Automotive Engine Market Share, Size, Trends, Analysis, Research, Review, Applications and Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2022. Automotive Engine Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2022.
Market Research Future Reports has come up with its latest report on the global automotive engine market, stating that the market is poised to inflate at a higher CAGR by the end of 2023. The advent of technologies coupled with consumer’s preferences for having high-performance and fuel-efficient automobiles have attributed to the global automotive engines market to nurture during the forecast period.
Automotive engines have been one of the most integral parts included in any vehicle. It helps the vehicle to function efficiently and run smoothly and hassle-free way. The condition of an automotive engine portrays the overall performance, emission, and efficiency of every vehicle.
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Global Automotive Engine Market: Drivers & Trends
In the recodes of MRFR research, the automotive engine market is presently gaining significant traction due to the expansion of the automotive industry globally. Some other factors that are contributing to the market to grow could be rigid fuel economy regulatory norms and increasing demand for technologically advanced powered engines mainly for the better performance of vehicles. With that, mounting disposable income can also be one of the essential factors attributing to the growth of the automotive engine market the years to come.
Another key factor driving the growth of the global automotive engine market is sorted to be the ongoing engine downsizing regulations. Presently, engine downsizing trends are on the rise as the key automakers are developing smaller engines with better fuel injection systems. With the upward emphasis on reducing carbon dioxide emissions in the environment and boosting fuel efficiency, OEMs initiated focusing on downsizing internal combustion engines. This is adapted to reduce fuel consumption, which can be achieved by reducing the displacement of the engine. The outcome is that there has been a production shift to three-cylinder combustion engines from the conventional four-cylinder combustion engines, which is estimated that it will fuel the growth of the global automotive engines market exponentially during the forecast period.
Automotive emissions have accounted for more significant percentage in overall greenhouse emissions. This rang alarms globally in the past few. Thus, this made the key automakers to cut down emissions forced them to develop better automobile engines with lesser emissions and better fuel efficiency. This factor acted as a significant contributor to the global automotive engine market to expand rapidly in recent years. Somehow, factors such as high costs and long R&D activities of new concepts coupled with economic crises portrayed as significant barriers to market growth. However, on the positive side, the mounting automotive sector in developing countries, increasing rate of owning vehicle and advancements in automotive engines are a few of the major factors that are eventually opening up a new scenario for the automotive engine market to grow in the foreseen period.
Automotive Engine Market Segmentation
According to the reports of MRFR, the global automotive engine market has been segmented on the basis of fuel, placement, vehicle type, and lastly, region. Wherein, the fuel-based segmentation includes diesel, gasoline, and others. By segmentation of placement, the market has been segmented into the in-line engine and V-type engine. By segmentation of vehicle type, the market has been segmented into passenger vehicles, light commercial vehicle (LCV), heavy commercial vehicle (HCV).
Regionally, the global automotive engine includes main regions of North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is the leading market and expected to proliferate during the forecast period owing to rapid expansion in the automotive industry in the developing nations of Asia Pacific along with original equipment manufacturer (OEM) developing technologically advanced powered engines to achieve high torque and performance. The essential automotive engine markets are in China, India, and Japan, followed by the rest of the Asia Pacific region.
Then comes the markets in North America and Europe, which are expected to illustrate limited growth graph owing to the presence of established and original equipment manufacturers that have been established in these regions. Therefore, a base for the robust development and growth of the automotive engine market can be seen for the future timeline. Also, countless critical players of this market are based in Europe and North America, and the most important specific markets are the United States of America (USA) and Canada, followed by the rest of North America. The USA is the most robust economy in North America. In Europe, the critical country markets are France, Germany, Italy, and the United Kingdom (UK), followed by the rest Of Europe.
The key players in the global automotive engine market include AB Volvo (Sweden), Cummins Inc. (USA), Fiat S.PA. (Italy), Ford Motor Company (USA), General Motors (USA), Honda (Japan), Hyundai Motor Company (South Korea), Mitsubishi Heavy Industries (Japan), Scania AB (Sweden), and Volkswagen Group (Germany).
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