since the global slowdown have also had a significant impact on the overall market. The market is also benefitting from the rising investments and mergers and acquisitions of several leading companies. These factors have helped companies improve their research activities, make value addition to their existing pipelines, and expand their geographical reach. Analysts anticipate that the overall market will also profit from the adoption of automotive starter motors and alternators for several hybrid and electric vehicles.
In terms of regions, the global market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. The report indicates that Asia Pacific will hold a dominant share in the global market due to emerging economies and rapid industrial development. The growth of automobile manufacturing and consumption across Asia Pacific has also had a positive impact on the overall market. The other key regional markets for automotive starter motor and alternators are Latin America and the Middle East and Africa. The growing demand for passenger vehicles with rising standard of living and improving disposable incomes has triggered a major demand for these vehicle components in the aforementioned regions.
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The various types of starter motors available in the global market are pneumatic, electric, hydraulic, and others. Of these, the electric starters are the most popular ones. The various types of electric starters used in vehicles are the gear reduction, folo-thru drive, inertia starter, and moveable pole shoe. However, analysts predict that the growing sales of electric and hybrid vehicles are likely to initiate a technological change in the global market. The types of alternators studied in the research report are claw pole alternator and cylindrical alternator. Out of these, the claw pole alternator segment will gain a dominant share in the overall market. Their ubiquitous adoption in all types of vehicles such as light commercial, heavy commercial vehicles, and passenger vehicles will ensure the segment's dominance in the coming years.
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The key players operating in the global automotive starter motor and alternator market are Mitsubishi Electric Corporation, Lucas Electricals, Ltd., Valeo Group, Denso Corporation, Mitsuba Corporation, The Bosch Group, Hella KGaA Hueck & Co., Controlled Power Technologies Ltd., ASIMCO Technologies Ltd., Cummins, Inc., and Hitachi Automotive Systems, Ltd.