Automotive Engine Market Overview:
Market Research Future (MRFR)
expects the global automotive
engine market to witness a substantial growth rate by 2030 (forecast
period).
A fuel-consuming device or
machine used for driving automobiles, tractors, buses, aircraft, two-wheelers,
cars, etc., is referred to as an automobile engine. The engine serves as an
integral part of a vehicle that converts fuel chemical energy into mechanical
energy for power. Electric engines and internal combustion, and steam engines
are used in automotive vehicles. Most of the automotive engines are piston
internal combustion engines. Automobile engines typically use four-stroke
engines to transform chemical energy into mechanical energy using hydrocarbon
fuel or the combustion of gases.
As per the MRFR study, the
automotive engine market is currently gaining considerable momentum due to the
global expansion of the automotive industry. Some other factors that contribute
to the growth of the market could be strict fuel economy regulatory standards
and growing demand for technologically advanced powered engines, mainly for
better performance of vehicles. With that, the rise in disposable income can
also be one of the main factors contributing to the growth of the automotive
engine industry in the years to come.
Another key factor propelling the
growth of the global automotive engine market is the ongoing engine downsizing
regulations. Currently, engine downsizing trends are rising as leading
automakers develop smaller engines with improved fuel injection systems. With
an upward focus on reducing carbon dioxide emissions in the environment and
improving fuel efficiency, OEMs began working on downsizing internal combustion
engines. This is adapted to decrease the fuel consumption that can be achieved
by reducing the displacement of the engine. The effect is a change in
production from conventional four-cylinder combustion engines to three-cylinder
combustion engines, which is expected to spur the growth of the global
automotive engine industry exponentially over the forecast period.
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Automotive emissions accounted
for a higher percentage of overall greenhouse emissions. This rang alarms
globally in the past few. As a result, leading automakers are focused on producing
better automobile engines with lower emissions and increased fuel efficiency.
This trend has contributed significantly to the rapid growth of the global
automotive engine market in recent years. Somehow, factors like high costs and
long R&D activities, combined with economic crises, have posed major
barriers to market development. On the positive side, however, the growing
automotive sector in developing countries, increasing rate of owning vehicles,
and advances in automotive engines are some of the main factors that are
gradually opening up a new scenario for the growth of the automotive engine
market.
COVID-19 Impact on the Global
Automotive Engine Market
The industry is expected to
witness a moderate downturn as a result of the global outbreak of the latest
coronavirus pandemic. Manufacturing operations are at a standstill owing to
labor shortages and work-from- home initiatives. This resulted in a decrease in
demand from the end-use industries.
Market Segmentation
The global automotive engine industry
has been segmented into placement, vehicle type, and fuel.
By placement, the global
automotive engine market has been segmented into In-Line Engine and V-Type
Engine.
By vehicle type, the global
automotive engine market has been segmented into passenger, LCV, and HCV.
By fuel, the global automotive
engine market has been segmented into gasoline, diesel, and others.
Regional Analysis
Regionally, the global automotive
engine market includes the main regions of North America, Europe, Asia Pacific,
and the rest of the world.
APAC to lead the global market
The Asia Pacific is leading the
market. It is anticipated to proliferate during the forecast period due to the
rapid expansion of the automotive industry in developing countries of Asia Pacific
and the original equipment manufacturer (OEM) developing technologically
advanced driven engines to achieve high torque and performance. The main
automotive engine markets are in India, China, and Japan, followed by the rest
of the Asia Pacific region.
North America and Europe are
expected to show a small growth graph due to the involvement of existing and
original equipment manufacturers established in these regions. Hence, a base
for the robust development and growth of the automotive engine industry can be
seen for the future timeline. Many of the prominent players in this market are
also located in Europe and North America, and the most important markets are
the United States of America (USA) and Canada, followed by the rest of North
America. The US is the largest economy in North America. France, Italy,
Germany, and the United Kingdom (UK) are the main country markets in Europe,
followed by the rest of Europe.
Competitive Landscape
The global automotive engine
market is highly fragmented due to the presence of a large number of players in
the market. Many market players are making developments to differentiate
themselves from their rivals.
Cummins Inc., Fiat S.PA.,
Volkswagen Group, Ford Motor Company, Mitsubishi Heavy Industries, AB Volvo,
General Motors, Honda, Hyundai Motor Company, and Scania AB are some of the
leading players operating in this market.
Industry News
In January 2019, Cummins Inc.
introduced its next-generation 6.7L turbo diesel engine with a first-in-class
1,000-pound torque. It also has a higher horsepower output, bringing the 2500
and 3500 heavy-duty RAM pick-up truck customers to the next level of
performance.
Audi has developed the first
turbocharged direct-injection engine, TFSI 4-cylinder, claimed to be the most
efficient 2-liter engine. This engine has increased responsiveness and Active
Noise Control, and Engine Mounts suppress vibration and noise.
Summary
The global automotive engine
market is expected to rise significantly over the forecast period (2017 to
2023). The automotive engine is one of the most important parts of any vehicle.
It allows the vehicle to operate efficiently and to run smoothly without any
problems. The overall performance, emission, and efficiency of each vehicle
depend on the condition of the automotive engine. With the emergence of recent
technological advances, the automotive engine market is expected to expand
significantly due to factors such as strict fuel economy regulatory
requirements and rising demand for technologically advanced powered engines to
boost vehicle performance. In addition, increasing disposable income can also
be attributed to the rise of the automotive engine industry, ensuring spending
more on high-end cars and commercial vehicles by consumers.
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