Alternator Market – By Voltage Range (Low Voltage, Medium Voltage, and High Voltage), By Rotor Type (Salient Pole & Smooth Cylindrical), By Power Output (1.0 - 3kw, 3.0 - 5kw, >5kw), By Applications (Power Plant, Stand By Power, Oil & Gas, Marine, Mining, and Others), By Fuel (Renewable Source (Water, Wind, and Solar) And Non-Renewable Source (Coal, Diesel, and Gas), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

Alternator Market size was valued at USD 8871.5 billion in 2020 and it expected to reach 14450.7 USD billion by 2030, register the CAGR of 5% during the forecast period. An alternator is defined as an electrical machine that converts mechanical energy into electrical energy which is in the form of alternating current. Mostly alternators use rotating magnetic field with a stationary armature. Alternators have become an integral part of several industries due to their ability to convert mechanical energy to alternating current (AC). They consist of multiple poles and come with varying rotation speeds, both of which determine its output frequency. The energy is produced by the principle of electromagnetic induction. They are driven by crankshaft in the engine which converts the piston movement into circulator movement. Alternators are widely used in various industrial verticals, such as automotive, power generation, and mining, besides having commercial and residential applications.

Market Segmentation:

On the basis of voltage range, the market can be classified into low voltage, medium voltage, and high voltage alternators. Based on rotor type, the market can be bifurcated into salient pole and smooth cylindrical. According to power output, the market can be segmented into 1.0-3.0 KW, 3.0-5.0 KW, and >5KW power range alternators. Based on fuel type, the market can be segregated into renewable fuel type alternators which includes water, wind, and solar and non-renewable fuel types that includes coal, diesel, and gas. On application basis, the market is categorized into power plants, stand by power, oil & gas, marine, mining, and others. Geographically, the global market can be broadly divided into five regions mainly North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

The growing consumption of alternating current in several industries, such as automotive, gas, and industrial manufacturing has augmented the demand for alternators globally. Another key driving factor includes the growing investment in grid infrastructure in the developing regions. Apart from this, modern day locomotives are equipped with an alternator which is driven by the engine to produce alternating current for illumination and other purposes. Rising disposable incomes and prevalence of a luxurious lifestyle have led to a rise in the demand of alternators for residential and commercial usage over the years. Moreover, rapid industrialization accompanied by growth in cogeneration offers new opportunities, thereby creating an attractive market for the alternators. However, developing an efficient alternator with minimum losses acts as a restraining factor for the market. High maintenance cost and fluctuating cost of raw materials may also act as a restraint alternator market growth. The rise of the automotive sector in the emerging economies is also a driver for the alternators market growth. The market is also expected to benefit from the increasing demand for power in recent years. Rising investments in the construction industry, especially in the upcoming economies, has generated lucrative opportunities for alternators. 

Geographic Analysis:

Asia Pacific is expected to dominate the global alternator market during the forecast period. The shift in regional dominance is due to the remarkable growth of the automotive industry in countries such as South Korea, Japan, India and others emerging economies of the region. Power demand-supply gap, growing industrialisation in the emerging markets of Asia-Pacific, and investments in distributed energy will drive market for alternators both in volume as well as revenue. North America will be the second most dominating market. Presence of key manufacturers in the region and growing R&D are majorly driving the market in North America. For instance, in January 2019, Denso Corporation at Heavy Duty Aftermarket Week launched their PowerEdge brand of starters, alternators, DPF/DOC for Class 8 trucks. Their main aim was to provide the heavy duty market the best technology at the best price.  

Competitive Scenario:

The key players operating in this industry are –

Hitachi Automotive Systems, Mitsubishi Electric Corporation, Robert Bosch GmbH, Denso Corporation, Lucas Electrical, Motor Corporation of America, Control Power Technology, Valeo Group, Hyundai Mobis, Cummins Inc.

Alternator Market Report Scope