GLOBAL AUTOMOTIVE STARTER MOTOR MARKET SEEN SOARING 4.45% GROWTH TO REACH USD 47,670 MILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS

Key Highlights of the Report:

• The global automotive industry is projected to reach a market value of USD 7.6 trillion by 2030, indicating significant growth potential.
• The emergence of emerging markets like India, Brazil, and China presents immense opportunities for the automotive industry, with rising disposable incomes and a growing middle class driving vehicle sales.
• The IC engine automotive industry continues to dominate the global market, generating high revenues and supporting millions of jobs worldwide.
• Investments in research and development to improve IC engine efficiency and reduce emissions have resulted in cleaner and more economical vehicles.
• Collaborations between IC engine manufacturers and renewable energy companies are promoting the use of biofuels and other sustainable energy sources, offering a greener alternative to traditional fossil fuels.
• The automotive industry is a significant contributor to global GDP, accounting for around 5% of GDP in many countries, driving economic growth and employment opportunities.
• The demand for SUVs and crossovers remains strong globally, providing automakers with higher profit margins and supporting market expansion.

According to a new report by Univdatos Market Insights, the Automotive Starter Motor Market is expected to reach USD 47,670 Million in 2030 by growing at a CAGR of 4.45%. The demand for starter motors is expected to witness significant growth owing to the increasing vehicle production and growing demand for commercial vehicles in the global markets. Furthermore, with global automotive production on the rise, the demand for starter motors has escalated significantly. As more vehicles hit the roads worldwide, the need for reliable ignition systems becomes paramount, contributing to the robust growth of the automotive starter motor market.

The report suggests that the robust economic growth and increasing income of the emerging economies population is one of the major factors driving the Automotive Starter Motor Market during the forthcoming years. For instance, China has already surpassed the United States as the leading economy in terms of GDP in PPP (purchasing power parity) measurements and has the potential to become the largest economy based on market exchange rates before 2030. Additionally, India has the possibility of surpassing the United States by 2050 to secure the second position, while Indonesia could ascend to the fourth position, surpassing advanced economies such as Japan and Germany, by the same year. This economic expansion drives the demand for commercial vehicles, such as trucks and buses, for transportation, logistics, and construction purposes. As commercial vehicle sales soar, the demand for starter motors used in these vehicles also surges, contributing to the growth of the automotive starter motor market. Moreover, the expanding e-commerce and retail sectors have significantly driven the need for delivery vans and trucks. With the rise of online shopping, there is a growing requirement for reliable and efficient commercial vehicles for timely and convenient product deliveries. These vehicles rely on sturdy starter motors to ensure frequent ignition and reliable performance, leading to increased demand in the automotive starter motor market.

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Figure 1: High Influence Drivers for Automotive Value Chain:

The expanding demand for passenger vehicles globally is Generating Maximum Traction for Automotive Starter Motors in the Market.

The automotive industry has witnessed a significant dominance of passenger cars over commercial vehicles, and this trend continues to prevail in the global market. Furthermore, increasing urbanization, improved living standards and higher disposable incomes have contributed to a growing preference for personal mobility, leading to a higher demand for passenger cars. Additionally, infrastructure development, including well-maintained roads, highways, and parking facilities, has played a vital role in enabling the ownership and usage of passenger cars. Moreover, the emerging markets, especially in regions like Eastern Laos, Vietnam, and other Southeast Asian countries, have experienced rapid growth in their middle-class population. This demographic shift has resulted in a surge in demand for passenger vehicles, particularly IC Engine passenger cars. For instance, as per the findings of our market study, passenger cars constitute over 75% of total vehicle sales globally, based on data from leading automakers. In countries like India and China, which are experiencing significant economic growth, IC Engine passenger vehicles dominate the market, accounting for a substantial portion of overall vehicle sales. The International Energy Agency (IEA) reported that in 2020, IC Engine passenger cars accounted for approximately 46% of the total global vehicle fleet. Further, this rising production of IC Engine passenger cars necessitates a higher requirement for starter motors, as they are an essential component for initiating the engine, and hence are growing in demand.

Conclusion

In conclusion, the flourishing automotive industry, marked by escalating vehicle production and the growing demand for passenger vehicles, has been fueling the global demand for automotive starter motors. The advent of advanced start-stop systems, the push for fuel efficiency, and the expansion into emerging markets have further contributed to this upward trend. As automotive technology evolves and embraces greener alternatives, the demand for innovative starter motors will intensify. The automotive starter motor market is poised for significant growth, with substantial implications for the global automotive industry as a whole.

Key Offerings of the Report

Market Size, Trends, & Forecast by Revenue | 2023−2030

Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

Market Segmentation – A detailed analysis by Vehicle Type, Application Type, Type, and Sales Channel

Competitive Landscape – Top Key Vendors and Other Prominent Vendors