As per the latest report by IMARC Group, titled “Alternators Market Report: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global alternators market size reached 6 Million Units in 2018. An alternator is a piece of machinery that works on the principle of electromagnetic induction. It works together with a battery and utilizes mechanical energy to produce electricity. It is made up of two parts, namely, a rotor that consists of field poles and a stator, which includes armature conductors. Alternators have found applications across several industries as they are employed for generating electricity in the commercial and residential sectors. They also form an integral part of the automotive industry as they are utilized in the charging system of vehicles and for powering the engine.

Request a Copy Free Sample Research Report: https://www.imarcgroup.com/alternator-market/requestsample

Market Trends:
Rapid industrialization, global population growth and the escalating consumption of electricity are the key factors boosting the sales of alternators. Furthermore, modern-day automobiles are equipped with alternators to charge the battery and power the electrical system, unlike vintage automobiles, which employed DC dynamo generators with commutators. With an increase in the sales of luxury cars, the alternators market is anticipated to grow at a rapid pace in the coming years. Also, technological advancements in the market are providing an impetus to the market growth. For instance, the utilization of alternator regenerative control technology in the automotive industry improves engine fuel consumption. This is achieved by regenerating power when the vehicle is decelerating and lowering consumption at other times. Moreover, growing investments in the construction and telecommunication sectors, especially in the grid infrastructure, are also contributing to the growth of the market. On account of the aforementioned factors, the market is expected to reach a volume of more than 8 Million Units by 2024, growing at a CAGR of 3.3% during 2019-2024.

Market Summary:
• On the basis of the type, the market has been divided into electro-magnet (induction), permanent magnet and other types of alternators. Amongst these, permanent magnet alternators represent the most preferred product type.
• Based on the voltage, 220V-440V alternators account for the majority of the market share, followed by >440V and