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Innovative Engine Solutions: Global Encapsulation Market Trends 2024
Engine Encapsulation Market
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According to The Business Research Company's, The engine encapsulation market size has grown strongly in recent years. It will grow from $5.7 billion in 2023 to $6.07 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to fuel efficiency concerns, noise, vibration, and harshness (nvh) reduction, emission control regulations, focus on aerodynamics in vehicle design.
The engine encapsulation market size is expected to see strong growth in the next few years. It will grow to $7.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to stricter emission standards, electrification of vehicles, integration with advanced cooling systems, continued emphasis on fuel efficiency, adoption of lightweight materials. Major trends in the forecast period include active engine encapsulation systems, integration with vehicle thermal management, sustainable and recyclable encapsulation materials, customization for electric vehicles, advanced computational simulations for optimal design.
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Market Drivers and Trends:
The increase in demand for commercial vehicles is driving the growth of the engine encapsulation market. Commercial vehicles are used for the transportation of goods over long distances, increasing the need for better fuel efficiency. Commercial vehicles are used for the transportation of goods over long distances, increasing the need for better fuel efficiency. Engine encapsulation saves fuel and minimizes engine noise and heat transfer, making it an attractive solution for commercial vehicles. For example, in July 2022, according to Pandaily, a Beijing-based technology media company, the sales volume of commercial vehicles was 168,000, up 49.4% year-on-year. Also, in May 2021, demand for new commercial vehicles in Germany increased by 46.4% over the previous year. Hence, the increasing demand for commercial vehicles is expected to drive the growth of the engine encapsulation market in the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ElringKlinger AG, Autoneum Holding AG, Continental AG, Roechling Group, Greiner Foam International GmbH, Trocellen GmbH, Adler Pelzer Holding GmbH, BASF SE, Furukawa Electric Co. Ltd., Evonik Industries AG, Hennecke GmbH, Compagnie de Saint-Gobain S. A., UFP Technologies Inc., Polytec Group, DBW Advanced Fiber Technologies GmbH, ZF Friedrichshafen AG, GKN plc, Schaeffler Technologies AG & Co KG, BorgWarner Inc., AVL List GmbH, Axletech International, Dana Limited, Woco Industrietechnik GmbH, 3M Company, SA Automotive Ltd, Charlotte Baur Formschaumtechnik GmbH, Carcoustics International GmbH, Uniproducts Inc., UGN Inc., Robert Bosch GmbH
Engine Encapsulation Market 2024 Key Insights:
• The engine encapsulation market size is expected to see strong growth in the next few years. It will grow to $7.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Increase In Demand For Commercial Vehicles
• New Product Innovation
• Asia-Pacific was the largest region in the engine encapsulation market in 2023
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