Automotive Engine Market Overview:
Automobile engine are referred to as fuel-consuming device or machine that is used for driving automobiles, tractors, buses, airplanes, two wheelers, cars etc. Electric engines and internal combustion & steam engines are used in automotive vehicles. Most automotive engines are piston internal combustion engines.
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The automotive engines comprise of hydraulic and complex mechanical processes into the vehicle’s engine. The variable valve timing engines are different from a manufacturer to another but follows certain principles that regulate the functioning of the engine. The growing demand for high-power engines for racing and the increasing demand for luxury cars are some of the key drivers fueling the growth of the global automotive engine market.
The development of multi-fuel engines is expected to be the major trend which will gain traction in the automotive engine market during the forecast period. To avoid knocking and improving the efficiency, the automotive engines such as multi-fuel engines have higher compression ratios and higher-octane ratings.
The major drivers of the market are growing demand for fuel-efficient and lightweight vehicles, due to the increasing industrialization and urbanization, majorly in emerging countries, increasing automotive production, strict government regulations to reduce carbon emission from vehicles and improved vehicle performance.
Automotive Engine Market – Competitive Analysis
Key players have economically invested heavily in R&D activities to develop advanced products to cater the requirements of the automotive engine market. The key players adopted various strategies to retain and/or expand their market share. The key strategy followed by most companies within the global automotive engine market was that of expansion and entering into merger & acquisition. This strategy is widely adopted to spread their geographical presence and achieve operational efficiencies. The market demands regular product innovation and increased investment in R&D.
Automotive Engine Market – Segmentation
The Automotive Engine industry can be segmented in to three key dynamics for the convenience of the report and enhanced understanding;
Segmentation by placement - In-Line Engine and V-Type Engine
Segmentation by Vehicle type - Passenger, LCV, HCV
Segmentation by Fuel - Gasoline, Diesel and Others
Segmentation by Regions: North America, Europe, APAC and Rest of the World.
Automotive Engine Market – Regional Analysis
In North America automotive engine market, US will grow with the highest annual growth during the forecast period. US demand for automotive engine is projected to increase substantially for lubricants with performance and environmental advantages. The increasing number and age of vehicles in use will also fuel gains.
The growth of Asia-Pacific region is dominated by developing countries such as India and China, where the automotive industry is growing at a significant rate. The rise in the average lifespan of vehicles in operation, the growing demand for light passenger vehicles, and the increasing number of vehicle manufacturing facilities owing to the low cost of production in these countries has led to an increased production capacity.
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Cummins Inc., Fiat S.PA., Volkswagen Group, Ford Motor Company, Mitsubishi Heavy Industries, AB Volvo, General Motors, Honda, Hyundai Motor Company and Scania AB are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Engine Market.
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