As per the latest report by IMARC Group, titled “Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global alternators market size reached US$ 17.2 Billion in 2020. Looking forward, the market expects to grow at a CAGR of 4.1% during 2021-2026.
An alternator is a piece of machinery that works on the principle of electromagnetic induction. It works together with a battery and utilizes mechanical energy to produce electricity. It is made up of two parts, namely, a rotor that consists of field poles and a stator, which includes armature conductors. Alternators have found applications across several industries as they are employed for generating electricity in the commercial and residential sectors. They also form an integral part of the automotive industry as they are utilized in the charging system of vehicles and for powering the engine.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Alternators Market Trends:
Rapid industrialization, global population growth and the escalating consumption of electricity are the key factors boosting the sales of alternators. Furthermore, modern-day automobiles are equipped with alternators to charge the battery and power the electrical system, unlike vintage automobiles, which employed DC dynamo generators with commutators. With an increase in the sales of luxury cars, the alternators market is anticipated to grow at a rapid pace in the coming years. Also, technological advancements in the market are providing an impetus to the market growth. For instance, the utilization of alternator regenerative control technology in the automotive industry improves engine fuel consumption. This is achieved by regenerating power when the vehicle is decelerating and lowering consumption at other times. Moreover, growing investments in the construction and telecommunication sectors, especially in the grid infrastructure, are also contributing to the growth of the market.
The competitive landscape of the market has also been examined in the report. Some of the key players operating in the market include Cummins Inc. (Stamford-Avk), Mecc Alte SpA, Leroy-Somer, Inc., Valeo Service SAS, DENSO Europe BV and Hyundai Electric & Energy Systems Co., Ltd. (previously Hyundai Heavy Industries HHI).
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