The automotive hybrid starter generator market is witnessing significant expansion, growing from $16.58 billion in 2023 to $17.5 billion in 2024, with a compound annual growth rate (CAGR) of 5.6%, according to The Business Research Company’s latest report. The market growth is driven by factors such as urbanization, rising consumer demand for fuel-efficient vehicles, and increasing awareness about air quality.
Market Size and Growth Forecast
The global market is expected to continue its upward trend, reaching $21.84 billion by 2028 with a projected CAGR of 5.7%. Key drivers include rising disposable income, the growing market penetration of hybrid vehicles, and the shift toward vehicle electrification. The expanding infrastructure for hybrid and electric vehicles, combined with heightened environmental awareness, further accelerates market growth.
Industry Drivers and Applications
The surge in the automotive sector is a key factor propelling the hybrid starter generator market. Hybrid starter generators enhance vehicle efficiency by improving fuel consumption, reducing emissions, and enabling start-stop and regenerative braking features in hybrid vehicles. As hybrid technology becomes more prevalent, the demand for these components continues to rise.
Key Players and Technological Trends
Leading players in the automotive hybrid starter generator market include major names such as Robert Bosch GmbH, Denso Corporation, and Hitachi Automotive Systems Ltd. These companies are focusing on innovations like integrated belt-driven starter generators to boost vehicle performance and reduce emissions.