As per the latest report by IMARC Group, titled “Alternators Market Forecast 2019-2024: Global Industry Trends, Share, Size, Growth and Opportunity”, the global alternators market size reached 6 Million Units in 2018. 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.
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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. On account of the aforementioned factors, the market is expected to reach a volume of more than 8 Million Units by 2024, growing at a CAGR of 3.3% during 2019-2024.
- On the basis of the type, the market has been divided into electro-magnet (induction), permanent magnet and other types of alternators. Amongst these, permanent magnet alternators represent the most preferred product type.
- Based on the voltage, 220V-440V alternators account for the majority of the market share, followed by >440V and <220V alternators.
- On the basis of the rated power, the market has been categorized into alternators with a power rating of < 1kW, 1kW-5kW, 5kW- 50 kW, <50 kW-500 kW, 500 kW-1500 kW, 1500kW-5000kW and > 5000 kW. Currently, alternators with a power rating of 1500 kW-5000 kW represent the leading segment.
- The market has been classified on the basis of the application into industrial, automotive and transportation, power generation, standby power, and other types of applications. At present, industrial applications account for the majority of the total market share.
- Based on the speed, the market has been segregated into low, medium, high and ultra-high-speed alternators. Among these, high speed alternators exhibit a clear dominance in the market.
- On the basis of the weight, low weight alternators dominate the market. The other segments include medium and high weight alternators.
- The market has also been divided on the basis of the end use sectors into industrial, commercial and residential. Presently, the industrial sector represents the biggest segment in the market.
- Based on the fuel used, the market is bifurcated into fossil and natural fuels, wherein fossil fuels represent the largest segment.
- On a geographical front, Asia Pacific holds the leading position in the market. Other regions include Europe, North America, Middle East and Africa, and Latin America.
- 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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