International. According to the recent study by Maximize Market Research, the starter motor market is projected to reach a value of $101.73 billion by 2030, with a compound annual rate (CAGR) of 5.6%.
This increase is driven by several key factors: the expansion of automotive production, technological advancements, and a growing adoption of electric vehicles globally.
Key drivers of growth
In 2023, the market was valued at $9.8 billion, and this growth is expected to continue, reaching $14.3 billion by 2030. Among the drivers of this increase are the rapid expansion of automotive production and innovation in the efficiency of starters, as the industry adapts to the rise of electric vehicles.
In Asia, Vietnam is emerging as a key hub for vehicle manufacturing, backed by government incentives and increased foreign investment. Companies like VinFast are expanding their production capacity, creating a growing demand for starter motors. This development is accompanied by an expanding middle class and an increase in demand for vehicles.
China remains the market leader in automotive starters, driven by its robust automotive industry and its advancement in electric vehicle production. Large companies such as BYD and Geely are investing significantly in more efficient starter motor technologies, reinforcing their dominance in the sector.
Thailand, meanwhile, benefits from its strategic position in the region, with a focus on green vehicles and key partnerships with international companies. Japan, with its emphasis on technological innovation, is leading the development of compact and energy-efficient starters, with companies like Denso at the forefront.
South Korea's automotive sector is being driven by artificial intelligence and a strong adoption of electric vehicles. In Singapore, although the automotive market is smaller, its focus on advanced and sustainable technologies is influencing the evolution of the regional market.
In Europe, the automotive industry is at the forefront of sustainability, with companies such as Bosch and Valeo investing in R+D. In the United States, key players such as Delphi and BorgWarner are leading the way in improving the durability and performance of starters, especially in electric and hybrid vehicles.
With a market share of over 75%, the Asia-Pacific region is witnessing massive growth, with countries such as China and India leading the expansion in passenger vehicle production. This phenomenon is driven by rising household incomes and the continued growth of the automotive industry in the region.
This projected growth for the starter motor market reflects transformations in the global automotive industry, driven by technology, sustainability, and the shift to electric vehicles. With strong competition and a growing demand for efficient solutions, the starter motor market is on a trajectory of continuous expansion.
