How large is the motor vehicle engine, power train & parts market, and what is its growth trajectory?
The motor vehicle engine, power train & parts market size has grown strongly in recent years. It will grow from $915.15 billion in 2024 to $990.5 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to economic conditions, regulatory environment, consumer preferences, global trade.
The motor vehicle engine, power train & parts market size is expected to see strong growth in the next few years. It will grow to $1308.98 billion in 2029 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to electrification, sustainability and emissions reduction, connectivity and iot, urbanization and mobility services. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
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What are the key forces behind the motor vehicle engine, power train & parts market’s growth in recent years?
The increasing demand for electric vehicles (EVs) is expected to propel the growth of the motor vehicle engines, power trains, and parts market going forward. An electric vehicle (EV) is a type of vehicle that is powered by one or more electric motors, using electricity stored in batteries or other energy storage devices as its primary source of energy. Electric vehicles (EVs) are using advanced motor vehicle engines, electric powertrains, and specialized components to enhance performance, efficiency, and sustainability, marking a significant shift in the automotive industry. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increasing demand for electric vehicles (EVs) is driving the growth of motor vehicle engines, power trains, and parts market.
What are the major segments of the motor vehicle engine, power train & parts market?
The motor vehicle engine, power train & parts market covered in this report is segmented –
1) By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, After market
Subsegments:
1) By Vehicle Engine And Engine Parts: Internal Combustion Engines (ICE), Electric Vehicle Engines, Hybrid Vehicle Engines, Engine Parts (Pistons, Crankshafts, Cylinder Heads, Timing Belts)
2) By Power Train And Power Train Parts: Transmission Systems, Drivetrain Components (Axles, Differential, Drive Shafts), Clutch Systems, Gearboxes, Propeller Shafts, Couplings
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Which companies dominate the motor vehicle engine, power train & parts market?
Major companies operating in the motor vehicle engine, power train & parts market include EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd, Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.
How will evolving trends contribute to the growth of the motor vehicle engine, power train & parts market?
Motor vehicle parts manufacturers are using IoT to reduce unscheduled downtimes, thereby increasing operational efficiency. IoT is a system of connected devices with the ability to collect and exchange data over a network without any human intervention or assistance. IoT helps motor vehicle parts manufacturers increase their efficiency by providing real-time information about production processes. In addition, IoT can be used by automobile parts manufacturers to obtain wear and tear data that can prevent equipment failures. For instance, German car parts maker Robert Bosch signed an agreement with software company SAP to connect its manufacturing machinery, tools, and vehicles to SAP’s back-end software. This IoT technology uses SAP’s real-time database HANA to monitor and support the production of automobile parts. The global automotive IoT market is expected to reach 106.32 billion by 2023. According to IDC and SAP, 60 % of global manufacturers use analytics data tracked from IoT-connected devices to analyze their manufacturing processes.
Which regional trends are influencing the motor vehicle engine, power train & parts market, and which area dominates the industry?
Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023. Western Europe was the second largest market in motor vehicle engines, power trains, & parts market. The regions covered in the motor vehicle engine, power train, & parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
What Does The Motor Vehicle Engine, Power Train & Parts Market Report 2025 Offer?
The motor vehicle engine, power train & parts market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The motor vehicle engine, powertrain, and parts sector encompass the critical components and systems that drive the operation and performance of vehicles. The engine serves as the primary power source, converting fuel or electric energy into mechanical energy to propel the vehicle. The powertrain works together to transfer power from the engine to the wheels, ensuring efficient movement and handling. The parts are essential for optimizing performance, fuel efficiency, and emissions control of vehicles.
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