NEW YORK, Feb. 17, 2023 /PRNewswire/ — Major players in the vehicle engine and engine parts market are Cummins, Toyota Motor, Denso Corporation, Delphi Automotive PLC, Federal-Mogul Corporation, Mahle GmbH, BMW AG, General Motors, Volkswagen AG, and Fiat Automobiles SpA.
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The global vehicle engine and engine parts market will grow from $401.40 billion in 2022 to $438.55 billion in 2023 at a compound annual growth rate (CAGR) of 9.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vehicle engine and engine parts market is expected to grow to $600.27 billion in 2027 at a CAGR of 8.2%.
The vehicle engine and engine parts market consist of sales of engine, transmission, driveshaft, axles, head, block, oil sump and differential.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The vehicle engine and engine parts are components that generates the power needed to propel a car or other vehicle.
Asia Pacific was the largest region in the vehicle engine and engine parts market in 2022.Western Europe was the second largest market in vehicle engine and engine parts market.
The regions covered in the vehicle engine and engine parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of vehicle engines and engine parts are vehicle engines and vehicle engine parts.Vehicle engines are referred to as the engines that are used for vehicles, and there are many engine propulsion systems involving the parts of the vehicle.
The various placement types are In-line Engine, W Engine, and V-Type. The various fuel types are gasoline (petrol), diesel, gas, and other fuel types.
The growth of the vehicle engine and engine parts market is restricted by the growing popularity of electric vehicles all over the world.These battery-operated cars are not only easier to maintain but also do not contribute to air pollution.
The popularity of the electric car market is backed up by several government initiatives, such as in Norway, where the drivers of zero-emissions cars are not only exempted from road tax but also exempted from 25% VAT on sales, reduced road and ferry tolls and parking costs, and access to bus lanes. the number of electric cars employed on the road reached 10 million in 2020. In 2021, According to mobi.com, China remained the world’s largest car market . According to reports by the International Energy Agency (IEA), in 2021, electric car sales were more than doubled reaching 6.6 million, representing close to 9% of the global car market. With the increasing popularity of electric vehicles, the demand for engine-operated vehicles is negatively impacted, thus causing an overall fall in demand for the vehicle engine and engine parts market.
Declining sales in the automobile sector restrict the growth of the vehicle engine and engine parts market.The decline in demand for automobiles in various economies causes lower demand for new engines and engine parts manufacturers.
According to the International Organization of Motor Vehicle Manufacturers, global car production fell by 16% in 2020 . In India, the Society of Indian Automobile Manufacturers said, there was decline in passenger car sales from 1,541,866 in 2021 to 1,467,056 units in 2022.
The companies operating in the vehicle engine and engine parts market are investing in improving the fuel efficiency of internal combustion engines.Manufacturers are producing engines that deliver more power and improve fuel economy.
Improving the fuel efficiency of vehicle engines serves as an economical solution as well as reduces the emission of harmful pollutants into the air.For instance, to improve fuel efficiency, companies are investing in “” direct fuel injection”” technology in which the direct injection systems spray a fine mist of fuel directly into the cylinder, helping keep the engine’s temperature down and increasing fuel efficiency.
Also, as reported by the U.S Department of Energy, direct fuel injection can improve engine efficiency by 12%. Thus, with increased concerns for the environment and to provide a better value for money, companies operating in the market are investing more towards improving the fuel efficiency of the engines.
In May 2022, Melling Engine Parts, a US-based manufacturer of aftermarket oil pumps and related products, acquired Sigma Engineering for an undisclosed amount.Through this acquisition, Melling Engine Parts will focus on controlling their supply and quality.
Sigma Engineering is a US-based diesel and gas engine parts company.
The countries covered in the vehicle engine and engine parts include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The vehicle engine and engine parts market research report is one of a series of new reports that provides vehicle engine and engine parts market statistics, including global market size, regional shares, competitors with a vehicle engine and engine parts market share, detailed vehicle engine and engine parts market segments, market trends and opportunities, and any further data you may need to thrive in the vehicle engine and engine parts industry. This vehicle engine and engine parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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