“Automotive Starter Motor Demand Soars with Surging Vehicle Production and Growing Passenger Vehicle Demand”.
The automotive industry is experiencing exponential growth, predominantly fuelled by the increasing production of vehicles worldwide. Moreover, with a rising demand for passenger vehicles, the need for automotive starter motors has become a paramount component within the global market. This article examines the driving forces behind the surging demand for automotive starter motors and their impact on the automotive industry.
Expanding Vehicle Production:
One of the primary factors driving the demand for automotive starter motors is the remarkable growth in vehicle production across countries. As economies continue to develop, the rising middle class and increasing disposable incomes have significantly contributed to the surge in demand for automobiles. Nations such as China, India, the United States, Japan, and Germany have been at the forefront of this automotive revolution, witnessing substantial growth in vehicle manufacturing over the years. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), the production of passenger cars reached over 73 million units in 2020, and it is projected to grow at a CAGR of 3.4% from 2021 to 2028.
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“Growing Demand for Passenger Vehicles”.
The demand for passenger vehicles has been a key driver for the automotive starter motor market. As global economies continue to develop, rising disposable incomes and urbanization contribute to increased car ownership.
“Developments in Starter Motor Technology”
The automotive industry is witnessing advancements in starter motor technology to meet evolving demands. Start-stop systems, for instance, have gained popularity due to their fuel-saving capabilities. Such systems automatically shut off the engine when the vehicle comes to a stop and restart it when the driver wants to move again. This increases the lifespan of starter motors, as they are subject to fewer startups.
“Key Market Players and Investments”
Several major players dominate the global automotive starter motor market, including Bosch, Denso Corporation, Valeo, and Mitsubishi Electric Corporation. These companies are investing in research and development to cater to the increasing demand and to innovate new technologically advanced starter motor solutions.
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“COVID-19 Impact and Recovery”
The COVID-19 pandemic initially posed challenges to the automotive industry, causing disruptions in vehicle production and sales. However, the industry is showing signs of recovery. In the post-pandemic era, the demand for passenger vehicles is expected to rebound, thereby driving the demand for automotive starter motors.
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Conclusion
In conclusion, the increased vehicle production and growing demand for passenger vehicles worldwide are key factors driving the demand for automotive starter motors in the global markets. As the automotive industry continues to evolve, incorporating electric vehicles and adopting new technologies, starter motor technology will also undergo continuous development. Market players will strive to meet the demand for highly efficient, durable, and cost-effective starter motor solutions to power the vehicles of tomorrow. According to the UnivDatos Market Insights analysis, the growing urbanization and increasing discretionary income of the large group of the population of the emerging economies will drive the global scenario of Automotive Starter Motors and as per their “Global Automotive Starter Motor Market” report, the global market was valued at USD 33,650 million in 2022, growing at a CAGR of 4.45% during the forecast period from 2023 - 2030 to reach USD 47,670 million by 2030.
