Rising Electric Vehicles Fuels Growth In The Motor Vehicle Engine, Power Train, And Parts Market: Transformative Forces Shaping the Motor Vehicle Engine, Power Train & Parts Market Landscape in 2025

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What Will the Motor Vehicle Engine, Power Train & Parts Industry Market Size Be by 2025?
In the past few years, the market size of the motor vehicle engine, power train & parts has witnessed considerable growth. The market value is set to increase from $915.15 billion in 2024 to $990.5 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.2%. This historical growth can be attributed to factors such as economic conditions, government regulations, consumer preferences and global trade trends.

What's the Long-Term Growth Forecast for the Motor Vehicle Engine, Power Train & Parts Market Size Through 2029?
In the coming years, the market size for motor vehicle engines, power train & parts is anticipated to experience robust growth. The market is projected to reach a value of $1308.98 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%. This growth during the forecast period is attributable to factors such as electrification, sustainability and emissions reduction, along with connectivity and IoT, and urbanization coupled with mobility services. Noteworthy market trends during the forecast period include but are not limited to, electrification and lightweighting, use of advanced materials and additive manufacturing, as well as increased digitalization, connectivity, collaborations, and partnerships.

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What Are the Key Growth Drivers Fueling the Motor Vehicle Engine, Power Train & Parts Market Expansion?
The growth of the motor vehicle engines, power trains, and parts market is predicted to accelerate due to the rising demand for electric vehicles (EVs). Defined as vehicles powered by one or more electric motors and utilizing stored electricity in batteries or other energy storage devices as its primary energy source, electric vehicles (EVs) embody a profound change in the automotive industry. They rely on advanced automotive engines, electric powertrains, and unique components to boost performance, efficiency, and sustainability. The International Energy Agency, an intergovernmental organization based in France, reported that in 2022, electric vehicle sales hit 10 million and are projected to rise to 14 million in 2023. Consequently, the escalating demand for electric vehicles (EVs) is fueling the growth of the motor vehicle engines, power trains, and parts market.

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What Are the Key Trends Driving Motor Vehicle Engine, Power Train & Parts Market Growth?
Motor vehicle parts manufacturers are leveraging Internet of Things (IoT) technology to minimize unexpected downtime, which in turn boosts their operational efficiency. IoT refers to a network of linked devices capable of collecting and sharing data autonomously, without the need for human interaction. This technology assists automotive parts manufacturers in enhancing their efficiency by offering real-time insights into manufacturing processes. Moreover, IoT aids these manufacturers in gathering data about the wear and tear of equipment, thereby preventing potential machinery breakdowns. For example, Robert Bosch, a German auto components manufacturer, has partnered with SAP, a software company, for integrating its manufacturing equipment, tools, and vehicles with SAP's back-end software. This IoT solution utilizes SAP's real-time database, HANA, for monitoring and aiding the production of car parts. The global automotive IoT domain is projected to touch 106.32 billion by 2023. IDC and SAP report that 60% of global manufacturers utilize analytics information gathered from IoT-enabled devices to scrutinize their manufacturing procedures.

How Is the Motor Vehicle Engine, Power Train & Parts Market Segmented?
The motor vehicle engine, power train & parts market covered in this report is segmented -

1) By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, After market

Subsegments:
1) By Vehicle Engine And Engine Parts: Internal Combustion Engines (ICE), Electric Vehicle Engines, Hybrid Vehicle Engines, Engine Parts (Pistons, Crankshafts, Cylinder Heads, Timing Belts)
2) By Power Train And Power Train Parts: Transmission Systems, Drivetrain Components (Axles, Differential, Drive Shafts), Clutch Systems, Gearboxes, Propeller Shafts, Couplings

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Which Companies Are Leading the Charge in Motor Vehicle Engine, Power Train & Parts Market Innovation?
Major companies operating in the motor vehicle engine, power train & parts market include EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd, Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.

Which Regions Are Leading the Global Motor Vehicle Engine, Power Train & Parts Market in Revenue?
Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023. Western Europe was the second largest market in motor vehicle engines, power trains, & parts market. The regions covered in the motor vehicle engine, power train, & parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

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