Global Automotive Alternator Market to Grow by USD 1.04 Billion during 2020-2024

Strategic Insights -

The global automotive alternator market is poised to grow at a compound annual growth rate (CAGR) of over 2% during the forecast period of 2020-2024, driven by the rising use of electronic components in vehicles. The market size is expected to reach USD 1.04 billion by the end of the forecast period. The report by Technavio suggests three forecast scenarios, including an optimistic, probable, and pessimistic scenario, considering the impact of COVID-19.

Key Takeaways:

  • The global automotive alternator market is segmented by geographic landscape, including APAC, Europe, North America, South America, and MEA.
  • The market size in APAC is expected to grow at a CAGR of over 3% during the forecast period.
  • The market size in Europe is expected to grow at a CAGR of over 1% during the forecast period.
  • The market size in North America is expected to grow at a CAGR of over 1% during the forecast period.
  • The market size in South America is expected to grow at a CAGR of over 2% during the forecast period.
  • The market size in MEA is expected to grow at a CAGR of over 2% during the forecast period.
  • The global automotive alternator market is fragmented, with the degree of fragmentation accelerating during the forecast period.
  • BBB Industries LLC, BorgWarner Inc., DENSO Corp., Hella GmbH & Co. KGaA, Hitachi Ltd., MAHLE GmbH, Marelli Holdings Co. Ltd., Mitsubishi Electric Corp., Robert Bosch GmbH, and Valeo SA are some of the major market participants.
  • The emergence of smart alternators is driving the growth of the market during the next few years.
  • The market size in the passenger cars application segment is expected to grow at a CAGR of over 2% during the forecast period.
  • The market size in the LCVs application segment is expected to grow at a CAGR of over 2% during the forecast period.
  • The market size in the M and HCVs application segment is expected to grow at a CAGR of over 2% during the forecast period.

Statistics:

  • The global automotive alternator market size is expected to reach USD 1.04 billion by 2024.
  • The market size is expected to grow at a CAGR of over 2% during the forecast period.
  • The market size in APAC is expected to grow at a CAGR of over 3% during the forecast period.
  • The market size in Europe is expected to grow at a CAGR of over 1% during the forecast period.
  • The market size in North America is expected to grow at a CAGR of over 1% during the forecast period.
  • The market size in South America is expected to grow at a CAGR of over 2% during the forecast period.
  • The market size in MEA is expected to grow at a CAGR of over 2% during the forecast period.

Sources:

  • BusinessWire: "Technavio Predicts a Surging Growth in the Global Automotive Alternator Market to Reach USD 1.04 Billion During 2020-2024"
  • Technavio: "Global Automotive Alternator Market 2020-2024"
  • BusinessWire: "Technavio Announces the Publication of its Research Report - Global Automotive Alternator Market 2020-2024"
  • Technavio: "Automotive Alternator Market 2020-2024: Scope"