Automotive Engine Market Overview:
Market Research Future (MRFR) expects the global automotive engine market to witness a substantial growth rate from 2017 to 2023 (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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