What's Driving the Vehicle Engine And Engine Parts Market 2025-2034: Global Vehicle Production Drives Growth In Vehicle Engine And Engine Parts Market

What Are the Projections for the Size and Growth Rate of the Vehicle Engine And Engine Parts Market?
In recent times, the market size for vehicle engines and their parts has seen considerable growth. Projected growth indicates an increase from $459.63 billion in 2024 to $493.89 billion the following year, with a compound annual growth rate (CAGR) of 7.5%. Several factors contributed to this growth over the historical period, including the industrial revolution, mass production of automobiles, environmental regulation, and the globalization of automotive manufacturing.

The market for vehicle engines and their components is anticipated to experience considerable expansion in the coming years. The estimated growth is to $630.69 billion by 2029 with a 6.3% compound annual growth rate (CAGR). Factors contributing to this growth during the projected period include vehicles' electrification, automation, weight reduction and fuel economy, 5G and connectivity, along with green and hydrogen energy. Noteworthy trends for the forecasted period involve advanced materials, hybrid propulsion systems, digitalization and the internet of things (IoT), 3D printing and additive manufacturing, and the circular economy.

What Are the Main Catalysts for Growth in the Vehicle Engine And Engine Parts Market?
The boost in automobile production is anticipated to propel the market for vehicle engines and engine parts. Various engine parts and components are utilized by vehicle manufacturers in the production process. Based on data provided by the International Organization of Motor Vehicle Manufacturers, an international auto trade association situated in Paris, the worldwide production of vehicles rose to 57.2 million units in January to September 2022, compared to 52.1 million units in the corresponding period in 2021. Consequently, the global escalation in vehicle production is projected to stimulate growth in the vehicle engine and engine parts market.

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Which Businesses Are at the Forefront of Vehicle Engine And Engine Parts Market Development?
Major companies operating in the vehicle engine and engine parts market include 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.

What Are the Latest Innovations in the Vehicle Engine And Engine Parts Market?
The contraction in the automobile sector, characterized by reducing sales, hinders the expansion of the market for vehicle engines and their components. This decrease in automobile demand across distinct economies results in a diminished demand for new engines and engine parts production. The Society of Indian Automobile Manufacturers reported a drop in passenger car sales from 1,541,866 units in 2021 down to 1,467,056 units in 2022.

How Is the Vehicle Engine And Engine Parts Market Segmented?
The vehicle engine and engine parts market covered in this report is segmented -

1) By Product Type: Vehicle Engines, Vehicle Engine Parts
2) By Fuel Type: Gasoline (Petrol), Diesel, Gas, Other Fuel Types
3) By Placement Type: In-line Engine, W Engine And V-Type

Subsegments:
1) By Vehicle Engines: Internal Combustion Engines (ICE), Electric Vehicle (EV) Motors, Hybrid Vehicle Engines, Gasoline Engines, Diesel Engines, Natural Gas Engines, Hydrogen Engines, Engine Control Units (ECU)
2) By Vehicle Engine Parts: Pistons, Crankshafts, Cylinder Heads, Camshafts, Engine Blocks, Timing Belts Or Chains, Turbochargers, Oil Pumps, Water Pumps, Valve Lifters, Timing Gears, Fuel Injectors, Bearings, Gaskets And Seals

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Where Is the Vehicle Engine And Engine Parts Market Growth Most Prominent?
Asia-Pacific was the largest region in the vehicle engine and engine parts market in 2023. Western Europe was the second largest region in the vehicle engine and engine parts market. The regions covered in the vehicle engine and engine parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The Vehicle Engine And Engine Parts Global Market Report?

- Market Size Analysis: Analyze the Vehicle Engine And Engine Parts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Vehicle Engine And Engine Parts Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Vehicle Engine And Engine Parts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Vehicle Engine And Engine Parts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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