According to TechSci Research report, “Global Automotive Engine Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Engine Market stood at USD 94 billion in 2022 and is anticipated to grow with a CAGR of 5.48% in the forecast period, 2024-2028. Vehicle engines are among the most crucial parts of a car. To enable the car to operate efficiently and smoothly, it produces electricity.
The goal of current automotive engine research is to reduce vehicle emissions while simultaneously increasing fuel efficiency. Additionally, it tries to improve engine cycle operations and the torque curve’s shape. Automotive engine pistons are frequently made of cast or forged aluminum alloys with a high silicon content to increase stiffness while lowering the overall density.
One of the most crucial parts of any car is the engine. It facilitates easy and effective operation of the vehicle. The condition of the car engine has an impact on each vehicle’s overall performance, emissions, and efficiency.
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The global automotive engine market is a dynamic and critical component of the automotive industry, serving as the heart of vehicles and driving technological advancements, innovation, and consumer preferences. This market encompasses a wide range of engine types, from traditional internal combustion engines (ICE) to advanced hybrid and electric powertrains, each with its own set of challenges and opportunities. The global automotive engine market is characterized by a diverse array of engine technologies that have evolved over time to meet the changing demands of consumers, regulators, and the environment. At its core, internal combustion engines (ICE) have been the dominant force in the market for well over a century, powering the majority of the world’s vehicles.
These engines come in various configurations, including gasoline, diesel, and even alternative fuels like natural gas. They have undergone significant improvements in terms of efficiency, performance, and emissions reduction through technologies such as turbocharging, direct fuel injection, variable valve timing, and lightweight materials. However, the traditional ICE faces a critical challenge in the form of stringent emission regulations aimed at reducing the environmental impact of vehicles. Emission regulations have been a pivotal driver shaping the global automotive engine market. Governments around the world have implemented increasingly strict standards to reduce carbon emissions, improve air quality, and combat climate change.
These regulations have propelled the development of cleaner and more efficient engine technologies. Hybrid powertrains, which combine an ICE with an electric motor, and pure electric vehicles (EVs) have gained prominence as environmentally friendly alternatives. These vehicles offer zero-emission operation and have seen growing adoption, particularly in regions with strong incentives for electric mobility. Consequently, automakers are investing heavily in electric vehicle technology and infrastructure, marking a significant shift in the market landscape. This transition challenges the traditional engine market to adapt and explore new avenues for sustainable growth.
Fuel efficiency is another crucial factor driving the global automotive engine market. Consumers have become increasingly conscious of fuel consumption due to rising gasoline prices, environmental concerns, and economic considerations. As a result, there is a growing demand for vehicles equipped with fuel-efficient engines. This demand, in turn, pushes engine manufacturers to innovate and optimize engine designs to deliver improved mileage without compromising performance. Technologies like cylinder deactivation, start-stop systems, and downsized engines with turbocharging have become popular solutions. Additionally, lightweight materials are employed to reduce the overall weight of vehicles, further enhancing fuel efficiency. Hybrid and electric powertrains are gaining traction as they offer not only better fuel economy but also the promise of reduced or zero emissions.
In an era of rapid technological advancement, the automotive engine market is characterized by continuous innovation and the integration of various technologies. Engines are no longer isolated components but are part of a holistic vehicle system that includes advanced driver assistance systems (ADAS), connectivity features, and autonomous capabilities.
These advancements have redefined the role of engines in modern vehicles, necessitating compatibility with power and data demands of new systems. Engines are also equipped with sensors and electronic control units to optimize performance, enhance safety, and support real-time data analysis. This convergence of technologies challenges engine manufacturers to stay at the forefront of innovation, adapt to changing requirements, and collaborate with tech companies and automotive suppliers to access cutting-edge advancements.
The global automotive engine market is not only influenced by technological advancements but also by the ever-shifting economic conditions and consumer preferences. Economic factors such as GDP growth, employment rates, and consumer spending can significantly affect the demand for vehicles and, consequently, the engines that power them. During economic downturns, consumers may prioritize cost savings and opt for more fuel-efficient vehicles, while in periods of economic prosperity, there may be a preference for larger, more powerful vehicles. Regional variations in consumer preferences also play a pivotal role, with distinct trends in different parts of the world. These differences influence the product offerings of automakers and engine manufacturers, driving the need for adaptability and a proactive approach to market dynamics.
