Vehicle Engine And Engine Parts Global Market Report 2022

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 $367.04 billion in 2021 to $399.94 billion in 2022 at a compound annual growth rate (CAGR) of 9%. The market is expected to grow to $542.1 billion in 2026 at a compound annual growth rate (CAGR) of 7.9%.

The vehicle engine and engine parts market consist of the sales of the 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 main types in vehicle engine and engine parts are vehicle engines, vehicle engine parts.Vehicle engines are referred to as the engines that are used for vehicles and there are many engine propulsion systems involving the parts of the vehicle.

The various placement types are In-line Engine, W Engine, and V-Type. The various fuel types are Gasoline (Petrol), Diesel, Gas, and Other fuel types.

Asia Pacific was the largest region in the vehicle engine and engine parts market in 2021.Western Europe was the second largest market in vehicle engine and engine parts market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The growth of 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 do not contribute to 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 number of electric cars employed on the road reached10 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 the vehicle engine and engine parts market.

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

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

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

Improving the fuel efficiency of vehicle engines serves as an economical solution as well as reduces the emission of harmful pollutants into the air.For instance, to improve 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 helping keep the engine’s temperature down and increasing 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 was completed in two steps with Honda making a share offer to Keihin Corp., Showa Corp., and Nissin Kogyo following which Hitachi made 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 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.

The countries covered in the vehicle engine and engine parts include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.