The Global Alternators Market size is expected to reach $31.7 billion by 2031, rising at a market growth of 5.2% CAGR during the forecast period. In the year 2023, the market attained a volume of 23,846.4 thousand units, experiencing a growth of 17.4% (2020-2023).
The construction segment procured a promising growth rate in the market in 2023. Construction machinery and equipment, such as excavators, bulldozers, cranes, and loaders, rely on alternators to supply electrical power for onboard systems, including engines, hydraulics, lights, and control panels. Consequently, the construction segment by end-use industry would generate 19.2% revenue share of the market by 2031. Also, Russia would utilize 1100.7 thousand units of medium voltage alternators by 2031. Alternators are integral to these machines, ensuring reliable operation and performance on construction sites.
EVs and hybrid vehicles are equipped with sophisticated onboard electronics, including infotainment systems, navigation systems, advanced driver assistance systems (ADAS), and climate control systems. These electronics require a stable and reliable electrical power source, which alternators provide by converting mechanical energy from the engine into electrical energy. Thus, because of the rise of EVs and hybrid vehicles, the market is anticipated to increase significantly.
Additionally, alternators play a critical role in transforming wind energy from kinetic to electrical energy, and wind turbines are an essential component of wind energy systems. The growing deployment of wind turbines onshore and offshore to harness wind power for electricity generation drives the demand for alternators. Hydroelectric power plants harness the potential energy of water to generate electricity. Therefore, the market is expanding significantly due to the rapid shift towards renewable energy sources.
However, cost pressures may lead to compromises in product quality as manufacturers seek to reduce production costs. Lower-quality components or materials may be used to cut costs, potentially resulting in inferior products prone to failures or malfunctions. This can damage the reputation of manufacturers and erode customer trust in the reliability of alternators. Thus, intense competition and cost pressures can slow down the growth of the market.
By Voltage Analysis
Based on voltage, the market is bifurcated into high and medium. The high segment garnered a significant 33.39% share in the market in 2023. The utilization of high voltage direct current (HVDC) transmission systems for long-distance electricity is on the rise due to their superior efficiency and reduced losses compared to traditional alternating current (AC) transmission systems. High voltage alternators are utilized in HVDC converter stations to convert AC power to DC power and vice versa, enabling the efficient transfer of electricity over long distances.
By Phase Analysis
On the basis of phase, the market is segmented into three phase alternator, two phase alternators, and single-phase alternator. In 2023, the three-phase alternator segment held 50.93% revenue share in the market. Three-phase alternators are extensively used in industrial machinery and equipment to provide electrical power for manufacturing processes, conveyor systems, pumps, compressors, motors, and other industrial applications. They are preferred for their ability to deliver balanced power across three phases, ensuring smooth and efficient operation of industrial equipment in manufacturing plants, factories, refineries, and processing facilities.
By End-Use Industry Analysis
By end-use industry, the market is categorized into automotive, power generation, construction, oil & gas, and others. The power generation segment recorded a 26.97% revenue share in the market in 2023. The oil & gas segment registered 2,680.3 thousand units in terms of volume in 2023. Alternators are fundamental components of conventional power plants, including coal-fired, natural gas-fired, and nuclear power plants. These alternators convert mechanical energy from turbines into electrical energy, which is then transmitted through power grids for distribution to homes, businesses, and industries.
By Type Analysis
By type, the market is bifurcated into brushed alternators, brushless alternators, and permanent magnet alternators. In 2023, the brushed alternators segment witnessed 41% revenue share in the market. Brushed alternators are easier to maintain and repair than brushless alternators. The brushes and commutators in brushed alternators can be readily accessed and replaced when worn out, extending the operational lifespan of the alternator. This ease of maintenance makes brushed alternators suitable for applications where regular servicing and repairs are required, such as in industrial machinery and equipment.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region acquired a 31.2% revenue share in the market. North America is witnessing significant infrastructure development, including constructing roads, bridges, airports, railways, and commercial buildings. The construction industry in North America is experiencing growth due to urbanization, population growth, and economic development. North America is witnessing significant expansion in renewable energy installations, including wind farms, solar parks, and hydroelectric projects.
