Sales of new gasoline engines for motor vehicles in the US have shown a generally steady increase from 2013 to 2023, reaching $28.183 billion in 2023. Year-on-year growth varied, with notable fluctuations such as a 9.61% increase in 2013, but slowing to a 0.82% increase by 2023. The compound annual growth rate (CAGR) over the last five years stands at 0.87%, indicating moderate but consistent growth. Projections suggest continued growth, with a forecasted five-year CAGR of 0.6% and a total growth rate of 3.02% by 2028.
Future trends to watch for:
- Advances in fuel efficiency technologies.
- Increasing popularity and diffusion of electric vehicles (EVs) potentially impacting gasoline engine demand.
- Regulatory changes and environmental policies influencing market dynamics.
- Potential shifts in consumer preferences towards hybrid models as a transitional technology.
