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Vehicle Engine And Engine Parts Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Vehicle Engine And Engine Parts Market
What Is the Forecasted Market Growth Rate of the Vehicle Engine And Engine Parts Industry?
In the past few years, the market size for vehicle engine and engine parts has seen robust growth. The value of this market is predicted to rise from $415.66 billion in 2024 to $437.46 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.2%. The historical growth of this sector can be credited to factors such as the industrial revolution, mass production of automobiles, environmental regulations, and the globalization of automotive manufacturing.
How Will the Vehicle Engine And Engine Parts Market Size Evolve From 2025 to 2029?
Over the next few years, the market size of vehicle engine and engine parts is anticipated to experience robust growth, reaching $548.21 billion in 2029 with a 5.8% Compound Annual Growth Rate (CAGR). Factors contributing to this projected growth during the forecast period include vehicle electrification, autonomous vehicles, lightweighting and fuel efficiency, 5g and connectivity, along with green energy and hydrogen. The period is also expected to see key trends such as advanced materials, hybrid powertrains, digitalization and IoT, 3D printing and additive manufacturing, and the emergence of a circular economy.
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What Are the Main Growth Drivers in the Vehicle Engine And Engine Parts Market Today?
The rise in automobile production is anticipated to propel the growth of the vehicle engine and parts industry. Car makers utilize a variety of engine parts in vehicle fabrication. Data from the International Organization of Motor Vehicle Manufacturers, an international automobile trade group based in Paris, reveals that total global vehicle production from January to September 2022 surged to 57.2 million units, up from 52.1 million units in the corresponding period of 2021. As a result, this increasing global vehicle production is predicted to boost the growth of the vehicle engine and engine parts market.
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Which Vehicle Engine And Engine Parts Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Vehicle Engine And Engine Parts Industry Growth?
The downturn in the automobile sector is hampering the expansion of the vehicle engine and engine parts market. Reduced automobile demand in multiple economies is resulting in decreased demand for fresh engines and engine parts manufactures. According to the Society of Indian Automobile Manufacturers, passenger car sales have dropped from 1,541,866 units in 2021 to 1,467,056 units in 2022.
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Which Companies Hold the Largest Market Share in the Vehicle Engine And Engine Parts Sector?
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.
Where Is the Vehicle Engine And Engine Parts Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the vehicle engine and engine parts market in 2024. 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
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