Global Alternator Market Report, published by Variant Market Research, forecast that the global market is expected to reach $29.9 billion by 2024 from $20.1 billion in 2016, growing at a CAGR of 5% from 2016 to 2024. By geography, RoW and Asia Pacific are expected to grow at a CAGR of 6.1% and 5.3%, respectively, during the forecast period.
High use of electronics and increased disposable income which has led to increased demand of luxury cars in emerging economies is fuelling the growth of the market. Moreover, rising demand for engine and turbines and growing investment in construction industry are also expected to drive the growth of the market.
By rotor type segment, smooth cylindrical hold the share of 20.5% in 2016. Furthermore, by end-user, power plant and oil & oil & gas accounted for 11.03% and 6.50% respectively, in the year 2016.
Rest of the World (RoW) is the fastest growing region in the global alternator market, and is expected to continue this trend due rapid growth in urbanization and increasing oil & gas sector. Asia Pacific accounts the largest share of the market with 34% followed by Europe with 27%, in the year 2016.
The key market players include Robert Bosch GmbH, Mitsuba Corporation, Motor Corporation of America, Hitachi Automotive, Denso Corporation, Lucas Electrical, Valeo SA, Hella KGaA Hueck & Co, Cummins, Inc. and Mitsubishi Electric Corporation among others.