Overview and Scope
The vehicle engine and engine parts are components that generate the power needed to propel a car or other vehicle.
Sizing and Forecast
The vehicle engine and engine parts market size has grown strongly in recent years. It will grow from <b>$427.27 billion in 2023 to $458.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. </b> The growth in the historic period can be attributed to industrial revolution, automobile mass production, environmental regulations, globalization of automotive manufacturing.
The vehicle engine and engine parts market size is expected to see strong growth in the next few years. It will grow to <b>$590.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. </b> The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicles, lightweighting and fuel efficiency, 5g and connectivity, green energy and hydrogen. Major trends in the forecast period include advanced materials, hybrid powertrains, digitalization and iot, 3d printing and additive manufacturing, circular economy.
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Segmentation & Regional Insights
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
<b>Asia-Pacific</b> was the largest region in the vehicle engine and engine parts market in 2023. <b>Western Europe</b> 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
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Major Driver Impacting Market Growth
The increasing manufacturing of automobiles is expected to drive the vehicle engine and engine parts market. Automobile manufactures use different engine components and engine parts for manufacturing a vehicle. According to statistics from the International Organization of Motor Vehicle Manufacturers, a Paris based international automobile trade association, the total number of vehicles produced globally, from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the vehicle engine and engine parts market growth.
Key Industry Players
Major companies operating in the vehicle engine and engine parts market include <b>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.</b>
The vehicle engine and engine parts market report table of contents includes:
1. Executive Summary
2. Vehicle Engine And Engine Parts Market Characteristics
3. Vehicle Engine And Engine Parts Market Trends And Strategies
4. Vehicle Engine And Engine Parts Market – Macro Economic Scenario
5. Global Vehicle Engine And Engine Parts Market Size and Growth
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26. South America Vehicle Engine And Engine Parts Market
27. Brazil Vehicle Engine And Engine Parts Market
28. Middle East Vehicle Engine And Engine Parts Market
29. Africa Vehicle Engine And Engine Parts Market
30. Vehicle Engine And Engine Parts Market Competitive Landscape And Company Profiles
Top Major Players:
- Cummins Inc
- Toyota Motor Corporation
- DENSO Corporation
- Delphi Technologies PLC
- Federal-Mogul LLC
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