Author: Himanshu Patni
25 June 2024
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 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.
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
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