Global Alternator Market Size, Share, Opportunities, And Trends By Type (Salient Pole Type, Cylindrical Pole Type), By Voltage (Low, Medium, High), By End-User (Automotive, Marine, Oil & Gas, Mining, Others), And By Geography - Forecasts From 2023 To 2028

The global alternator market is expected to grow at a CAGR of 5.81% during the forecast period.

An alternator is an electromechanical device that converts mechanical energy into electrical energy, and it works on the principle of electromagnetic induction. Different alternators include salient poles and cylindrical poles, which are applicable in the automotive, marine, oil & gas, and mining sectors as they provide a reliable electrical power source for various equipment and systems.

The increased automotive and oil & gas production and the rise in marine vessel manufacturing are driving the global alternator industry growth.

What are the alternator market growth drivers?

• Bolstering Automotive Production

Alternators are essential for vehicles as they provide electrical power to various systems and accessories. There is a higher need for alternators to support the electrical requirements of the vehicles, with more cars being manufactured. Additionally, advancements in automotive technology, such as integrating more electrical components and the growing popularity of electric and hybrid vehicles, further contribute to the global alternator market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), global car production increased by 6% in 2022 compared to the previous year.

• Rise in Marine Vessel Production

There is an increased need for electrical power in vessels as marine activities expand, such as commercial shipping, offshore exploration, fishing, and leisure boating. Alternators are critical in supplying electricity for various marine systems, including propulsion, navigation, communication, lighting, refrigeration, and entertainment. The rise in vessel manufacturing propels the global alternator market expansion. According to the Food and Agriculture Organization, Africa's fleet and fishing vessels had increased compared to other countries and comprised 23.5% of the world’s fishing vessels.

• Increased Oil & Gas Production

Alternators provide reliable and continuous electrical power for essential equipment, machinery, and systems involved in exploration, drilling, pumping, and processing activities. Increased oil and gas production is expected to drive the global alternator market growth. According to a U.S. Energy Information Administration report in 2023, OPEC crude oil production reached 37.66 million barrels per day in September 2023.

What are the key geographical trends shaping the alternator market?

• The Asia-Pacific region is anticipated to witness a notable rise in market share

The Asia-Pacific will account for a significant share of the global alternator market due to the growing marine activities, oil & gas, and EV production.

In 2021, under the 14th Five-Year Plan (2021-2025), the Chinese government implemented strategies like summarizing and analyzing the regulations to improve marine equipment production. Similarly, in December 2022, Mahindra & Mahindra planned to invest Rs 10,000 crore (US$ 1.2 billion) in an EV manufacturing plant in Pune, India. These developments drive the demand for alternators in Asia Pacific.

Recent developments in the alternator market:

• In April 2023, American Power Systems launched "lower turn-on RPM alternators". These allowed end-users to begin charging even at low or idling speeds and were ideal for use in vehicles with onboard lithium battery bank systems like yachts, work trucks, and sailboats.
• In August 2022, Prestolite Electric introduced the "IdlePro Extreme™ M-Series alternators" to boost performance and protection against dust and particle infiltration in mining applications. Such products drive the alternator industry growth.
• In May 2022, Dragonfly Energy acquired Wakespeed Offshore, an alternator regulator supplier, to offer complete alternator-connected systems to RV consumers and manufacturers.
• In January 2022, Chengdu Huachuan Electric Parts Co., Ltd. acquired the type 3 alternator business of Denso Corporation to strengthen their product line in China in the priority fields.
• In September 2020, DENSO launched the PowerEdge Heavy-duty J180 Mount Alternator. This expanded the coverage of DENSO's high-performance PE starters and alternators to more than 90% of all Class 8 trucks on the road today.

Global Alternators Market Players and Products

• Traction alternator WGX series: This ABB product is a three-phase alternator with a compact size, high speed, and traction that can be used for generators and locomotives.
• RF2 AC 2: This product produced by RFL Alternators is a permanent magnet alternator series ideal for portable, industrial applications where minimal size and weight are required. The innovative permanent magnet alternators incorporate a fully embedded rotor design and are powered by strong rare earth Neodymium magnets.

Global Alternator Market Scope:

Report Metric	Details
Growth Rate	CAGR of 5.81% from 2021 to 2028
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Billion
Segments Covered	Type, Voltage, End-User, and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	ABB Inc., Cummins Inc., Denso, Hitachi, Hubbell Incorporated, Mecc Alte SpA, Mitsubishi Electric Corporation, Nidec Corporation, RFL Alternators, Siemens
Customization Scope	Free report customization with purchase

 

Global Alternator Market is analyzed into the following segments:

• By Type
  • Salient Pole Type
  • Cylindrical Pole Type
• By Voltage
  • Low
  • Medium
  • High
• By End-User
  • Automotive
  • Marine
  • Oil & Gas
  • Mining
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Other

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL ALTERNATOR MARKET BY TYPE

5.1. Introduction

5.2. Salient Pole Type

5.3. Cylindrical Pole Type

6. GLOBAL ALTERNATOR MARKET BY VOLTAGE

6.1. Introduction

6.2. Low

6.3. Medium

6.4. High

7. GLOBAL ALTERNATOR MARKET BY END-USER

7.1. Introduction

7.2. Automotive 

7.3. Marine

7.4. Oil & Gas

7.5. Mining

7.6. Others

8. GLOBAL ALTERNATOR MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

10. COMPANY PROFILES

10.1. ABB Inc.

10.2. Cummins Inc.

10.3. Denso

10.4. Hitachi

10.5. Hubbell Incorporated

10.6. Mecc Alte SpA

10.7. Mitsubishi Electric Corporation

10.8. Nidec Corporation

10.9. RFL Alternators

10.10. Siemens 

 

ABB Inc.

Cummins Inc.

Denso

Hitachi

Hubbell Incorporated

Mecc Alte SpA

Mitsubishi Electric Corporation

Nidec Corporation

RFL Alternators

Siemens