What Is The Current and Historic Market Size Analysis Of The Vehicle Engine And Engine Parts Market?
The vehicle engine and engine parts market has seen considerable growth due to a variety of factors.
• In recent times, there's been a substantial growth in the vehicle engine and engine parts industry. An expansion from a value of $459.63 billion in 2024 to a worth of $493.89 billion in 2025 is expected, showcasing a compound annual growth rate (CAGR) of 7.5%.
Factors such as the industrial revolution, mass production of automobiles, environmental regulations, and the globalization of automotive manufacturing have contributed to this growth experienced in the historic period.
What Is The Forecast For The Vehicle Engine And Engine Parts Market Size?
The vehicle engine and engine parts market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for vehicle engines and engine parts is predicted to witness substantial growth, climbing to an estimated value of $630.69 billion in 2029. This suggests a compound annual growth rate (CAGR) of 6.3%.
The projected growth over this timeframe can be linked to several factors, such as vehicle electrification, autonomous vehicles, lightweighting and fuel efficiency, the implementation of 5g and connectivity, and the adoption of green energy and hydrogen. The forecast period is also expected to see key trends emerging like the use of advanced materials, hybrid powertrains, digitalization and the Internet of Things (IoT), 3D printing and additive manufacturing, and the circular economy.
What Are The Essential Drivers Behind The Growth Of The Vehicle Engine And Engine Parts Market?
The escalation in automobile production is predicted to fuel the expansion of the market for vehicle engines and component parts. Vehicle manufacturers use a variety of engine parts and components in the vehicle production process. As per data released by the International Organization of Motor Vehicle Manufacturers, an international automobile trade association situated in Paris, total vehicle production worldwide rose to 57.2 million units from January through September 2022, up from 52.1 million units produced during the same period in 2021. Consequently, the rise in global vehicle production is likely to propel the growth of the market for vehicle engines and engine parts.
How Is The Global Vehicle Engine And Engine Parts Market Divided Into Key Segments?
The vehicle engine and engine parts market covered in this report is segmented –
1) By Product Type: Vehicle Engines, Vehicle Engine Parts
2) By Fuel Type: Gasoline (Petrol), Diesel, Gas, Other Fuel Types
3) By Placement Type: In-line Engine, W Engine And V-Type
Subsegments:
1) By Vehicle Engines: Internal Combustion Engines (ICE), Electric Vehicle (EV) Motors, Hybrid Vehicle Engines, Gasoline Engines, Diesel Engines, Natural Gas Engines, Hydrogen Engines, Engine Control Units (ECU)
2) By Vehicle Engine Parts: Pistons, Crankshafts, Cylinder Heads, Camshafts, Engine Blocks, Timing Belts Or Chains, Turbochargers, Oil Pumps, Water Pumps, Valve Lifters, Timing Gears, Fuel Injectors, Bearings, Gaskets And Seals
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How Are Emerging Trends Reshaping The Dynamics Of The Vehicle Engine And Engine Parts Market?
The downturn in sales within the automobile sector is curtailing the expansion of the vehicle engine and engine parts market. The decrease in the appeal for automobiles across different economies results in lessened demand for new engines and manufacturers of engine parts. The Society of Indian Automobile Manufacturers reported a drop in passenger car sales from 1,541,866 units in 2021 to 1,467,056 units in 2022.
Who Are the Key Players In The Vehicle Engine And Engine Parts Market?
Major companies operating in the vehicle engine and engine parts market include:
• Cummins Inc.
• Toyota Motor Corporation
• DENSO Corporation
• Delphi Technologies PLC
• Federal-Mogul LLC
• MAHLE GmbH
• Bayerische Motoren Werke Aktiengesellschaft
• General Motors Company
• Volkswagen AG
• Fiat Chrysler Automobiles N.V.
• Volkswagen Group
• Daimler AG
• Stellantis N.V.
• Hyundai Motor Group
• Nissan Motor Co. Ltd.
• Subaru Corporation
• Volvo Group
• Caterpillar Inc.
• Navistar International Corporation
• Deere & Company
• MAN Truck & Bus SE
• Scania AB
• PACCAR Inc.
• Wärtsilä Corporation
• Perkins Engines Company Limited
• MTU Friedrichshafen GmbH
• Isuzu Motors Limited
• CNH Industrial N.V.
What Are The Regional Insights Into The Vehicle Engine And Engine Parts Market?
Asia-Pacific was the largest region in the vehicle engine and engine parts market in 2023. Western Europe was the second largest region in the 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, Middle East, Africa
