What are the recent trends in market size and growth for the vehicle engine and engine parts market?
The vehicle engine and engine parts market size has grown strongly in recent years. It will grow from $459.63 billion in 2024 to $493.89 billion in 2025 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to industrial revolution, automobile mass production, environmental regulations, globalization of automotive manufacturing.
The vehicle engine and engine parts market size is expected to see strong growth in the next few years. It will grow to $630.69 billion in 2029 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to electrification of vehicles, autonomous vehicles, lightweighting and fuel efficiency, 5g and connectivity, green energy and hydrogen. Major trends in the forecast period include advanced materials, hybrid powertrains, digitalization and iot, 3d printing and additive manufacturing, circular economy.
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How have varous drivers impacted the growth of the vehicle engine and engine parts market?
The increasing manufacturing of automobiles is expected to drive the vehicle engine and engine parts market. Automobile manufactures use different engine components and engine parts for manufacturing a vehicle. According to statistics from the International Organization of Motor Vehicle Manufacturers, a Paris based international automobile trade association, the total number of vehicles produced globally, from January to September 2022 increased to 57.2 million units from 52.1 million units in 2021, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the vehicle engine and engine parts market growth.
What are the primary segments of the vehicle engine and engine parts market?
The vehicle engine and engine parts market covered in this report is segmented –
1) By Product Type: Vehicle Engines, Vehicle Engine Parts
2) By Fuel Type: Gasoline (Petrol), Diesel, Gas, Other Fuel Types
3) By Placement Type: In-line Engine, W Engine And V-Type
Subsegments:
1) By Vehicle Engines: Internal Combustion Engines (ICE), Electric Vehicle (EV) Motors, Hybrid Vehicle Engines, Gasoline Engines, Diesel Engines, Natural Gas Engines, Hydrogen Engines, Engine Control Units (ECU)
2) By Vehicle Engine Parts: Pistons, Crankshafts, Cylinder Heads, Camshafts, Engine Blocks, Timing Belts Or Chains, Turbochargers, Oil Pumps, Water Pumps, Valve Lifters, Timing Gears, Fuel Injectors, Bearings, Gaskets And Seals
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Which firms are leading the vehicle engine and engine parts market?
Major companies operating in the vehicle engine and engine parts market include Cummins Inc., Toyota Motor Corporation, DENSO Corporation, Delphi Technologies PLC, Federal-Mogul LLC, MAHLE GmbH, Bayerische Motoren Werke Aktiengesellschaft, General Motors Company, Volkswagen AG, Fiat Chrysler Automobiles N.V., Volkswagen Group, Daimler AG, Stellantis N.V., Hyundai Motor Group, Nissan Motor Co. Ltd., Subaru Corporation, Volvo Group, Caterpillar Inc., Navistar International Corporation, Deere & Company, MAN Truck & Bus SE, Scania AB, PACCAR Inc., Wärtsilä Corporation, Perkins Engines Company Limited, MTU Friedrichshafen GmbH, Isuzu Motors Limited, CNH Industrial N.V.
How will industry trends affect the trajectory of 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 demand for automobiles in various economies causes lower demand for new engines and engine parts manufacturers. According tothe Society of Indian Automobile Manufacturers said, there was decline in passenger car sales from 1,541,866 in 2021 to 1,467,056 units in 2022.
How do regional factors impact the vehicle engine and engine parts market, and which region is the largest contributor?
Asia-Pacific was the largest region in the vehicle engine and engine parts market in 2023. Western Europe was the second largest region in the vehicle engine and engine parts market. The regions covered in the vehicle engine and engine parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Does The Vehicle Engine And Engine Parts Market Report 2025 Offer?
The vehicle engine and engine 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 vehicle engine and engine parts are components that generate the power needed to propel a car or other vehicle. The engine is the heart of any vehicle, responsible for generating the power needed to drive the vehicle’s wheels.
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