Recent Strategies Deployed in the Market
- Nov-2023: Robert Bosch GmbH expanded its suite of starters and alternators for workshops, including products for passenger cars and commercial vehicles of many European and Asian brands. As part of its expansion, the company will increase its coverage for vehicles from various manufacturers. Additionally, starters and alternators are subjected to strict and consistent quality management all over the world to offer high quality and reliability.
- Apr-2023: Cummins, Inc. inked a definitive agreement with Tata Motors Limited (TML), a vehicle manufacturing company in India. Under this agreement, the companies will design and develop a range of low- to zero-emission technology products in India for commercial vehicles.
- Nov-2022: Cummins, Inc. came into partnership with Exergy Energy, LLC, an energy management service company. Under this partnership, Exergy will oversee the implementation of Cummins power system solutions, including generator sets, energy storage systems, and switching equipment, at customer sites.
- Aug-2022: Cummins, Inc. acquired Meritor, Inc., a provider of drivetrain, mobility, braking, aftermarket, and electric powertrain solutions for commercial vehicles and industrial markets. Under this acquisition, Cummins will add Meritor's products to its component business portfolio. Additionally, the acquisition will accelerate the growth of the core axle and brake businesses of Cummins by serving commercial truck, trailer, off-highway, defense, specialty, and aftermarket customers all over the world.
- Jun-2021: Prestolite Electric Incorporated entered a partnership with Brighton Cromwell LLC, a provider of maintenance kits and kitting services to the Defense Logistics Agency (DLA). Under this partnership, Prestolite Electric will expand its presence in the military industry by providing premium IdlePro Extreme alternators, PowerPro Extreme 12 and PowerPro Extreme 5 starters, and legacy Leece-Neville Heavy-Duty starters and alternators.
List of Key Companies Profiled
- Denso Corporation
- Mitsubishi Electric Corporation
- Valeo SA
- Robert Bosch GmbH
- HELLA GmbH & Co. KGaA (FORVIA S.E.)
- Hitachi, Ltd. (Hitachi Astemo, Ltd.)
- Cummins, Inc.
- Prestolite Electric Incorporated (Zhongshan Broad-Ocean Motor Co., Ltd.)
- Lucas Automotive Aftermarket
- BBB Industries, LLC (Clearlake Capital Group, L.P.)
Global Alternators Market Report Segmentation
By Voltage (Volume, Thousand Units, USD Billion, 2020-2031)
By Phase (Volume, Thousand Units, USD Billion, 2020-2031)
- Three Phase Alternator
- Two Phase Alternator
- Single Phase Alternator
By End-Use Industry (Volume, Thousand Units, USD Billion, 2020-2031)
- Automotive
- Power Generation
- Construction
- Oil & Gas
- Others
By Type (Volume, Thousand Units, USD Billion, 2020-2031)
- Brushed Alternators
- Brushless Alternators
- Permanent Magnet Alternators
By Geography (Volume, Thousand Units, USD Billion, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1.Market Scope & Methodology
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Alternators Market, by Voltage
- 1.4.2Global Alternators Market, by Phase
- 1.4.3Global Alternators Market, by End-Use Industry
