Global Alternators Market to Reach US$ 28.0 Billion by 2032, Stimulated by Growing Demand for Power

August 23, 2023 | Heavy Industry

According to the latest report by IMARC Group, titled “Alternators Market Report by Type (Electro-Magnet (Induction) Alternators, Permanent Magnet Alternators, and Other Alternators), Voltage (220V-440V Alternators, More Than 440V Alternators, Less Than 220V Alternators), Rated Power (<1kW, 1 KW-5 KW, 5 KW-50 KW, <50KW-500 Kw, 500KW-1500 KW, 1500KW-5000 KW, >5000KW), Application (Industrial Application, Automotive and Transportation, Power Generation, Standby Power, and Others), Speed (Low Speed Alternators, Medium Speed Alternators, High Speed Alternators, Ultra High-Speed Alternators), Weight (Low Weight Alternators, Medium Weight Alternators, High Weight Alternators), End-Use Sector (Industrial, Commercial, Residential), Fuel Used (Fossil Fuel, Natural), and Region 2024-2032,” the global alternators market size reached US$ 18.4 Billion in 2023. An alternator is integral to the automotive, industrial, and power generation sectors. It is a type of electric generator used in modern automobiles to charge the battery and power the electrical system when its engine is running. They generate alternating current through a process known as electromagnetic induction, converted to direct current for vehicle applications. The output power generated by an alternator is directly proportional to the engine's speed, making it a vital element in maintaining the battery's health and powering the electrical system. In other industries, alternators are employed in power stations for electricity generation, contributing to the global power supply. 

Global Alternators Market Trends: 

The global alternators market is seeing robust growth, fueled by the increasing demand for power driven by population growth and rapid industrialization across the globe. This scenario translates to an escalating need for alternators in power generation stations. Along with this, the growing automotive industry worldwide is also bolstering market growth as alternators are indispensable components in vehicles. In addition, the rise in vehicle production and the escalating demand for electric vehicles are contributing significantly to the market expansion. Moreover, the advent of technologically advanced and efficient alternators that provide optimal output with reduced energy consumption is positively influencing market trends. These high-efficiency alternators are gaining traction in various sectors, such as marine, oil & gas, and mining, thereby fueling market growth. Apart from this, the trend towards the development of green and sustainable technologies is paving the way for eco-friendly alternators, contributing further to the market dynamics. This trend mirrors the global shift towards sustainability, bolstering the demand for energy-efficient and environmentally friendly products in multiple domains. Looking forward, the market value is projected to reach US$ 28.0 Billion by 2032, expanding at a CAGR of 4.6% during 2024-2032. 

Market Summary: 

  • Based on the type, the market has been segmented into electro-magnet (induction) alternators, permanent magnet alternators and other alternators. Currently, permanent magnet alternators represent the largest segment.
  • On the basis of the voltage, the market is segregated into 220V-440V, more than 440V, and less than 220V alternators. Presently, 220V-440V alternators account for the largest market share.
  • Based on the rated power, the market has been segmented into <1kW, 1 kW-5 kW, 5 kW-50 kW, <50KW-500 kW, 500KW-1500 kW, 1500KW-5000 kW and >5000KW. Among these, 1500kW-5000 kW accounted for the largest market share.
  • On the basis of the application, the market is segregated into industrial application, automotive and transportation, power generation, standby power and others. Currently, industrial applications accounted for the largest market share.
  • Based on the speed, the market has been segmented into low, medium, high and ultra high speed alternators. Presently, high speed alternators represent the largest segment. 
  • On the basis of the weight, the market is segregated into low, medium and high weight alternators. Among these, low weight alternators account for the largest market share. 
  • Based on the end use sector, the market has been segmented into commercial, industrial and residential sectors. Presently, the industrial sector represents the largest segment.
  • On the basis of the fuel used, the market has been bifurcated into fossil fuel and natural. Currently, natural fuels account for the largest market share.
  • Region-wise, the market has been segmented into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Among these, North America holds the largest market share. 
  • The competitive landscape of the market has also been examined, with some of the key players being Cummins Inc. (Stamford-Avk), Mecc Alte SpA, Leroy-Somer, Inc., Valeo Service SAS, DENSO Europe BV and Hyundai Electric & Energy Systems Co. Ltd. 

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Million Units
Segment Coverage Type, Voltage, Rated Power, Application, Speed, Weight, End-Use Sector, Fuel Used, Region
Region Covered  Asia-Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Cummins Inc. (Stamford-Avk), Mecc Alte SpA, Leroy-Somer, Inc., Valeo Service SAS, DENSO Europe BV and Hyundai Electric & Energy Systems Co., Ltd.
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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Global Alternators Market to Reach US$ 28.0 Billion by 2032, Stimulated by Growing Demand for Power
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