The Global Automotive Engine Market size was valued at USD 60.58 Billion in 2022 and is expected to surpass USD 69.27 Billion by 2031, expanding at a CAGR of 1.5% during the forecast period, 2023 – 2031. Growth of the market is attributed to increasing population, rising demand for lightweight and fuel-efficient engines, and increased demand for commercial vehicles.
The automotive engine is component that transforms chemical energy of fuel into mechanical energy. They drive various accessories such as power-steering pump, air-conditioning compressor, and various types of generators. The automotive engine contains a moving piston and a fixed cylinder. Increasing combustion gases drive the piston, which turns the crankshaft. After the piston compresses the fuel-air combination, it is ignited by spark, which result in producing combustion. The enlargement of the combustion gases drives the piston during the power stroke.
The covid-19 pandemic affected the demand and supply of the automotive engine market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Automotive Engine Market Trends, Drivers, Restraints, and Opportunities
Increasing demand for better engine performances is projected to boost the market.
Increasing investment in building emission control equipment is the major factor fueling the market.
Lockdown and travel restrictions across the world is projected to restrict the market expansion during the forecast period.
High maintenance cost of automated engines is anticipated to hamper the market growth in the coming years.
R&D investment and technological advancement in automotive engine market is projected to offer lucrative opportunities for the market players.
Scope of Automotive Engine Market Report
The report on the automotive engine market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Automotive Engine Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Vehicle Types [Commercial Vehicle and Passenger Car], Fuel Types [Diesel, Gasoline, Ethanol, and Others]
Asia Pacific, North America, Latin America, Europe, and Middle East and Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
Cummins, Inc., Bayerische Motoren Werke AG [BMW], Fiat S.p.A, Ford Motor Company, Honda Motor Co., Ltd., Jaguar Land Rover Limited, Mercedes-Benz, Scania AB, Toyota Motor Corporation, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Volkswagen Group, MHALE Powertrain Ltd, Hyundai Motor Company, General Motors Company, Bugatti Automobiles S.A.S, and Eicher Motors Ltd.
Automotive Engine Market Segment Insights
The gasoline segment is expected to grow at a rapid pace
Based on fuel types, the automotive engine market is segregated into diesel, gasoline, ethanol, and others. The gasoline segment accounts for a key share of the market. Growth of the market is attributed to rising disposable income and growing demand for technological advanced powered engines. However, the diesel segment is anticipated to expand at a rapid pace during the forecast period due to factors such as advancement in industrial development and increasing demand for commercial vehicles.
The passenger car segment accounts for a key share of the market
On the basis of vehicle types, the automotive engine market is segmented into commercial vehicle and passenger car. The passenger car segment accounts for a key share of the market. Growth of the market is attributed to increasing demand for light weight and fuel-efficient engines and rigid fuel economy. The commercial vehicle segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing investment in building better emission control equipment, rising disposable income, and rapid urbanization.
The market in Asia pacific is anticipated to hold significant market share
On the basis of region, the automotive engine market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. The market of North America is estimated to expand at a high CAGR during the forecast period due to increasing investment in building emission control equipment, advancement in industrial development and infrastructure, and rapid economic growth. The market of Asia Pacific is estimated to hold a major market share due to increasing population, rising demand for lightweight and fuel-efficient engines, and increased demand for commercial vehicles.
The automotive engine market has been segmented on the basis of
- Commercial Vehicle
- Passenger Car
- Asia Pacific
- North America
- Latin America
- Middle East and Africa
- Cummins, Inc.
- Bayerische Motoren Werke AG [BMW]
- Fiat S.p.A
- Ford Motor Company
- Honda Motor Co., Ltd.
- Jaguar Land Rover Limited
- Scania AB
- Toyota Motor Corporation
- Yamaha Motor Co., Ltd.
- Suzuki Motor Corporation
- Volkswagen Group
- MHALE Powertrain Ltd
- Hyundai Motor Company
- General Motors Company
- Bugatti Automobiles S.A.S
- Eicher Motors Ltd
Key players competing in the automotive engine market include Cummins, Inc., Bayerische Motoren Werke AG [BMW], Fiat S.p.A, Ford Motor Company, Honda Motor Co., Ltd., Jaguar Land Rover Limited, Mercedes-Benz, Scania AB, Toyota Motor Corporation, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Volkswagen Group, MHALE Powertrain Ltd, Hyundai Motor Company, General Motors Company, Bugatti Automobiles S.A.S, and Eicher Motors Ltd.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.