Alternators Market Future Demand, Growth, Share and Analysis with forecast 2024
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Market Research states that the top three players in the global
alternators market held a share of 20% in the overall market in 2015.
Emerson Electric, Co., Denso Corporation, and Valeo SA have had a
noticeable share in the market due to their strong foothold in the
automotive industry, which is the largest consumer of alternators.
“Companies must focus on the construction in emerging economies of
the Middle East and Africa during the forecast period to gain a
competitive edge over others,” states the lead author of this
research report. Focus on research and development is also expected
to remain the mainstay of the majority of the players in the market
to deliver product innovation to consumers.
According
to the research report, the global alternators market is expected to
be worth US$28.9 bn by the end of 2024 as compared to US$20.3 bn in
2015. During the forecast years of 2016 and 2024, the global
alternators market is expected to progress at a CAGR of 4.0%.
Report
Overview :
Asia
Pacific Promises Lucrative Growth Opportunities to Global Market
On
the basis of voltage range, the global market is segmented into low
voltage, medium voltage, and high voltage. Of these, the low voltage
alternator segment is expected to remain the leading segment due to
its soaring demand in the automotive sector. Analysts anticipate that
the low voltage segment is expected to progress at a CAGR of 3.7%
during the forecast period. The growing demand for back-up power in
several emerging economies is also expected to fuel the demand for
low voltage alternators during the forecast years.
Geographically,
this market is segmented into Europe, North America, Asia Pacific,
South America, and the Middle East and Africa. Of these, North
America held a dominant share in the global market and is projected
to surge at a CAGR of 3.6% during the forecast period, in terms of
revenue. The report indicates that Asia Pacific will also be an
emerging opportunity for the overall market in the coming years due
to the strengthening economies in the region.
Automotive
Sector Fuels Adoption of Alternators
The
global alternators market is expected to receive a massive impetus
from the booming automotive sector in the emerging economies of
China, South Africa, India, Mexico, Indonesia, and Taiwan. The
increasing production of vehicles in these countries is likely to
offer several lucrative opportunities to the alternators market
during the forecast period. The increasing automotive sales are also
expected to complement the uptake of alternators in the near future.
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