SAN FRANCISCO, June 29, 2022 /PRNewswire/ -- The global automotive engine market size is expected to reach USD 118.2 billion by 2030, registering a CAGR of 2.5% over the forecast period, according to a new report by Grand View Research, Inc. The consumer inclination for high-performing automobiles in the mid and high-end segment vehicles is prompting the manufacturers to develop prototypes of engines that are fuel-efficient and have higher torque. Regulatory standards for fuel efficiency and the development of technologically advanced powered engines for improved automobile performance are the major factors driving the demand in the market. The increasing sales of commercial and passenger cars in developing countries are propelling the demand for automobile engines in the region.
Key Industry Insights & Findings from the report:
- The passenger cars by vehicle segment is held the highest revenue share of over 60% in 2021.
- Rapidly rising demand for electric cars is attracting key competitors in the Asia Pacific region.
- Stringent fuel efficiency regulatory standards and rising demand for technologically advanced powered engines for improved vehicle performance are the major growth drivers for an automotive engine.
- The development of hydrogen engines as an alternative to fossil-fuel-powered engines is creating new growth trends in the market.
Read 150 page market research report for more Industry Insights - "Automotive Engine Market Size, Share & Trends Analysis Report By Placement Type (In-line, V-type, W Engine), By Fuel Type (Diesel, Gasoline), By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Automotive Engine Market Growth & Trends
Several companies, such as Ford Motor Corporation, Fiat Automobiles S.p.A., Honda Motor Company, Ltd., and General Motors, are developing compact engines with higher torque and lower emissions. The demand for improved engine performance and higher fuel efficiency to comply with government regulations to reduce vehicle emissions has led to the development of engines producing lesser carbon emissions. These developments are further impacting the market growth. Automobile manufacturers' competitive pricing of cars offering the different features in the same segment has boosted demand for passenger cars in emerging countries leading to more refined engine technology development.
Asia Pacific is projected to grow substantially over the forecast period owing to the technological advancements in automotive, rising ownership of automobiles, and an increase in the per capita income of people. The improved living standards in the Asia Pacific region prompt car manufacturers to launch mid and high-end segment cars with powerful engines and budget-friendly prices. Stringent government regulations and emission norms have been implemented in this region. All these factors bode well for the growth of the market.
Automotive Engine Market Segmentation
Grand View Research has segmented the global automotive engine market based on placement type, fuel type, vehicle type, and region:
Automotive Engine Market - Placement type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)
- In-line engine
- V- type
- W engine
Automotive Engine Market - Fuel Type Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)
- Other Fuel
Automotive Engine Market - Vehicle Type (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)
- Passengers Cars
- Commercial Vehicles
Automotive Engine Market - Regional Outlook (Volume, Thousand Units; Revenue, USD Billion, 2018 - 2030)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
List of Key Players in the Automotive Engine Market
- AB Volvo
- Cummins Inc.
- Fiat Automobiles S.p.A
- Volkswagen AG
- Ford Motor Company
- Mitsubishi Heavy Industries, Ltd.
- General Motors
- Honda Motor Co., Ltd.
- Renault Group
Check out more related studies published by Grand View Research:
- Automotive Engineering Service Outsourcing Market - The global automotive engineering services outsourcing market size is anticipated to reach USD 286.38 billion by 2030 registering a CAGR of 20.8% during the forecast period, according to a new report by Grand View Research, Inc. Increasing collaborative activities between Original Equipment Manufacturers (OEMs) and Engineering Service Providers (ESPs) to achieve promising technologies for performance enhancement, self-driving, and safety assurance adjustments are the factors anticipated to propel the automotive ESO market growth.
- Automotive HVAC Market - The global automotive HVAC market size is estimated to reach USD 28.95 billion by 2025, according to a study by Grand View Research Inc., expanding at a CAGR of 8.6% during the forecast period. The market is driven by increasing development of innovative, fuel-efficient, and eco-friendly HVAC solutions coupled with surging global demand for passenger vehicles. Rising disposable income and growing inclination towards more luxurious and comfortable travel are anticipated to foster the growth of the automotive HVAC market.
- Automotive Aftermarket Industry - The global automotive aftermarket industry size is expected to reach USD 559.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 3.4% from 2022 to 2030. Digitalization of automotive repair and component sales complemented by advanced technology incorporations in the automobile aftermarket component manufacturing is expected to boost the market growth. The surging reception of semi-autonomous, electric vehicles, and hybrid and autonomous cars, in the years to come, is further expected to bolster the demand for new components.
Browse through Grand View Research's Automotive & Transportation Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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