Global Engine for Automotive Market Trends, Demand and Forecast to 2022
Posted by Rishikesh Kurane on December 2nd, 2019
according to the latest report by Market Research Future (MRFR), the global automotive engine market is slated to reach a substantial market valuation by the end of 2022, at a steady CAGR over the review period.
the global automotive engine market is primarily being driven by the demand for engines powered by the modern technological advancements taking place in the industry to cater to the need for vehicles with enhanced performance. The increasing demand for automobiles, driven by increasing per capita disposable income, is expected to fuel the demand for automotive engines over the review period. Moreover, the changing regulatory norms and policies set by government authorities to tackle the rising environmental concerns are also likely to contribute majorly towards market growth over the assessment period.
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The global automotive engine market is segmented based on fuel, placement, and vehicle type. Based on the fuel, the market has been segmented into gasoline, diesel, and others. on the basis of placement, the automotive engine market has been segmented into the v-type engine and in-line engine. The types of vehicles available in the market are a heavy commercial vehicle (HCV), light commercial vehicle (LCV), and passenger vehicles. The passenger vehicles segment is expected to dominate the market over the review period, followed by the light commercial vehicles segment.
Geographically the global automotive engine market is segmented into North America, Asia Pacific, Europe, and the rest of the world (RoW).
North America accounts for the largest regional markets for automotive engines, in terms of value and are expected to acquire a significant market share over the review period. This is attributed to the established automotive industry in the region, which is expected to continue to flourish over the review period, driven by the adoption and advancements of modern technologies, especially in the developed countries of the US and Canada. The demand for automobiles is continuously growing in the region, owing to the high per capita income of consumers and the presence of leading automotive companies that are continually expanding their businesses with product innovations. These factors consequently contribute towards the demand and growth in the automotive engine market in North America over the review period.
Europe is also a significant region in the global automotive engine market and is expected to account for a steady market share over the assessment period. Factors influencing the market in the region is the consumer demand for modern automobiles, equipped with technologically advanced components. Moreover, government initiatives towards fuel efficiency for emissions reduction, owing to the rising environmental concerns, are also expected to have a notable impact on the automotive engine market in Europe in the near future. Technologically advanced and economically stable countries such as Germany, France, the UK are likely to grow as significant contributors for the region over the review period.
The Asia Pacific is the largest market for automobiles globally, and thus, is expected to account for the fastest-growing region for the automotive engine market, in terms of value, over the assessment period. This is attributed to the massive demand for automobiles in the region, consequently leading the demand for advanced automotive engines. Moreover, the region is attracting foreign investments heavily owing to global market players expanding their business reach in region. This trend is expected to impact the automotive industry in Asia Pacific, especially india and china, and is expected to drive the market exponentially over the forecast period.
The key players identified by MRFR in the global automotive engine market include Fiat S.PA. (Italy), Ford Motor Company (USA), AB Volvo (Sweden), Cummins Inc. (USA), General Motors (USA), Honda (Japan), Mitsubishi Heavy Industries (Japan), Scania AB (Sweden), Hyundai Motor Company (South Korea), and Volkswagen Group (Germany).
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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