The world market for automotive starter motor and alternator is marked with the presence of quite a many market players. Many of the eminent market players that have been profiled in the market research report by TMR are emphasizing on deriving the benefits out of latest technologies so as to expand and diversify their product portfolios and better their already existing products.
Starting motors or electric starter motors are widely utilized in various diesel and gasoline engines. As such, the said products have become more of an integral part of the conventional automobiles. The growing manufacturing of automobiles worldwide is the main reason for the soaring demand for automotive starter motor and alternators. In accordance with the research report published by TMR, the international market for automotive starter motor and alternator market is anticipated to reach a market valuation of around US$ 38.56 bn by the end of the year 2024 rising from a market valuation of around US$27.35 bn in the year 2015. During the period of forecast that extends from the year 2016 to 2024. The world market for automotive starter motor and alternator is estimated to rise at a steady CAGR of 3.9%.
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Asia Pacific to Offer Lucrative Growth Opportunities throughout the Forecast Period
Taking geographical segmentations into consideration, the international market for automotive starter motor and alternator is divided into the regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The report points out that the region of Asia Pacific would account for a leading share in the world market for automotive starter and alternator owing to the rapid pace of urbanization, industrial development and emergence of rapidly growing economies such as India and China in the said region. In the Asia Pacific region, the rapid progress of the industry of automobile manufacturing and its consumption across the region has impacted the overall market in a positive way. There are other important geographical segments in the world market for automotive starter motor and alternators such as Middle East and Africa and Latin America. The soaring demand for passenger vehicles are in accordance with the increasing disposable income of the common people and rising standard of living and the same factors have bolstered demand for these components of vehicle in the aforementioned regions.
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Growing Demand for Automotive Starter Motor and Alternator in the Industrial Segment to Stimulate Market Growth
The major factor that is driving the market for automotive starter motor and alternator market is the rise in the manufacturing of vehicles especially passenger vehicles. The world market for automotive starter motor and alternator is also fuelled by rapid urbanization and industrialization, the soaring disposable income of the people, and enhanced standard of living have all collectively contributed towards the high requirement for passenger vehicles. The high demand for passenger vehicles has impacted the said positively. Further, the launch of electric vehicles in the market so as to figure out eco-friendly solutions at the background of rising levels of pollution is further prophesized to bolster the demand for automotive starter motor and alternators in the years to come.
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The market is, however, challenged by a few factors. Research and development work on hybrid vehicles which do not require the services of separate starter motor and alternators is projected to restrain the growth of the market.
The information shared in this review is based on a TMR report, titled, “Automotive Starter Motor and Alternator Market (Starter Motor – Electric, Pneumatic, and Hydraulic; Alternator Type – Claw Pole Alternator and Cylindrical Alternator) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”
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