Automotive Engine Cover Market Expected To Bring in Nearly US$ 1,250 Mn Revenues By The End of 2022
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The global automotive engine cover market is driven by various aspects. The growing population and disposable income prevalent in various regions in the globe is one of the contributors aiding growth of the market. Growing urbanization along with development in the engine cover technology are primarily fuelling the growth of the global automotive engine cover market. Owing to stringent government regulations, the demand for lightweight engine covers is increasing consecutively driving the growth of global automotive engine cover market. Engine covers are made of different materials, right from metals to thermoplastics depending upon the specifications required. These covers ensure safety of the engine and ensure insulation from vibration and pressure regulation. Europe region seems to dominate the global market at a steady growth rate during the period of forecast. Asia-Pacific excluding Japan (APEJ) region is poised to run at a higher growth rate as well.
Automotive engine covers are used to cover the engine in order to protect the engine from vibrations, heat, etc. These covers ensure pressure regulation and efficient running of the engine. The material used in covers used in automotive engines are of different types, such as thermoplastic, metals, composites etc. These engine covers not only safeguard engines, but also protect other components from the vibrations and heat generated by the engine.
The scope of the report is to analyze the global automotive engine cover market for the period 2017-2022 and give readers an accurate, unbiased analysis. Automotive engine cover manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
Others Segment by Material Type is Expected to be the Largest
The other segment by material type is growing at a steady pace with a higher market share as of 2017, as it represents 32.3% of the market which is higher than any other segment by material type. The composites segment is second to the others segment in terms of market share. Thermoplastics segment is by far the fast growing segment during the period of forecast and expected to gain a higher BPS by the end of 2022.
OEM Segment Shows Speed
By sales channel, the OEM segment is poised to reflect a higher growth rate to register a CAGR of 3.4% during the period of forecast. It is also expected to experience a gain in the BPS by the end of 2022. The aftermarket segment, growing at steady growth rate during the forecast period, reflects higher market share by revenue in the global automotive engine cover market.
Compact Passenger Cars to Reflect Dominance; Luxury Passenger Cars to Grow Fast
The luxury passenger cars segment by vehicle type show high growth rate to register a CAGR of 3.5% during the period of forecast of 2017 to 2022. However, this segment experiences a low market share by revenue. The compact passenger cars segment, although growing at medium speed, possess the highest market share by revenue during 2017 and this rate could continue till 2022 end. It also experiences a gain in the BPS by the end of 2022.
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Injection Molding Segment Poised to Reflect Higher Growth Rate
The injection molding segment by technology type is anticipated to register a higher growth rate compared to other and casting segments by technology type and reflects a CAGR of 2.9% during the period of forecast along with a higher market share. It also experiences a gain in the BPS and could be said to have dominated the global automotive engine cover market with respect to technology.
Europe Dominates the Market
The Europe region is expected to show dominance over other regions in terms of market value share, and poised to grow at a steady pace. The Asia-Pacific excluding Japan (APEJ) region is anticipated to grow at a higher growth rate and registers a CAGR of 3.6% during the period of forecast. Europe regions shows higher market attractiveness for the automotive engine covers, thereby positioning itself as a lucrative region for the global automotive engine cover market.
The report also profiles companies that are expected to remain active in the expansion of the global automotive engine cover market through 2022, which include MAHLE GmbH, POLYTEC Holding AG, Miniature Precision Components Inc., The Mondragón Cooperative Corporation (MCC), Montaplast GmbH, Rochling Group,Toyoda Gosei Co., Ltd, E. I. du Pont de Nemours and Co. and DSM.
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