Automotive Engine Market is expected to be valued at USD 94,800 Million with a CAGR of 3.05% Forecast by 2030
According to the reports, The Global Automotive Engine Market size is expected to expand at 94,800 Million USD with a CAGR of 3.05% through 2030.
An automotive engine is one of the most important components of a vehicle. It generates electricity to let the vehicle run smoothly and effectively. The present focus of automobile engine research is on improving fuel efficiency while also lowering car pollutants. It also attempts to enhance the form of the torque curve and the engine cycle operations. Automotive engine pistons are often composed of aluminum alloys, with a high silicon content to enhance stiffness while lowering overall density, and maybe cast or forged.
The engine is one of the most important components of any vehicle. It enables the vehicle to operate efficiently and without difficulty. The overall performance, vehicle emissions, and efficiency of each vehicle are all affected by the state of the automobile engine. The automobile engine industry is projected to increase significantly as a result of recent technological advancements. Because of factors such as stringent fuel efficiency regulatory standards and rising demand for technologically sophisticated powered engines for improved vehicle performance. Furthermore, growing disposable income may be linked to the expansion of the automotive engine industry, which will ensure that customers spend more on high-end automobiles and commercial vehicles. Audi has created a TFSI 4-cylinder engine, which the firm says is the most efficient 2-liter gasoline engine on the market. Such technical advancements will undoubtedly enhance market growth, paving the door for more fuel-efficient automobiles.
This report contains all the information on the global Automotive Engine Market outlook and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Automotive Engine Market forecast for 2030 is also included in the report.
The COVID-19 epidemic had an immediate and detrimental impact on the worldwide automobile sector. Automobile engine and component production sites are being closed, and customer traffic in showrooms has plummeted as a result of global lockdowns and travel restrictions.
Due to the obviously large number of participants in the industry, the automobile engine industry is fairly fragmented. Companies are introducing increasingly technologically advanced items to the market in order to obtain a competitive advantage over other businesses.
The growing need for improved engine performance and higher fuel efficiency in order to comply with government laws aimed at reducing vehicle emissions has resulted in the development of pollution-free engines. Variable displacement engines (VDEs) and hybrid engines are used in a few of these vehicles. Furthermore, continuing engine replacement programs for current vehicle fleets are driving growth in the worldwide Automotive Engine Market growth. Vehicle manufacturers' competitive pricing has boosted demand for passenger vehicles in emerging nations.
The Automotive Engine Market value is anticipated to expand significantly over the forecast period, as manufacturers focus on innovative technologies such as engine control unit replacement to enhance average vehicle life, therefore increasing engine lifecycle. During the projected period, the rising demand for fuel-efficient and lightweight cars is expected to provide profitable opportunities for market participants.
The rising demand for electric cars, along with the significant R&D expenditures associated with developing new technology, will most certainly stifle industry development.
High R&D expenditures required when developing new technology would certainly create challenges for the expansion of the electric car industry.
Cumulative Growth Analysis
Since hybrid engines are the most often utilized engines in the automobile industry, demand for VDEs is projected to rise significantly throughout the projection period. This is due to the high cost of hybrid engines, as well as the presence of several electrical components in its powertrain, which makes it less dependable. Furthermore, hybrid engines are only efficient in heavy traffic.
Carmakers strive to remain ahead of the competition by designing engines that are lightweight, have better power output, and consume less gasoline. OEMs shrink car engines in order to minimize total vehicle curb weight and emissions. Most OEMs have reduced car engines to meet real-world emission testing criteria as well as emission standards. Volkswagen, Renault, and General Motors intend to remove some compact passenger vehicles from their product line in 2019 in order to maintain a fleet that meets the most recent emissions and testing requirements. Many businesses are assessing the levels of emissions created by their reduced compact automobiles.
According to ot the reports, The Global Automotive Engine Market is classified into three categories: vehicle type, fuel type, and geography. The market is divided into three segments based on vehicle type: passenger vehicles, light commercial vehicles, and heavy commercial vehicles. In terms of volume, the passenger car segment is expected to account for the biggest proportion of the worldwide engine mounts market in 2015. This is due to the growing need for high-grade natural rubber for engine mounts with great load-carrying ability.
The market is divided into three segments based on fuel type: gasoline, diesel, and others. During the projected period, the Automotive Engine Market sector is expected to expand at the quickest CAGR. Furthermore, the introduction of Euro 6 and EPA Tier 3 standards has compelled OEMs to reduce the manufacturing of diesel-powered passenger cars. Alternatively, EV adoption is hampered by issues such as limited battery range and longer charging times. As a result, gasoline passenger vehicles are on the rise, particularly in North America and Europe.
The market is segmented on the basis of vehicle type, fuel type, and geography. The global Automotive Engine Market trend is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into gasoline, diesel, and others.
Based on the propulsion types, the market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
According to the reports, The Global Automotive Engine Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific has the largest automobile engine market, followed by North America and Europe. Increased vehicle production and rising demand for high-torque, high-power engines for the racing and luxury categories are driving market expansion.
APAC is the leading market, and it accounts for the biggest part of the worldwide automotive engine market share. With the fast expansion of the APAC region's automotive sector, such as China, India, and Japan, OEMs have been focused on creating technologically sophisticated powered engines to obtain high torque and efficiency. It is followed by Europe and North America due to the existence of long-established original equipment manufacturers, which offer a solid foundation for the region's automotive engine market's robust development and expansion.
The following report comprises of –
By Vehicle Type
By Engine Capacity (in cc)
By Propulsion Type
|Market Size||2030 : USD 94,800 Million|
|CAGR||2030 : 3.05% CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Placement, Vehicle type, Fuel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Motors, Ford Motor Company, Volkswagen Group, AB Volvo, Cummins Inc., Honda, Hyundai Motor Company, Fiat S.PA., Mitsubishi Heavy Industries, Scania AB|
|Key Market Opportunities||
|Key Market Drivers||
Automotive Engine Market expected to reach CAGR of 3.05% through 2030
The Global Automotive Engine Market size is expected to expand at 94,800 Million By 2030
The notable companies in the market are General Motors, Ford Motor Company, Volkswagen Group, AB Volvo, Cummins Inc., Honda, Hyundai Motor Company, Fiat S.PA., Mitsubishi Heavy Industries, Scania AB, and others.
There has been a massive expansion of the automotive industry in the developing countries like China, Japan and India, which makes APAC the leading region in the global market.
Automotive engine helps the vehicle function smoothly and efficiently seamlessly. The performance, vehicle emission as well as the efficiency of the vehicle is dependent on the condition of the automotive engine.