Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global alternators market size reached US$ 17.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.97% during 2023-2028.

Alternators refer to devices which convert mechanical energy into electrical energy. The working principle of alternators depends upon Faraday’s law of electromagnetic induction in which the current is induced in the conductor surrounded by a magnetic field when there is a relative motion. Alternators find applications in electric generators; automotive, marine, gas and oil industries; power plants; etc.

Due to the increasing consumption of alternating current in different sectors, such as automotive, gas, industrial manufacturing, etc., the demand for alternators has witnessed a positive growth across the globe. Another key growth-inducing factor is the growing investment in grid infrastructure in the developing regions. Apart from this, modern day vehicles are equipped with an alternator which is driven by the engine to provide alternating current. Rising disposable incomes and prevalence of a luxurious lifestyle have led to a surge in the sales of vehicles over the years. Moreover, rising industrialisation along with growth in cogeneration offer new opportunities, thereby creating an attractive market for the alternators.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global alternators market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type, voltage, rated power, application, speed, weight, end-use sector and fuel used.

Breakup by Type:

Electro-Magnet (Induction) Alternators
Permanent Magnet Alternators
Other Alternators

Based on type, the market has been segmented as permanent magnet alternators, electro-magnet induction based alternators and others. Currently, permanent magnet alternators dominate the market, holding the largest share.

Breakup by Voltage:

220V-440V Alternators
More than 440V Alternators
Less than 220V Alternators

On the basis of voltage, 220V-440V alternators represent the largest segment, holding the majority of the market share.

Breakup by Rated Power:

<1kW
1 kW-5 kW
5 kW-50 kW
<50KW-500 kW
500KW-1500 kW
1500KW-5000 kW
>5000KW

The market has also been segregated on the basis of rated power into < 1, 1kW-5kW, 5kW- 50 kW, <50 kW-500 kW, 500 kW-1500 kW, 1500kW-5000kW and > 5000 kW. Amongst these, the 1500kW-5000 kW segment accounts for the majority of the market share, representing the leading segment.

Breakup by Application:

Industrial Applications
Automotive and Transportation
Power Generation
Standby Power
Others

Based on application, industrial applications hold the majority of the market share.

Breakup by Speed:

Low Speed Alternators
Medium Speed Alternators
High Speed Alternators
Ultra High-Speed Alternators

On the basis of speed, the market has been divided into low, medium, high and ultra high speed alternators. Currently, high speed alternators exhibit a clear dominance in the market.

Breakup by Weight:

Low Weight Alternators
Medium Weight Alternators
High Weight Alternators

Based on weight, the market has been categorized into low, medium and high weight alternators, wherein low weight alternators dominate the market.

Breakup by End-Use Sector:

Industrial
Commercial
Residential

On the basis of end-use sector, the market has been bifurcated into commercial, industrial and residential sectors. Among these, the industrial sector accounts for the majority of the global market.

Breakup by Fuel Used:

Fossil fuel
Natural

On the basis of the fuel, the report finds that natural fuels, such as wind, water, solar, etc., represent the biggest segment.

Breakup by Region:

Asia-Pacific
Europe
North America
Middle East and Africa
Latin America

Region-wise, the market has been segmented into North America, Asia-Pacific, Europe, Middle East and Africa and Latin America. Amongst these, North America is the leading market accounting for the majority of the market share.

Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Cummins Inc. (Stamford-Avk), Mecc Alte SpA, Leroy-Somer, Inc., Valeo Service SAS, DENSO Europe BV and Hyundai Electric & Energy Systems Co., Ltd.

This report provides a deep insight into the global alternators market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, market segmentation based on type, voltage, rated power, application, speed, weight, fuel type and region. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the alternators market in any manner.

Key Questions Answered in This Report:
How has the global alternators market performed so far and how will it perform in the coming years?
What are the key regions in the global alternators market?
What has been the impact of COVID-19 on the global alternators market?
Which are the popular product types in the global alternators market?
What are the major voltage segments in the global alternators market?
What is the breakup of the global alternators market on rated power basis?
What is the breakup of the global alternators market on speed basis?
What is the breakup of the global alternators market on weight basis?
What are the key application segments in the global alternators market?
What are the major end-use sectors in the global alternators market?
What are the major fuels used in the global alternators market?
What is the structure of the global alternators market and who are the key players?
What is the degree of competition in the global alternators market?