$6.75 Growing Opportunity by 2023 in the Automotive Engine Market: Global Key Vendors - Cummins, Fiat, General Motors, Toyota, Volkswagen, Ford Motor Company

Extensive innovations and prototypes from major automakers and OEMs, coupled with consumer preference for high-performance and fuel-efficient automobiles, are expected to drive the global market for automotive engines at a CAGR of 6.75% by 2023, with Cummins, Fiat, General Motors, Toyota, Volkswagen, and Ford Motor Company being the major drivers for the global automotive engine market.

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Automotive emission, which accounted for over 25% of the overall greenhouse emissions, rang alarms globally in the past few years. This resulted in regulations requiring the automakers to cut down emission. Further, EPA, Cop Hengan Climate Council, and CAFE standards became more stringent, levying heavy fines on automakers who do not reach the standard mpg levels. Together, these factors forced automakers to develop better automobiles with lesser emission and better fuel efficiency. This acted as a major propellant for the global automotive engine market. High costs, long durations for R&D of new concepts, and economic crises acted as major barriers to market growth. However, on the bright side, the growing automotive sector in developing countries, increasing vehicle owing households, and advancements in tensile alloys are a few of the major factors opening new prospects for the automotive engine market.

Major Players:
Cummins, Fiat, General Motors, Toyota, Volkswagen, Ford Motor Company, amongst others

Key Developments and News
Audi, using a new combustion method basing on Miller cycle, has developed a TFSI 4-cylinder engine that the company claims is the most efficient 2-litre gasoline engine in its class. This engine allows surging into the gaps at low speeds in intense traffic situations. Toyota has introduced the FPEF, the Free Piston Engine Linear Generator, which operates like a two-stroke engine with direct gasoline injection and electrically operated valves. This prototype from Toyota has a piston that is not attached to a crankshaft, generates a burst of three-phase AC electricity, and boasts a thermal efficiency rating of 42% in continuous use.
In electric vehicles, the electric engine is driven by an electric motor. The electric motor is used for the propulsion of the vehicle. In electric engine, battery is used for electric power. Electric power is supplied to the electric motor. The motor helps to convert that electric power into the mechanical output, which is supplied to the axle of electric vehicle.
Rising demand for electric vehicles, and the increasing efforts being undertaken by OEMs as well as governments of various nations to develop and implement electric vehicles on the road, are expected to drive the automotive electric engine market during the forecast period. Stringent rules and regulations implemented by the governments of various countries across the world in order to reduce vehicular emissions are anticipated to further boost the automotive electric engine market in the near future. Suzuki has partnered with Toyota to manufacture an electronic engine that will be used to manufacture electronic cars in 2020.
During 2016, the in-line engine market segment accounted for the major share of this market. Since the downsizing of engines increases the efficiency and turbocharging helps in generating more power, the key vendors are already focusing on implementing downsized engines for better performance. According to this industry research report, this segment will continue to account for the major share of the automobile engine market throughout the next four years.

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Engine downsizing trends are on the rise, with automakers developing smaller engines with better fuel injection systems. L4 and V6 engines dominated the automotive engine market by placement type in 2015. Passenger cars are presumed to continue their dominance as the major vehicle type in the market. Gasoline and diesel engines accounted for over 60% of the overall market by fuel type. However, due to fluctuating global oil prices and growing environmental concerns among the public and governments, the market for other engines, such as hybrid and Compressed Natural Gas (CNG), is expected to witness a higher growth rate by 2020.
North America and Asia-Pacific regions dominated the global automotive engine market by revenue in 2017, with a share of over 40%. With India, Japan, and China growing as global automotive hubs, the Asian region is expected to become a significant market for automotive engines during the forecast period. Germany, with its innovative and technologically advanced automotive industry, is expected to witness a higher CAGR within European countries. Mexico is on the verge of becoming a major market for automotive engines in the North American region. Japan, being the hub of the automobile industry, is increasing its presence in the APAC region, with Suzuki developing economy fuel engines specifically for the APAC region.
Market Prognosis market study estimates that among geographic regions, APAC will be the major revenue contributor to the market by 2023. The rising per capita income and the increased purchasing power of consumers have led to the increase in automobile sales. The countries in this region are increasing their spending on infrastructure and industrial development, and this will further increase the demand for both passenger cars and heavy commercial vehicles, in turn driving the growth of the automotive engine market in this region.

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This release was published on openPR.