As per the latest report by IMARC Group, titled “Alternators Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global alternators market value reached of US$ 16 Billion in 2017. An alternator is an electrical machine which works on the principle of electromagnetic induction. 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 in several industries as they can convert mechanical energy or direct current (DC) to alternating current (AC). They are extensively used for generating electricity in the commercial and residential sectors and have also become an integral part of the automotive and mining industries.

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Market Trends:
The continuous use of both the conventional and non-conventional sources of energy has been fueling the consumption of alternators for electricity generation across the globe. In addition, rapid industrialization, global population growth and escalating consumption of electricity are strengthening the market growth. Moreover, the growing investments in the construction and telecommunication sectors are providing a boost to the growth of the alternators market. Further, modern day automobiles are equipped with alternators in order to charge the battery and power the electrical system, unlike vintage automobiles which used to employ 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. Owing to these factors, the global alternators market is projected exceed US$ 21 Billion by 2023, expanding at a CAGR of 4.8% during 2018-2023.

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