Motor Vehicle Engine, Power Train & Parts Market is Anticipated to Expand upto $1138.14 Billion in 2029

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What Is the Forecasted Market Growth Rate of the Motor Vehicle Engine, Power Train & Parts Industry?
In recent times, the market size for motor vehicle engines, power trains, and parts has seen robust growth. It's projected to expand from $827.59 billion in 2024 to $877.47 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.0%. Factors contributing to this growth during the historic period include economic circumstances, regulatory landscape, consumer tastes, and international trade.

How Will the Motor Vehicle Engine, Power Train & Parts Market Size Evolve From 2025 to 2029?
The market size of the motor vehicle engine, power train & parts is anticipated to experience significant growth in the forthcoming years, reaching an estimated value of $1138.14 billion in 2029, with a CAGR of 6.7%. Factors such as electrification, sustainability, emissions reduction, connectivity and IoT, urbanization and mobility services contribute to the growth in this forecast period. Future trends to look out for include electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity as well as collaboration and partnerships.

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What Are the Main Growth Drivers in the Motor Vehicle Engine, Power Train & Parts Market Today?
The motor vehicle engines, power trains, and parts market is projected to grow significantly as a result of the increasing popularity of electric vehicles (EVs). An electric vehicle is defined as a car that is propelled by one or more electric motors, relies on electricity stored in batteries or other storage mediums for energy. There has been an innovative move towards using updated motor vehicle engines, electric powertrains, and unique parts in EVs to increase their performance, efficiency, and environmental friendliness. This represents a considerable change in the motor industry. The International Energy Agency, a France-based international organization, reported that electric vehicle sales reached 10 million in 2022 and projected to rise to 14 million by 2023. Hence, the surge in demand for electric vehicles (EVs) is fueling the expansion of the motor vehicle engines, power trains, and parts market.

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Which Motor Vehicle Engine, Power Train & Parts Market Segment Is Expected to Lead Through 2029?
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

Which Market Trends Are Expected to Dominate Motor Vehicle Engine, Power Train & Parts Industry Growth?
Automobile component producers are leveraging IoT to minimize unexpected downtimes, thereby enhancing operational efficiency. IoT, the system which interconnects devices enabling them to collect and transmit data across a network unassisted by humans, is playing a critical role in increasing efficiency for these manufacturers by offering real-time insights into manufacturing processes. Moreover, it allows auto parts manufacturers to gather data on wear and tear, helping to avert equipment breakdowns. For example, Robert Bosch, a German car parts company, entered into an agreement with SAP, a software corporation, to link its manufacturing equipment, tools, and vehicles to SAP's underlying software. This IoT-based technology utilizes SAP's HANA, a real-time database, to oversee and facilitate the production of car parts. It is projected that the worldwide automotive IoT market will attain a value of 106.32 billion by 2023. IDC and SAP further report that 60% of global manufacturers employ analytics data sourced from IoT-linked equipment to scrutinize their production processes.

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Which Companies Hold the Largest Market Share in the Motor Vehicle Engine, Power Train & Parts Sector?
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.

Where Is the Motor Vehicle Engine, Power Train & Parts Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2024. 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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