New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Engine Market by placement, Vehicle type, by Fuel, and by Region - Forecast 2030”, Through 2030, the size of the global automotive engine market is anticipated to increase by 94,800 USD with a CAGR of 3.05%.
Automotive Engine Market Overview
Perhaps one of the most crucial parts of a car is the engine. It produces power to enable the car to function efficiently. Automobile engine research is currently focused on enhancing fuel efficiency while also reducing vehicle emissions. Also, it makes an effort to improve how the engine cycle works and the torque curve's shape. Automobile engine pistons are frequently made of aluminium alloys, either cast or forged, with a high silicon content to increase stiffness while reducing overall density.
Major Key Players
- Cummins Inc.
- Fiat S.PA.
- Volkswagen Group
- Ford Motor Company
- Mitsubishi Heavy Industries
- AB Volvo
- General Motors
- Hyundai Motor Company
- Scania AB
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One of any vehicle's most crucial parts is the engine. It makes it possible for the car to run smoothly and efficiently. The condition of the automotive engine has an impact on each vehicle's overall performance, emissions, and efficiency. Recent technological developments are expected to lead to a major growth in the vehicle engine business. due to factors like regulatory requirements for high fuel efficiency and growing demand for technologically advanced powered engines for better vehicle performance. Also, increasing disposable income may be related to the growth of the automotive engine sector, which will encourage consumers to spend more on luxury cars and commercial vehicles.
The most effective 2-liter gasoline engine on the market, according to Audi, is the TFSI 4-cylinder engine. Such technological developments will surely accelerate market expansion and open the way for cars that use less gas.
Automotive Engine Market Report Scope:
|Market Size by 2030||2030: USD 94,800 Million|
|CAGR during 2022-2030||3.05% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities|| Increasing industrialization and urbanization|
Increasing automotive production, strict government regulations to reduce carbon emission from vehicles and improved vehicle performance.
|Key Market Drivers|| Demand for fuel-efficient and lightweight vehicles|
Growing demand for high-power engines for racing and the increasing demand for luxury cars
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The global vehicle industry was immediately and negatively impacted by the COVID-19 pandemic. Production facilities for automobile engines and components are being shut down, and showroom foot traffic has decreased as a result of travel bans and worldwide lockdowns.
In order to comply with government regulations aimed at decreasing vehicle emissions, there is an increasing need for better engine performance and higher fuel efficiency, which has led to the creation of pollution-free engines. Some of these cars use hybrid engines and variable displacement engines (VDEs).
The global automotive engine market is expanding due to ongoing engine replacement programmes for existing fleets of vehicles. The competitive pricing of automakers has increased demand for passenger cars in developing countries.
The market for automotive engines is expected to grow significantly over the projected period as manufacturers put more emphasis on cutting-edge technology such engine control unit replacement to extend the average vehicle life and hence lengthen engine lifetime. The demand for lightweight, fuel-efficient vehicles is anticipated to create lucrative chances for market players during the anticipated time frame.
Electric vehicle demand is expected to increase, yet the high R&D costs associated with creating new technology will undoubtedly hamper industry growth.
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To comply with emission rules and real-world testing requirements, the majority of OEMs have decreased car engines. In order to keep a fleet that complies with the most latest emissions and testing regulations, Volkswagen, Renault, and General Motors plan to discontinue some compact passenger vehicles from their product lineup in 2019. Numerous companies are measuring the amount of emissions produced by their smaller, more compact cars.
Automotive Engine Market Description of segments
The market is divided into segments based on geography, fuel type, and vehicle type. Throughout the forecast period, the global automotive engine market trend is anticipated to increase moderately.
The market is divided into categories for gasoline, diesel, and other applications.
The market is divided into three categories: light commercial vehicles, passenger cars.
Due to the existence of long-standing original equipment manufacturers, which provide a strong basis for the region's automotive engine market's robust development and expansion, it is followed by Europe and North America.
The car engine industry is fairly fragmented as a result of the obvious huge number of participants in the sector. To gain a competitive advantage over other companies, firms are presenting more and more technologically sophisticated products to the market.
The Global Automotive Engine Market is segmented into four regions, including North America, Europe, Asia Pacific, and the Rest of the World, according to the reports. The greatest market for vehicle engines is in Asia-Pacific, followed by North America and Europe. Market expansion is being driven by increased vehicle production as well as rising demand for high-torque, high-power engines in the racing and luxury sectors.
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The largest portion of the global automotive engine market share is accounted for by the largest market, APAC. Since the automobile industry in the APAC area, which includes China, India, and Japan, is growing quickly, OEMs have concentrated on developing technologically advanced powered engines to achieve high torque and economy.
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