Global Automotive Engine Market - Growth, Trends and Forecast (2018 - 2023)
Extensive innovations and prototypes from major automakers & OEMs, coupled with consumer preference for high-performance and fuel-efficient automobiles, are expected to drive the global market for automotive engines at a CAGR of 6.75% by 2023 with Cummins, Fiat, General Motors, Toyota, Volkswagen and Ford Motor Company are the major drivers for the Global Automotive engine market.
Automotive emissions, which accounted for over 25% of the overall greenhouse emissions, rang alarms globally in the past few years. This resulted in regulations requiring the automakers to cut down emissions. Further, EPA, Cop Hengan Climate Council and CAFE standards became more stringent, levying heavy fines on automakers that do not reach the standard mpg levels. Together, these factors forced automakers to develop better automobiles with lesser emissions and better fuel efficiency. This acted as a major propellant for the global automotive engine market. High costs, long durations for R&D of new concepts and economic crises acted as major barriers to market growth. However, on the bright side, growing automotive sector in developing countries, increasing vehicle owing households and advancements in tensile alloys are a few of the major factors opening up new prospects for the automotive engine market.
Engine downsizing trends are on the rise, with automakers developing smaller engines with better fuel injection systems. L4 and V6 engines dominated the automotive engine market by placement type in 2015. Passenger cars are presumed to continue their dominance as the major vehicle type in the market. Gasoline and diesel engines accounted for over 60% of the overall market by fuel type. However, due to fluctuating global oil prices and growing environmental concerns among the public and governments, the market for other engines such as hybrid and Compressed Natural Gas (CNG) is expected to witness a higher growth rate by 2020
The industry in North America and Asia-Pacific regions dominated the global automotive engine market regarding revenue in 2017, with a share of over 40%. With India, Japan and China growing as global automotive hubs, the Asian region is expected to become a significant market for automotive engines during the forecasted period. Germany, with its innovative and technologically advanced automotive industry, is expected to witness a higher CAGR, within European countries. Mexico is on the verge of becoming a major market for automotive engines in the North American region. Japan being the hub of the automobile industry is increasing its presence in the APAC region with Suzuki developing economy fuel engines specifically for the APAC regions.
Mordor market study estimates that regarding geographic regions, APAC will be the major revenue contributor to the market by 2023. The rising per-capita income and the increased purchasing power of consumers have led to the increase in automobile sales. The countries in this region are increasing their spending on infrastructure and industrial development, and this will further increase the demand for both passenger cars and heavy commercial vehicles, in turn driving the growth of the automotive engine market in this region.
Audi, using a new combustion method basing on Miller cycle, has developed a TFSI 4-cylinder engine that the company claims is the most efficient 2-litre gasoline engine in its class. This engine allows surging into the gaps at low speeds in intense traffic situations. Toyota has introduced the FPEF, the Free Piston Engine Linear Generator that operates like a two-stroke engine with direct gasoline injection and electrically operated valves. This prototype from Toyota has a piston that is not attached to a crankshaft, generates a burst of three-phase AC electricity and boasts a thermal efficiency rating of 42% in continuous use.
In electric vehicles, the electric engine is driven by an electric motor. The electric motor is used for the propulsion of the vehicle. In electric engine, battery is used for electric power. Electric power is supplied to the electric motor. Motor helps to convert that electric power into the mechanical output, which is supplied to the axle of electric vehicle.
Rising demand for electric vehicles and the increasing efforts being undertaken by OEMs as well as governments of various nations to develop and implement electric vehicles on the road are expected to drive the automotive electric engine market during the forecast period. Stringent rules and regulations implemented by the governments of various countries across the world in order to reduce vehicular emissions is anticipated to further boost the automotive electric engine market in the near future. Suzuki has partnered with Toyota to manufacture electronic engine which will be used to manufacture electronic cars in 2020.
During 2016, the in-line engine market segment accounted for the major shares of this market. Since the downsizing of engines increases the efficiency and turbocharging helps in generating more power, the key vendors are already focusing on implementing downsized engines for better performance. According to this industry research report, this segment will continue to account for the major shares of the automobile engine market throughout the next four years
Major Players: CUMMINS, FIAT, GENERAL MOTORS, TOYOTA, VOLKSWAGEN, FORD MOTOR COMPANY, amongst other
Reasons to Purchase This Report
Provides latest insights into the Global Automotive Engine Market.
Gives a detailed analysis of key competitors in the Global Automotive Engine Market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
Detailed analysis on the region that is expected to witness the highest growth.
Identify the latest developments, market shares, and strategies employed by the major market players.
Three months analyst support, along with the Market Estimate Sheet (in excel).
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