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A latest research report published by Transparency Market Research talks about the overall market dynamics of the global automotive starter motor and alternator market. As per the research report, the global market is expected to reach an overall valuation worth US$ 47.23 Bn by the end of 2031. This is a considerable rise in terms of valuation that was initially reported to be around US$ 29.84 Bn in 2021. The overall growth of the global automotive starter motor and alternator market is expected to be achieved with the help of a steady CAGR of 4.70% from 2022 to 2031.
The vendor landscape of the global automotive starter motor and alternator is a highly fragmented one due to the presence of several key players. Many companies in the market are striving to gain a competitive advantage over their rivals. For this, the companies are resorting to aggressive marketing strategies such as mergers, acquisitions, takeovers, partnerships, and joint ventures. For instance, in July 2019, Denso Corporation, the world’s second biggest mobility supplier, entered into a joint venture with Smiths Manufacturing Limited. Smiths Manufacturing is fully owned by Metair Investments Limited. Both the companies have set up a venture called Denso Sales South Africa Pvt. Ltd. This joint venture is specifically dedicated to selling aftermarket services and products in the Southern Africa.
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Some of the key companies in the global automotive starter motor and alternator market include names such as The Bosch Group, Lucas Electricals Limited, Mitsubishi Electric Corporation, Mitsuba Corporation, Valeo Group, Hitachi Automotive Systems Ltd., Cummins Inc., and ASIMCO Technologies Ltd. among others.
Presence of Emerging Economies is Key for Regional Market Development
From a geographical point of view, the global automotive starter motor and alternator market is segmented into key regions such as Latin America, North America, Europe, the Middle East and Africa, and the Asia Pacific. Of these regions, the global market is expected to be dominated by the Asia Pacific region. This growth of the region is primarily attributed to the presence of emerging economies such as India and China. These countries are experiencing rapid industrialization and urbanization and that is propelling the automotive starter motor and alternator market of Asia Pacific on top.
The other key regional markets are the Middle East and Africa and the Latin America. The potential of growth is high for these regions due to the fact that there is a considerable rise in the demand for passenger vehicles in these markets. In addition to this, growing disposable income of people coupled with preference towards higher standard of living have also contributed to the growth of the automotive starter motor and alternator market in the regions of the Middle East and Africa and Latin America.
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Rise in Production of Passenger Cars is Key for Market Growth
There are several factors that are responsible for positive growth of the global automotive starter motor and alternator market. The biggest driving factor for the development of the market is the substantial rise in the production of vehicles, particularly the passenger vehicles across the globe. The growth of the global market is also propelled by the rapid industrial development, urbanization, and emergence of fast growing economies such as India and China. The people across the globe are ready to pay more for their comfort and possess higher standard of living. This has helped in the sale of passenger cars and that has ultimately helped in developing 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 2022 – 2031.”
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For the study the Automotive Starter Motor and Alternator Market has been segmented as follows:
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