- 1.4.4Global Alternators Market, by Type
- 1.4.5Global Alternators Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
- 3.3Porter's Five Forces Analysis
Chapter 4.Global Alternators Market by Voltage
- 4.1Global Medium Market by Region
- 4.2Global High Market by Region
Chapter 5.Global Alternators Market by Phase
- 5.1Global Three Phase Alternator Market by Region
- 5.2Global Two Phase Alternator Market by Region
- 5.3Global Single Phase Alternator Market by Region
Chapter 6.Global Alternators Market by End-Use Industry
- 6.1Global Automotive Market by Region
- 6.2Global Power Generation Market by Region
- 6.3Global Construction Market by Region
- 6.4Global Oil & Gas Market by Region
- 6.5Global Others Market by Region
Chapter 7.Global Alternators Market by Type
- 7.1Global Brushed Alternators Market by Region
- 7.2Global Brushless Alternators Market by Region
- 7.3Global Permanent Magnet Alternators Market by Region
Chapter 8.Global Alternators Market by Region
- 8.1North America Alternators Market
- 8.1.1North America Alternators Market by Voltage
- 8.1.1.1North America Medium Market by Region
- 8.1.1.2North America High Market by Region
- 8.1.2North America Alternators Market by Phase
- 8.1.2.1North America Three Phase Alternator Market by Country
- 8.1.2.2North America Two Phase Alternator Market by Country
- 8.1.2.3North America Single Phase Alternator Market by Country
- 8.1.3North America Alternators Market by End-Use Industry
- 8.1.3.1North America Automotive Market by Country
- 8.1.3.2North America Power Generation Market by Country
- 8.1.3.3North America Construction Market by Country
- 8.1.3.4North America Oil & Gas Market by Country
- 8.1.3.5North America Others Market by Country
- 8.1.4North America Alternators Market by Type
- 8.1.4.1North America Brushed Alternators Market by Country
- 8.1.4.2North America Brushless Alternators Market by Country
- 8.1.4.3North America Permanent Magnet Alternators Market by Country
- 8.1.5North America Alternators Market by Country
- 8.1.5.1US Alternators Market
- 8.1.5.1.1US Alternators Market by Voltage
- 8.1.5.1.2US Alternators Market by Phase
- 8.1.5.1.3US Alternators Market by End-Use Industry
- 8.1.5.1.4US Alternators Market by Type
- 8.1.5.2Canada Alternators Market
- 8.1.5.2.1Canada Alternators Market by Voltage
- 8.1.5.2.2Canada Alternators Market by Phase
- 8.1.5.2.3Canada Alternators Market by End-Use Industry
- 8.1.5.2.4Canada Alternators Market by Type
- 8.1.5.3Mexico Alternators Market
- 8.1.5.3.1Mexico Alternators Market by Voltage
- 8.1.5.3.2Mexico Alternators Market by Phase
- 8.1.5.3.3Mexico Alternators Market by End-Use Industry
- 8.1.5.3.4Mexico Alternators Market by Type
- 8.1.5.4Rest of North America Alternators Market
- 8.1.5.4.1Rest of North America Alternators Market by Voltage
- 8.1.5.4.2Rest of North America Alternators Market by Phase
- 8.1.5.4.3Rest of North America Alternators Market by End-Use Industry
- 8.1.5.4.4Rest of North America Alternators Market by Type
- 8.2Europe Alternators Market
- 8.2.1Europe Alternators Market by Voltage
- 8.2.1.1Europe Medium Market by Country
- 8.2.1.2Europe High Market by Country
- 8.2.2Europe Alternators Market by Phase
