The global vehicle engine and engine parts market size is expected to grow from $367.04 billion in 2021 to $399.94 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The global vehicle engine and engine parts market is then expected to grow to $542.10 billion in 2026 at a CAGR of 7.9%.
What is the Global Vehicle Engine And Engine Parts Market?
The vehicle engine and engine parts market consist of the sales of the motor vehicle engine and engine parts and related services used in bikes, passenger cars, racing cars, commercial vehicles, marine, agricultural equipment, and earth-moving equipment. The engine parts consist of an engine cylinder head, engine cylinder block, alternator, A/C compressor, power steering pump, flywheel, clutch assembly, clutch housing, and transmission. The vehicle engine and engine parts market does not include engines for electric vehicles.
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What drives the Global Vehicle Engine And Engine Parts Market?
The companies are investing in improving the fuel efficiency in internal combustion engines to push the vehicle engine and engine parts market growth. Manufacturers are producing engines that deliver higher 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 the fuel efficiency. Following the trend in 2019, Mazada, a Japanese automaker, launched the Mazda 3 with Mazda's Skyactiv-X gas-powered Spark-Controlled Compression Ignition engine. 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.
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Global Vehicle Engine And Engine Parts Market Segments
The global vehicle engine and engine parts market is segmented:
By Product Type: Vehicle Engines, Vehicle Engine Parts
By Fuel Type: Gasoline (Petrol), Diesel, Gas, Others
By Placement Type: In-Line Engine, W Engine and V-Type
By Geography: 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, and Africa.
Vehicle Engine And Engine Parts Global Market Report 2022provides market size and growth forecasts for the global vehicle engine and engine parts market, global vehicle engine and engine parts market share, vehicle engine and engine parts market segments and geographies, vehicle engine and engine parts market competitive landscape including leading competitors’ revenues, profiles and market shares. The vehicle engine and engine parts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Vehicle Engine And Engine Parts Industry Playersinclude Cummins, Toyota Motor, Denso Corporation, Delphi Automotive PLC, Federal-Mogul Corporation, Mahle GmbH, BMW AG, General Motors, Volkswagen AG, and Fiat Automobiles SpA. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
