Automotive
Engine Market Overview:
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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Engine Market
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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