LONDON--(BUSINESS WIRE)--The new automotive alternator slip ring market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the automotive alternator slip ring market.
"One of the primary growth drivers for this market is the Demand for Automobiles in Emerging Economies,” says a senior analyst for the Consumer Discretionary industry at Technavio.
The demand for passenger cars is increasing in emerging economies such as Brazil, China, and India due to the rising purchasing power of consumers and significant economic growth. The BRIC nations have witnessed growth in industrialization and global trade activities. Over the last few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic and rapidly growing, and several automotive OEMs are entering the market in India. The economic growth of BRIC nations has propelled the growth of the automotive industry. The demand for automotive alternator slip rings will rise with the increasing automotive sales in the region, especially in India, China, and Indonesia.
As the markets recover, Technavio expects the automotive alternator slip ring market size to grow by USD 62.7 million during the period 2020-2024.
Automotive Alternator Slip Ring Market Segment Highlights for 2020
- The automotive alternator slip ring market is expected to post a year-over-year growth rate of 2.02%.
- The passenger cars segment dominates the global automotive alternator slip ring market owing to the high-volume production of passenger cars when compared to CVs.
- The rising demand for power supply to the increasing number of electronic systems inside passenger cars is also an important factor for the growth of this segment.
- Market growth in this segment will be faster than the growth of the market in the commercial vehicles segment.
- 67% of the growth will originate from the APAC region.
- The growing demand for automobiles and the rising focus on vehicle efficiency will significantly influence automotive alternator slip ring market growth in this region.
- China and Japan are the key markets for automotive alternator slip rings in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The automotive alternator slip ring market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The automotive alternator slip ring market is segmented by Application (passenger cars and commercial vehicles.) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AS-PL Sp z oo, Auto Brite International, ELECTRAACE, HELLA GmbH & Co. KGaA, ISKRA elektro in sistemske resitve doo, Maniac Electric Motors, Mersen Corporate Services SAS, MOFLON TECHNOLOGY Co. Ltd., Motorcar Parts of America Inc., and Shanghai IUGIS Carbon Industry Co. Ltd.
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