- 8.2.2.1Europe Three Phase Alternator Market by Country
- 8.2.2.2Europe Two Phase Alternator Market by Country
- 8.2.2.3Europe Single Phase Alternator Market by Country
- 8.2.3Europe Alternators Market by End-Use Industry
- 8.2.3.1Europe Automotive Market by Country
- 8.2.3.2Europe Power Generation Market by Country
- 8.2.3.3Europe Construction Market by Country
- 8.2.3.4Europe Oil & Gas Market by Country
- 8.2.3.5Europe Others Market by Country
- 8.2.4Europe Alternators Market by Type
- 8.2.4.1Europe Brushed Alternators Market by Country
- 8.2.4.2Europe Brushless Alternators Market by Country
- 8.2.4.3Europe Permanent Magnet Alternators Market by Country
- 8.2.5Europe Alternators Market by Country
- 8.2.5.1Germany Alternators Market
- 8.2.5.1.1Germany Alternators Market by Voltage
- 8.2.5.1.2Germany Alternators Market by Phase
- 8.2.5.1.3Germany Alternators Market by End-Use Industry
- 8.2.5.1.4Germany Alternators Market by Type
- 8.2.5.2UK Alternators Market
- 8.2.5.2.1UK Alternators Market by Voltage
- 8.2.5.2.2UK Alternators Market by Phase
- 8.2.5.2.3UK Alternators Market by End-Use Industry
- 8.2.5.2.4UK Alternators Market by Type
- 8.2.5.3France Alternators Market
- 8.2.5.3.1France Alternators Market by Voltage
- 8.2.5.3.2France Alternators Market by Phase
- 8.2.5.3.3France Alternators Market by End-Use Industry
- 8.2.5.3.4France Alternators Market by Type
- 8.2.5.4Russia Alternators Market
- 8.2.5.4.1Russia Alternators Market by Voltage
- 8.2.5.4.2Russia Alternators Market by Phase
- 8.2.5.4.3Russia Alternators Market by End-Use Industry
- 8.2.5.4.4Russia Alternators Market by Type
- 8.2.5.5Spain Alternators Market
- 8.2.5.5.1Spain Alternators Market by Voltage
- 8.2.5.5.2Spain Alternators Market by Phase
- 8.2.5.5.3Spain Alternators Market by End-Use Industry
- 8.2.5.5.4Spain Alternators Market by Type
- 8.2.5.6Italy Alternators Market
- 8.2.5.6.1Italy Alternators Market by Voltage
- 8.2.5.6.2Italy Alternators Market by Phase
- 8.2.5.6.3Italy Alternators Market by End-Use Industry
- 8.2.5.6.4Italy Alternators Market by Type
- 8.2.5.7Rest of Europe Alternators Market
- 8.2.5.7.1Rest of Europe Alternators Market by Voltage
- 8.2.5.7.2Rest of Europe Alternators Market by Phase
- 8.2.5.7.3Rest of Europe Alternators Market by End-Use Industry
- 8.2.5.7.4Rest of Europe Alternators Market by Type
- 8.3Asia Pacific Alternators Market
- 8.3.1Asia Pacific Alternators Market by Voltage
- 8.3.1.1Asia Pacific Medium Market by Country
- 8.3.1.2Asia Pacific High Market by Country
- 8.3.2Asia Pacific Alternators Market by Phase
- 8.3.2.1Asia Pacific Three Phase Alternator Market by Country
- 8.3.2.2Asia Pacific Two Phase Alternator Market by Country
- 8.3.2.3Asia Pacific Single Phase Alternator Market by Country
- 8.3.3Asia Pacific Alternators Market by End-Use Industry
- 8.3.3.1Asia Pacific Automotive Market by Country
- 8.3.3.2Asia Pacific Power Generation Market by Country
- 8.3.3.3Asia Pacific Construction Market by Country
- 8.3.3.4Asia Pacific Oil & Gas Market by Country
- 8.3.3.5Asia Pacific Others Market by Country
- 8.3.4Asia Pacific Alternators Market by Type
- 8.3.4.1Asia Pacific Brushed Alternators Market by Country
- 8.3.4.2Asia Pacific Brushless Alternators Market by Country
