What Has Been the Growth of the Motor Vehicle Engine Power Train And Parts Market So Far?
The motor vehicle engine power train and parts market has seen considerable growth due to a variety of factors.
• In recent years, the size of the motor vehicle engine, power train & parts market has seen strong growth. From $915.15 billion in 2024, the market size is projected to increase to $990.5 billion in 2025, showing a compound annual growth rate (CAGR) of 8.2%.
Factors such as economic conditions, the regulatory environment, consumer preferences, and global trade have contributed to this growth during the historic period.
How Will the Motor Vehicle Engine Power Train And Parts Market?
The motor vehicle engine power train and parts market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness significant expansion in the forthcoming years, the size of the market for motor vehicle engine, power train & parts is projected to escalate to $1308.98 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%.
The growth trajectory during the forecast period can be ascribed to factors such as electrification, sustainability and emissions reduction, heightened connectivity and the Internet of Things, urbanization, and mobility services. Key market trends anticipated during this period are increased electrification, lightweighting, use of advanced materials, additive manufacturing, digitalization, connectivity, along with greater collaboration and partnerships.
Which Factors Are Boosting Growth In The Motor Vehicle Engine Power Train And Parts Market?
The surge in demand for electric vehicles (EVs) is projected to stimulate the expansion of the motor vehicle engines, power trains, and parts market in the future. An electric vehicle (EV) is characterized as a vehicle fueled by single or multiple electric engines, which rely on electric power stored in batteries or other energy storage devices as their main energy source. These electric vehicles (EVs) employ cutting-edge motor vehicle engines, electric drivetrains, and distinct components to boost performance, efficiency, and sustainability, signifying a major transformation in the automotive sector. As an example, the France-based International Energy Agency reported in July 2023, that electric vehicle sales hit 10 million in 2022, and is expected to escalate to 14 million in 2023. As such, the escalating demand for electric vehicles (EVs) is propelling the advancement of the motor vehicle engines, power trains, and parts market.
What Key Areas Define The Segmentation Of The Global Motor Vehicle Engine Power Train And Parts Market?
The motor vehicle engine, power train & parts market covered in this report is segmented –
1) By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, After market
Subsegments:
1) By Vehicle Engine And Engine Parts: Internal Combustion Engines (ICE), Electric Vehicle Engines, Hybrid Vehicle Engines, Engine Parts (Pistons, Crankshafts, Cylinder Heads, Timing Belts)
2) By Power Train And Power Train Parts: Transmission Systems, Drivetrain Components (Axles, Differential, Drive Shafts), Clutch Systems, Gearboxes, Propeller Shafts, Couplings
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Which Emerging Market Trends Are Altering The Motor Vehicle Engine Power Train And Parts Industry?
Manufacturers of motor vehicle parts are leveraging the power of the Internet of Things (IoT) to minimize unpredicted stoppages, boosting their operational effectiveness as a result. IoT, a network of interconnected devices that can autonomously gather and share data, offers real-time insights into production processes, raising the efficiency bar for automobile parts manufacturers. Furthermore, wear and tear data captured by IoT can help avert equipment breakdowns. As an example, the German auto parts manufacturer Robert Bosch has partnered with the software firm SAP, integrating their manufacturing equipment, tools and vehicles with SAP's backend software through IoT. This technology utilizes SAP's HANA, a real-time database, to supervise and streamline the production process of car parts. The worldwide automotive IoT market is anticipated to touch 106.32 billion by 2023. IDC and SAP reveal that six out of ten global manufacturers analyze their manufacturing methods using analytics data derived from IoT-connected appliances.
Who Are the Key Players In The Motor Vehicle Engine Power Train And Parts Market?
Major companies operating in the motor vehicle engine
• power train & parts market include:
• EXOR Group
• Robert Bosch GmbH
• Aisin Seiki Co Ltd
• Toyota Motor Corp
• Denso Corp.
• Schaeffler Technologies AG & Co KG
• Continental AG
• Gestamp Automoción
• Tata Motor Group
• Dana Incorporated
• Magna International Inc.
• ZF Friedrichshafen AG
• Hyundai Motor Company
• GKN Ltd.
• BorgWarner Inc.
• Valeo SA
• JTEKT Corporation
• Mahle GmbH
• Autoliv Inc.
• Hitachi Automotive Systems Ltd.
• Nexteer Automotive Group Limited
• American Axle & Manufacturing Holdings Inc.
• Tenneco Inc.
• Lear Corporation
• Faurecia SA
• Benteler Automotive Corporation
• Linamar Corporation
• Rheinmetall Automotive AG
• Mando Corporation
• WABCO Holdings Inc.
• Allison Transmission Holdings Inc.
• Cummins Inc.
• Eaton Corporation plc.
What Is The Most Dominant Region In The Motor Vehicle Engine Power Train And Parts Market?
Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023. Western Europe was the second largest market in motor vehicle engines, power trains, & parts market. The regions covered in the motor vehicle engine, power train, & parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
