AUTOMOTIVE ENGINE SUPPLIER MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Automotive Engine Market Analysis:

The automotive engine market holds a valuation of USD 395 billion and is projected to surpass USD 500 billion, exhibiting a compound annual growth rate (CAGR) exceeding 4% during the forecast period.

The COVID-19 pandemic has had a rapid and adverse impact on the globally interconnected automotive industry. Manufacturing plants for automobile engines and components have been forced to close, and showrooms have experienced a significant decline in customer visits due to lockdowns and travel restrictions implemented worldwide.

Nevertheless, the automotive engine market is expected to experience substantial growth in the coming years. This is primarily due to manufacturers’ focus on implementing new technologies such as engine control unit replacements, which aim to extend the average lifespan of vehicles and enhance the longevity of engines. The increasing demand for fuel-efficient and lightweight vehicles is also anticipated to create lucrative opportunities for market players during the forecast period.

Furthermore, as the electrification of vehicle fleets continues to rise, original equipment manufacturers (OEMs) are observed to be shutting down their respective production facilities. For instance, in November 2022, Stellantis announced the closure of its Fiat Powertrain Technologies (FPT) engine plant in Campo Largo, Brazil, as part of its commitment to achieving zero emissions by 2038.

The Asia-Pacific region is expected to remain a significant market for automotive engines throughout the forecasted period. Both North America and the Asia-Pacific regions dominate the global automotive engine market, as stringent environmental regulations are implemented in these regions, including North America, Europe, and the Asia-Pacific region.

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