Published On : 10 Oct 2018
The global market for automotive alternator and starter motor has been witnessing growth at a promising pace in the past few years owing to the increased demand for automobiles across the globe. The exponential rise in the production of a variety of vehicles globally continues to act as a power boost for the market, allowing it steady growth prospects. In the near future as well, the rising production volumes of vehicles, their increased consumption in emerging economies, and rise in automobile manufacturing facilities in new regional markets will drive the market further in the near future.
Noted below are some of the key factors expected to influence the market significantly in the near future:
Vast Rise in Manufacturing Activities in Asia Pacific:
In the past many decades, Europe and North America have been the indisputable leaders of the automotive industry, housing several leading manufacturers and a vast consumer base. Consistent R&D activities associated with the automotive industry, registration of thousands of patents of components used in vehicles every year, and the rising usage of electrical and electronic products in vehicles have also given the market for automotive alternator and starter motor in these regions an added advantage.
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However, the trend has steadily transformed over the years and regions with emerging economies such as Asia Pacific and Latin America have emerged as the new, untapped powerhouse markets for all kinds of vehicles. The steady flow of demand from these regions has compelled leading manufacturers to shift their focus from the largely matured Europe and North America markets to markets with emerging economies, especially Asia Pacific. The following rise in automotive manufacturing facilities in the region has led to a vast pool of opportunities for component makers. The trend is likely to remain strong in the near future as well, allowing the Asia Pacific automotive alternator and starter motor market promising growth prospects.
Rising Demand for Electric Vehicles:
Another transformational trend observed in the automotive industry that is likely to work in favor of the global automotive alternator and starter motor market is the vast technological advancements achieved in electric vehicles over the past few years. With vast improvements in battery technologies, introduction of renewable-powered power sources, development of tough yet light-weight materials, and rising consumer awareness regarding the need to switch to lighter and greener vehicles to preserve environment protection have all contributed to the increased uptake of electric vehicles.
Increased purchasing powers of people across the globe have also worked well for the market for electric vehicles in the past few years and the demand for electric vehicles is likely to rise at an impressive pace in the near future. This will work as a notable growth factor for the global automotive alternator and starter motor market in the future years.
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