Automotive Starter Motor Market | Global Development, Demand, Growth Analysis, Key Findings and Forecast-2023
Posted September 9,2020 in Science and Technology.
The global Automotive Starter Motor Market was analysed by Market Research Future (MRFR) and it was projected that a decent CAGR will be attained by the market over the forecast period of 2017 to 2023. The valuation of the Automotive Starter Motor Market was further stated to surpass its previous valuation.
The global Automotive Starter Motor Market has been segmented in terms ofvehicletype, component, engine type, and type.
By type, the market segments into pneumatic,electric, and hydraulic. The electric segment is projected to hold the dominating position in the global Automotive Starter Motor Market over the forecast period. This is due to the surging demand for gasoline operated vehicles across the globe. Additionally, there has been a growing Market of passenger as well as commercial vehicles that are operated by gasoline across various emerging nations. This is expected to boost the demand for the installation of electric starter motor segment.
By component, the market includes solenoid, brush,shift fork,armature,return spring,starter drive gear, and others. The solenoid segment leads the global Automotive Starter Motor Market with the highest share percentage and is expected to continue with its dominance over the forecast period. This is primarily because solenoid aids in allowing large electric current to pass through the starter motor.
By engine type, the market breaks down into diesel and gasoline. The gasoline segment is projected to head the global Automotive Starter Motor Market standings with the highest share percentage. The continuous growth and expansion of the segment is due to the rising production level of gasoline-powered commercial and passenger vehicles.
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The global Automotive Starter Motor Market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The Asia Pacific region leads the global Automotive Starter Motor Market with a majority of the share percentage to its name. The regional market is anticipated to be at the top of the market over the forecast period as well due to the rising demand for commercial and passenger vehicles herein. The booming growth of these commercial and passenger vehicles subsequently results in the growing demand for the installation of different types of automotive starter motors in Asia Pacific. The OEMs in the Asia Pacific region and other emerging countries are majorly investing in the idea of developing components that meets the standards and regulations set by the government. The rising level of investments being made by the manufacturers in this region is anticipated to push the production rate of starter motors, thereby driving the growth of the regional market.
North America is believed to be the second-largest region in the global Automotive Starter Motor Market. This is because of the increasing production level of commercial vehicles in this region, especially in countries like the US and Canada. As commercial vehicles require the usage of hydraulic and pneumatic starter motors, it is anticipated to accelerate the demand for the global Automotive Starter Motor Market in the North American region.
The global Automotive Starter Motor Marketcomprises a host of key players. This includes names like Hitachi Automotive Systems, Ltd. (Japan), Valeo SA (France), ASIMCO Technologies Ltd. (China), Denso Corporation (Japan), Robert Bosch GmbH (Germany), Unipoint Electric MFG Co., Ltd. (Taiwan), Ningbo zhongwang AUTO Fittings Co.,Ltd. (China), Lucas Electrical Limited (U.K.), Mitsuba Corporation (Japan), Mitsubishi Electric (Japan), Hella KGaAHueck& Co. (Germany), Remy International, Inc. (U.S.), BBB Industries (U.S.), BorgWarner Inc. (U.S.), and Cummins Inc. (U.S.)
Aug 2019, IndyCar made the announcement of implementing a new hybrid starter system in the beginning of 2022. This move is made in the hope of improving the competition, safety, and for attracting an additional OEM to join hands with current partners Chevrolet and Honda. The all-new hybrid powertrain is slated to enable drivers to fire up their own vehicles from the cockpit. This is expected to bring-in a lot of positives both on and off the track.
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