- 8.3.4.3Asia Pacific Permanent Magnet Alternators Market by Country
- 8.3.5Asia Pacific Alternators Market by Country
- 8.3.5.1China Alternators Market
- 8.3.5.1.1China Alternators Market by Voltage
- 8.3.5.1.2China Alternators Market by Phase
- 8.3.5.1.3China Alternators Market by End-Use Industry
- 8.3.5.1.4China Alternators Market by Type
- 8.3.5.2Japan Alternators Market
- 8.3.5.2.1Japan Alternators Market by Voltage
- 8.3.5.2.2Japan Alternators Market by Phase
- 8.3.5.2.3Japan Alternators Market by End-Use Industry
- 8.3.5.2.4Japan Alternators Market by Type
- 8.3.5.3India Alternators Market
- 8.3.5.3.1India Alternators Market by Voltage
- 8.3.5.3.2India Alternators Market by Phase
- 8.3.5.3.3India Alternators Market by End-Use Industry
- 8.3.5.3.4India Alternators Market by Type
- 8.3.5.4South Korea Alternators Market
- 8.3.5.4.1South Korea Alternators Market by Voltage
- 8.3.5.4.2South Korea Alternators Market by Phase
- 8.3.5.4.3South Korea Alternators Market by End-Use Industry
- 8.3.5.4.4South Korea Alternators Market by Type
- 8.3.5.5Singapore Alternators Market
- 8.3.5.5.1Singapore Alternators Market by Voltage
- 8.3.5.5.2Singapore Alternators Market by Phase
- 8.3.5.5.3Singapore Alternators Market by End-Use Industry
- 8.3.5.5.4Singapore Alternators Market by Type
- 8.3.5.6Malaysia Alternators Market
- 8.3.5.6.1Malaysia Alternators Market by Voltage
- 8.3.5.6.2Malaysia Alternators Market by Phase
- 8.3.5.6.3Malaysia Alternators Market by End-Use Industry
- 8.3.5.6.4Malaysia Alternators Market by Type
- 8.3.5.7Rest of Asia Pacific Alternators Market
- 8.3.5.7.1Rest of Asia Pacific Alternators Market by Voltage
- 8.3.5.7.2Rest of Asia Pacific Alternators Market by Phase
- 8.3.5.7.3Rest of Asia Pacific Alternators Market by End-Use Industry
- 8.3.5.7.4Rest of Asia Pacific Alternators Market by Type
- 8.4LAMEA Alternators Market
- 8.4.1LAMEA Alternators Market by Voltage
- 8.4.1.1LAMEA Medium Market by Country
- 8.4.1.2LAMEA High Market by Country
- 8.4.2LAMEA Alternators Market by Phase
- 8.4.2.1LAMEA Three Phase Alternator Market by Country
- 8.4.2.2LAMEA Two Phase Alternator Market by Country
- 8.4.2.3LAMEA Single Phase Alternator Market by Country
- 8.4.3LAMEA Alternators Market by End-Use Industry
- 8.4.3.1LAMEA Automotive Market by Country
- 8.4.3.2LAMEA Power Generation Market by Country
- 8.4.3.3LAMEA Construction Market by Country
- 8.4.3.4LAMEA Oil & Gas Market by Country
- 8.4.3.5LAMEA Others Market by Country
- 8.4.4LAMEA Alternators Market by Type
- 8.4.4.1LAMEA Brushed Alternators Market by Country
- 8.4.4.2LAMEA Brushless Alternators Market by Country
- 8.4.4.3LAMEA Permanent Magnet Alternators Market by Country
- 8.4.5LAMEA Alternators Market by Country
- 8.4.5.1Brazil Alternators Market
- 8.4.5.1.1Brazil Alternators Market by Voltage
- 8.4.5.1.2Brazil Alternators Market by Phase
- 8.4.5.1.3Brazil Alternators Market by End-Use Industry
- 8.4.5.1.4Brazil Alternators Market by Type
- 8.4.5.2Argentina Alternators Market
- 8.4.5.2.1Argentina Alternators Market by Voltage
- 8.4.5.2.2Argentina Alternators Market by Phase
- 8.4.5.2.3Argentina Alternators Market by End-Use Industry
- 8.4.5.2.4Argentina Alternators Market by Type
