Press release
Global Engine Components Market is Projected Reach US$ 8.1 billion by 2031, Rising at a 1.4% CAGR
Engine Components Market
It is projected that increased and expanded trade agreements among nations would present new economic prospects for major engine component manufacturers during the forecast period.
The growing concern among environmentalists along with government officials about reducing car emissions to meet international regulations and norms is favorably influencing the growth of the engine components market.
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Companies Covered
AcDelco, AmTech International, ASPPICE ENGINEERING, BLE products, Burgess-Norton Mfg. Co. Inc., Decora Auto Forge Pvt. Ltd., DNJ Engine Components, DREWCO Corporation, Eaton, EFC International, Federal-Mogul, GT Technologies, Hangzhou Heng Ji Trading Co., Ltd., Indo Schottle Pvt. Ltd., TW Automotive, Kent Automotive, LISI Automotive, LuK GmbH & Co. KG, MISUMI Group Inc., Nanjing Superior Machine & Parts Co., Nittan Valve Co., Ltd., PIOLAX, Inc., Pratt Burnerd America, Rane Group, Schaeffler Technologies AG & Co., Smit Auto Industries, SSV Technocrates, Young-shin Automotive, Other Key Players
Key Findings of the Market Report
The need for agricultural harvesters, tractors, and cultivators among other mechanical farming equipment is anticipated to rise as mechanization in the agriculture sector increases.
Mining machinery and off-road vehicles are becoming increasingly necessary due to the increase in mining operations across the world.
Diesel or gasoline engines are used to power these pieces of machinery.
The global market for engine components is being driven by an increase in demand for off-highway engines.
Market Trends for Engine Components
The screw cap assembly now commands a sizable portion of the market and is anticipated to keep dominating it for the foreseeable future. The extensive usage in demanding applications, such as under extremely high dynamic loads and pressure conditions, is mostly to blame for this. Global demand for screw cap assemblies has increased due to the presence of several industries and rising car production volumes.
Vehicle manufacturers are using cutting-edge and energy-efficient engines to increase the efficiency of the vehicle engine as a result of the implementation of strict emission requirements throughout areas. Another important factor driving the growth of the engine components market is the need for vehicles along with the expansion of the automotive industry.
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Engine Components Market Regional Outlook
Various reasons are propelling the growth of the engine components market in different regions. These are:
Asia Pacific is predicted to dominate the global market for engine components since the area produces more cars than any other on earth and has the largest per capita vehicle usage. A significant portion of the engine components produced in India and China are exported to the Middle East as well as Europe, fueling the Asia Pacific region's manufacturing industry.
For engine parts, North America is a very alluring market. This is explained by a highly established industry for the engineering, production, services, and modification of engine parts. The region's large market share is also attributed to the presence of important component and automakers.
Global Engine Components Market: Key Players
Established and recent joint venture businesses control the global engine components market. Key organizations have the opportunity to boost worldwide commerce by embracing modern technology and utilising lightweight materials. Key businesses are, however, strengthening their positions through partnerships, mergers, and acquisitions as well as by emphasizing the diversification of their product lines.
The following companies are well-known participants in the global engine components market:
AcDelco
AmTech International
ASPPICE ENGINEERING
BLE products
Burgess-Norton Mfg. Co. Inc.
Decora Auto Forge Pvt. Ltd.
DNJ Engine Components
DREWCO Corporation
Eaton
EFC International
Federal-Mogul
GT Technologies
Hangzhou Heng Ji Trading Co., Ltd.
Indo Schottle Pvt. Ltd.
TW Automotive
Kent Automotive
LISI Automotive
LuK GmbH & Co. KG
MISUMI Group Inc.
Nanjing Superior Machine & Parts Co.
Nittan Valve Co., Ltd.
PIOLAX, Inc.
Pratt Burnerd America, Rane Group
Schaeffler Technologies AG & Co.
Smit Auto Industries
SSV Technocrates
Young shin Automotive
Other Key Players
Key developments in the global market for engine components market are:
The first CVVD technology was created by Hyundai Motor Group in July 2019 and would be used in next Kia and Hyundai automobiles. This CVVD is environmentally friendly and maximizes both fuel economy and engine performance. According to the driving circumstances, the valve control technology regulates the length of valve shutting and opening, which contributes to a 5% increase in fuel efficiency and a 4% increase in performance.
Manufacturers of electric cars sold almost 17 million vehicles between 2107 and 2022, and they anticipate tremendous growth in the ensuing several years. By 2030, there should be 145 million electric vehicles on the road.
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Global Engine Components Market Segmentation
Components
Valve tappet/ Roller Tappet
Screw Cap Assembly
Collet/ Cotter
Retainer
Application
Automotive
Passenger Vehicle
Light Duty Vehicle
Medium & Heavy Duty Trucks
Buses & Coaches
Two-wheelers
Agriculture
Tractors
Agriculture Equipment
Construction & Mining Equipment
Excavators
Loaders
Dumpers
Bulldozers
Motor graders
Road rollers
Mixer trucks
Dump Trucks
Crushers
Underground mining equipment
Others Concrete Equipment
Marine
Commercial Vessel
Offshore Support Vessel
Stationary Engines
Utilities/ Power Suppliers
Healthcare
Commercial
Oil & Gas
Manufacturing
Telecommunications and Data Centers
Rolling Stock Diesel Engine
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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Nikhil Sawlani
Transparency Market Research Inc.
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