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Vehicle Engine And Engine Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Vehicle Engine And Engine Parts Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072055
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the vehicle engine and engine parts market are Cummins, Toyota Motor, Denso Corporation, Delphi Automotive PLC, Federal Mogul Corporation, Mahle GmbH, BMW AG, General Motors, Volkswagen AG and Fiat Automobiles SpA.

The global vehicle engine and engine parts market is expected to grow from $228.99 billion in 2020 to $240.45 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $324.16 billion in 2025 at a CAGR of 8%.

The vehicle engine and engine parts market consist of the sales of motor vehicle engine and engine parts and related services used in bikes, passenger cars, racing cars, commercial vehicles, marine, agricultural equipment and earth-moving equipment.The engine parts consist of an engine cylinder head, engine cylinder block, alternator, A/c compressor, power steering pump, flywheel, clutch assembly, clutch housing and transmission.

The vehicle engine and engine parts market does not include engines for electric vehicles.

The growth for the vehicle engine and engine parts market is restricted by the growing popularity of electric vehicles all over the world.These battery-operated cars are not only easier to maintain but also does not contribute towards the air pollution.

The popularity of the electric car market is backed up by several government initiatives such as in Norway, the drivers of zero emissions cars are not only exempted from road tax but also exempted from 25% VAT on sales, reduced road and ferry tolls and parking costs, and access to bus lanes.According to the reports by the International Energy Agency (IEA), the electric cars employing on the road is expected to reach almost 10 million in 2020.

In 2019, China remained the largest car market in the world. The market share of battery electric vehicles was 58.4 percent in March 2019. With the increasing popularity of electric vehicles, the demand for engine operated vehicles is negatively impacted thus causing an overall fall in the demand for vehicle engine and engine parts market.

Declining sales in the automobile sector restricts the growth of the vehicle engine and engine parts market.The decline in the demand for automobile in various economies causes lower demand for new engine and engine part manufacturers.

According to the International Organization of Motor Vehicle Manufacturers, global car sales are expected to fall by about 3.1 million in 2019. In India, Society of Indian Automobile Manufacturers stated a decline of 12.34 per cent to 19,97,952 units in domestic sales was witnessed in June 2019.

The vehicle engine and engine parts covered in this report is segmented by product type into vehicle engines and vehicle engine parts and by fuel type into gasoline (petrol), diesel, gas and others.

The companies operating in the vehicle engine and engine parts market are investing towards improving the fuel efficiency in internal combustion engines.Manufacturers are producing engines that delivers higher power and improves fuel economy.

Improving the fuel efficiency of vehicle engine serves as an economical solution as well as reduces the emission of harmful pollutants into the air.For instance, to improve the fuel efficiency companies are investing in ""direct fuel injection "" technology in which the direct injection systems spray a fine mist of fuel directly into the cylinder helps keep the engine’s temperature down and increases the fuel efficiency.

Following the trend in 2019, Mazada, a Japanese automaker, launched the Mazda 3 with Mazda’s Skyactiv-X gas-powered Spark-Controlled Compression Ignition engine. Also as reported by the U.S Department of Energy, direct fuel injection can improve engine efficiency by 12%. Thus, with increased concerns for the environment and to provide a better value for money, companies operating in the market are investing more towards improving the fuel efficiency of the engines.

In 2019, Japan based, Honda Motor Co and Hitachi Ltd agreed to merge four of their car-parts businesses including -Hitachi Automotive Systems, Keihin Corp., Showa Corp. and Nissin Kogyo Co. The transaction will be completed in two steps with Honda making share offer to Keihin Corp., Showa Corp. and Nissin Kogyo following which Hitachi will make Hitachi Automotive Systems a subsidiary. In the merger, Hitachi will own 67 percent and Honda will own the remainder. Through this merger, Honda and Hitachi will get an access to resources and technology of mergers. Keihin Corp., Showa Corp. and Nissin Kogyo are Japan based manufacturers. Keihin is a manufacturer of conventional engine components including management systems for natural gas vehicles, Showa manufactures differential gears, shafts and other components, Nissin Kogyo specializes in the manufacturing of braking systems.

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