- 8.4.5.3UAE Alternators Market
- 8.4.5.3.1UAE Alternators Market by Voltage
- 8.4.5.3.2UAE Alternators Market by Phase
- 8.4.5.3.3UAE Alternators Market by End-Use Industry
- 8.4.5.3.4UAE Alternators Market by Type
- 8.4.5.4Saudi Arabia Alternators Market
- 8.4.5.4.1Saudi Arabia Alternators Market by Voltage
- 8.4.5.4.2Saudi Arabia Alternators Market by Phase
- 8.4.5.4.3Saudi Arabia Alternators Market by End-Use Industry
- 8.4.5.4.4Saudi Arabia Alternators Market by Type
- 8.4.5.5South Africa Alternators Market
- 8.4.5.5.1South Africa Alternators Market by Voltage
- 8.4.5.5.2South Africa Alternators Market by Phase
- 8.4.5.5.3South Africa Alternators Market by End-Use Industry
- 8.4.5.5.4South Africa Alternators Market by Type
- 8.4.5.6Nigeria Alternators Market
- 8.4.5.6.1Nigeria Alternators Market by Voltage
- 8.4.5.6.2Nigeria Alternators Market by Phase
- 8.4.5.6.3Nigeria Alternators Market by End-Use Industry
- 8.4.5.6.4Nigeria Alternators Market by Type
- 8.4.5.7Rest of LAMEA Alternators Market
- 8.4.5.7.1Rest of LAMEA Alternators Market by Voltage
- 8.4.5.7.2Rest of LAMEA Alternators Market by Phase
- 8.4.5.7.3Rest of LAMEA Alternators Market by End-Use Industry
- 8.4.5.7.4Rest of LAMEA Alternators Market by Type
Chapter 9.Company Profiles
- 9.1Denso Corporation
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Regional Analysis
- 9.1.4Recent strategies and developments:
- 9.1.4.1Product Launches and Product Expansions:
- 9.1.5SWOT Analysis
- 9.2Mitsubishi Electric Corporation
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3Segmental and Regional Analysis
- 9.2.4Research & Development Expense
- 9.2.5SWOT Analysis
- 9.3Valeo SA
- 9.3.1Company Overview
- 9.3.2Financial Analysis
- 9.3.3Segmental and Regional Analysis
- 9.3.4Research & Development Expense
- 9.3.5SWOT Analysis
- 9.4Robert Bosch GmbH
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Segmental and Regional Analysis
- 9.4.4Research & Development Expense
- 9.4.5Recent strategies and developments:
- 9.4.5.1Product Launches and Product Expansions:
- 9.4.6SWOT Analysis
- 9.5HELLA GmbH & Co. KGaA (FORVIA S.E.)
- 9.5.1Company Overview
- 9.5.2Financial Analysis
- 9.5.3Segmental and Regional Analysis
- 9.5.4Research & Development Expenses
- 9.5.5SWOT Analysis
- 9.6Hitachi, Ltd. (Hitachi Astemo, Ltd.)
- 9.6.1Company Overview
- 9.6.2Financial Analysis
- 9.6.3Segmental and Regional Analysis
- 9.6.4Research & Development Expenses
- 9.6.5SWOT Analysis
- 9.7Cummins, Inc.
- 9.7.1Company Overview
- 9.7.2Financial Analysis
- 9.7.3Regional & Segmental Analysis
- 9.7.4Research & Development Expenses
- 9.7.5Recent strategies and developments:
- 9.7.5.1Partnerships, Collaborations, and Agreements:
- 9.7.5.2Acquisition and Mergers:
- 9.7.6SWOT Analysis
- 9.8Prestolite Electric Incorporated (Zhongshan Broad-Ocean Motor Co., Ltd.)
- 9.8.1Company Overview
- 9.8.2Recent strategies and developments:
- 9.8.2.1Partnerships, Collaborations, and Agreements:
- 9.8.3SWOT Analysis
- 9.9Lucas Automotive Aftermarket
- 9.9.1Company Overview
- 9.9.2SWOT Analysis
- 9.10.BBB Industries, LLC (Clearlake Capital Group, L.P.)
- 9.10.1Company Overview
- 9.10.2SWOT Analysis
Chapter 10.Winning Imperatives of Alternators Market