Additionally, global economic uncertainty and market volatility can significantly impact the automotive engine market. Events such as recessions, trade disputes, and currency fluctuations can affect consumer purchasing power and, subsequently, the demand for vehicles. Market volatility, driven by factors like geopolitical events or industry disruptions, can lead to supply chain disruptions, affecting the production of engines and related components. In response, engine manufacturers must adopt a flexible approach to production and market expansion, diversify into emerging markets, and implement robust risk management strategies to mitigate the impact of economic downturns and market fluctuations.
The supply chain of the global automotive engine market is a complex and interconnected web of suppliers, manufacturers, and assemblers, all contributing to the production of engines and vehicles. One of the challenges faced by engine manufacturers is the rising cost of raw materials, such as steel, aluminum, and rare earth elements, which are essential for engine components. Fluctuations in material prices can significantly impact manufacturing costs, and supply chain disruptions, as observed during the COVID-19 pandemic, can lead to shortages of critical components.
To address these challenges, engine manufacturers should consider strategies such as diversifying their supplier base, stockpiling critical components, and investing in advanced inventory management systems to ensure a resilient and flexible supply chain. Furthermore, the rapid advancements in electric vehicle (EV) technology pose a significant challenge to the traditional internal combustion engine market. As EVs become more affordable and offer longer ranges, they are gaining market share, especially in regions with strong incentives for electric mobility.
This shift to EVs impacts the demand for traditional engines, leading to overcapacity in engine manufacturing facilities and necessitating a strategic shift in the industry. In response, traditional engine manufacturers can diversify their product offerings by developing their own electric powertrains or entering partnerships with EV component manufacturers. By embracing electric mobility, companies can adapt to the changing market landscape and continue to play a significant role in the automotive industry.
Major companies operating in the Global Automotive Engine Market are:
- Cummins Inc.
- Fiat S.PA
- Volkswagen Group
- Ford Motor Company
- Mitsubishi Heavy Industries
- AB Volvo
- General Motors
- Honda
- Hyundai Motor Company
- Scania AB.
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“The global automotive engine market is undergoing a profound transformation, driven by a convergence of factors. Stringent emission regulations are compelling manufacturers to invest in cleaner, more efficient engine technologies. Fuel efficiency and environmental concerns are fostering a shift towards hybrid and electric powertrains. Innovations in engine technology, such as downsizing, direct injection, and lightweight materials, are optimizing performance and emissions. The integration of advanced technologies, including connectivity, autonomous features, and data analytics, is reshaping the role of engines within vehicles. Economic conditions and consumer preferences continue to influence the demand for fuel-efficient, technologically advanced engines. As the market navigates these challenges, traditional engine manufacturers are diversifying their product offerings and embracing electric vehicle technology, marking a pivotal transition in the automotive landscape.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Automotive Engine Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles), By Placement Type (In-Line, V-Type, W-Type), By Fuel Type (Petrol, Diesel, Other Fuels), By Region, Competition, 2018-2028”, has evaluated the future growth potential of Global Automotive Engine Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Engine Market.
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Table of Content-Automotive Engine Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Automotive Engine Market
- Global Automotive Engine Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles)
5.2.2. By Placement Type Market Share Analysis (In-Line, V-Type, W-Type)
5.2.3. By Fuel Type Market Share Analysis (Petrol, Diesel, Other Fuels)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
5.3. Global Automotive Engine Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Placement Type Market Mapping & Opportunity Assessment
5.3.3. By Fuel Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Automotive Engine Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value & Volume
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Placement Type Market Share Analysis
6.2.3. By Fuel Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Engine Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value & Volume
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Vehicle Type Market Share Analysis
6.3.1.2.2. By Placement Type Market Share Analysis
6.3.1.2.3. By Fuel Type Market Share Analysis
6.3.2. India Automotive Engine Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value & Volume
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Vehicle Type Market Share Analysis
6.3.2.2.2. By Placement Type Market Share Analysis
6.3.2.2.3. By Fuel Type Market Share Analysis
