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Global Vehicle Engine And Engine Parts Market 2024 : Trends, Business Growth And Major Driving Factors
Vehicle Engine And Engine Parts Global Market Report 2024
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According to The Business Research Company's, The vehicle engine and engine parts market size has grown strongly in recent years. It will grow from $427.27 billion in 2023 to $458.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to industrial revolution, automobile mass production, environmental regulations, globalization of automotive manufacturing.
The vehicle engine and engine parts market size is expected to see strong growth in the next few years. It will grow to $590.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicles, lightweighting and fuel efficiency, 5g and connectivity, green energy and hydrogen. Major trends in the forecast period include advanced materials, hybrid powertrains, digitalization and iot, 3d printing and additive manufacturing, circular economy.
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Market Drivers and Trends:
The increasing manufacturing of automobiles is expected to drive the vehicle engine and engine parts market. Automobile manufactures use different engine components and engine parts for manufacturing a vehicle. According to statistics from the International Organization of Motor Vehicle Manufacturers, a Paris based international automobile trade association, the total number of vehicles produced globally, from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the vehicle engine and engine parts market growth.
Declining sales in the automobile sector restrict the growth of the vehicle engine and engine parts market. The decline in demand for automobiles in various economies causes lower demand for new engines and engine parts manufacturers. According to the International Organization of Motor Vehicle Manufacturers, global car production fell by 16% in 2020. In India, the Society of Indian Automobile Manufacturers said, there was decline in passenger car sales from 1,541,866 in 2021 to 1,467,056 units in 2022.
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Major Key Players of the Market:
Cummins Inc., Toyota Motor Corporation, DENSO Corporation, Delphi Technologies PLC, Federal-Mogul LLC, MAHLE GmbH, Bayerische Motoren Werke Aktiengesellschaft, General Motors Company, Volkswagen AG, Fiat Chrysler Automobiles N.V., Volkswagen Group, Daimler AG, Stellantis N.V., Hyundai Motor Group, Nissan Motor Co. Ltd., Subaru Corporation, Volvo Group, Caterpillar Inc., Navistar International Corporation, Deere & Company, MAN Truck & Bus SE, Scania AB, PACCAR Inc., Wärtsilä Corporation, Perkins Engines Company Limited, MTU Friedrichshafen GmbH, Isuzu Motors Limited, CNH Industrial N.V.
Vehicle Engine And Engine Parts Market 2024 Key Insights:
• The vehicle engine and engine parts market size is expected to see strong growth in the next few years. It will grow to $590.78 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Global Vehicle Production Drives Growth In Vehicle Engine And Engine Parts Market
• Declining Automobile Sales Restrict Growth In Vehicle Engine And Engine Parts Market
• Asia-Pacific was the largest region in the vehicle engine and engine parts market in 2023
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