Modern day automobiles widely use starters and alternators. These are generally used in diesel and gasoline engines. The rising investments on R&D by key players in the market coupled with acquisitions and mergers is expected to make the global automotive starter and alternator market flourish in near future. The manufacturers of automotive starters and alternators are expanding their businesses to emerging economies like China, India, Russia, etc. as these countries are focused on development of automotive sectors in order to serve the rising demand across the globe.
Electric starters are expected to dominate the segment during the forecast period. The different types of electric starters used in automotive sector are gear reduction, inertia starter, folo-thru drive and moveable pole shoe. Based on alternator type, the claw pole alternators are projected to witness significant growth in near future.
One of the major factors driving the growth of the global automotive starter and alternator market is increase in production of vehicles across the globe. According to OICA, the total vehicle production increased by around 1% in 2015. Moreover, increasing adoption of electric vehicles due to environment concerns such as rising air pollution, is further expected to escalate the demand for automotive starter and alternator market during the forecast period. Additionally, increasing preference for light weight and fuel efficient vehicles is further projected to escalate the demand for automotive starters and alternators in near future.
The increasing production of hybrid vehicles is anticipated to hamper the growth of the global automotive starter and alternator market. The hybrid vehicles use one or more motors which ignite with the help of internal combustion engine. Due to this reason, these vehicles have eliminated the use of automotive starters and alternators which, in turn, is expected to restrict their demand in near future.
The global automotive starter and alternator market can be segmented on the basis of starter type, alternator type and vehicle type. On the basis of starter type, the market can be segmented into electric, hydraulic and pneumatic. On the basis of alternators, the market can be further segmented into claw pole alternator and cylindrical alternator. On the basis of vehicles, the global starter and alternator market can be further segmented into light commercial vehicles, heavy commercial vehicles and passenger cars.
Based on regions, Asia Pacific is expected to dominate the automotive starter and alternator market over the forecast period. Asia Pacific, led by emerging economies like China and India, is projected to be the dominant region during the forecast period due to the presence of continuously increasing automobile manufacturing companies in this region. North America, led by U.S. is expected to witness significant growth during the forecast period.
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The increasing demand for starters and alternators in North America, owing to rising production of vehicles, coupled with continuous investment in this market is expected to fuel the demand for automotive starters and alternators in near future. The automotive starter and alternator market in Middle East & Africa and Latin America is anticipated to witness steady growth due to sluggish demand in this region. However, increasing demand for vehicles is expected to create lucrative growth opportunities for automotive starters and alternators in near future.