The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The motor vehicle engine, power train & parts market has witnessed substantial growth, surging from $844.94 billion in 2023 to an estimated $913.47 billion in 2024. This impressive expansion is underpinned by a robust Compound Annual Growth Rate (CAGR) of 8.1%, with economic conditions, regulatory environment, consumer preferences, and global trade playing pivotal roles in shaping its historic trajectory.

On the Horizon: A Promising Future

The market is poised for continued growth, with projections indicating a climb to $1,216.03 billion by 2028 at a CAGR of 7.4%. The anticipated surge in the forecast period is attributed to key factors like electrification, sustainability, emissions reduction, connectivity and IoT, urbanization, and the evolving landscape of mobility services.

Engine, Power Train & Parts Market Report Here:
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Economic Stability Fuels Market Expansion

Global Economic Outlook:

• The motor vehicle engine, power train, and parts market benefit from a stable economic outlook across many developed and developing nations.
• The International Monetary Fund (IMF) forecasts global GDP growth at 3.3% in 2020 and 3.4% in 2021, indicating favorable economic conditions.

Commodity Price Recovery:

• Recovering commodity prices, post a significant historical decline, further contribute to the positive growth outlook.
• Stable growth in developed economies and slightly faster growth in emerging markets are expected during the forecast period.

Investment Boost:

• Stable economic growth encourages increased investments in end-user markets, acting as a driving force for the motor vehicle engine, power train & parts market.

Market Players:

• Key companies driving the market include EXOR Group, Robert Bosch GmbH, Toyota Motor Corp, Continental AG, and others.

Hybrid Powertrains: A Beacon of Innovation

Focus on Innovation:

• Major market players are channeling efforts into innovative products to cater to evolving consumer needs.
• A notable example is the adoption of Hybrid Powertrains to enhance efficiency and meet environmental standards.

Toyota’s Hybrid Max Powertrain:

• In July 2022, Toyota Motor Sales, U.S.A., Inc. launched the Toyota Crown with New Hybrid Max Powertrain.
• The HYBRID MAX powertrain integrates a 2.4-liter turbocharged engine with a direct shift 6-speed automatic gearbox, delivering 340 net horsepower and an estimated 28 MPG composite city/highway fuel economy rating.

Market Dynamics: Segmentation and Regional Dominance

Segmentation:

• The market is segmented by type (Vehicle Engine And Engine Parts, Power Train And Power Train Parts), application (Passenger Vehicle, Commercial Vehicle), and end use (OEM, Aftermarket).

Regional Powerhouse:

• Asia-Pacific emerged as the largest region in the motor vehicle engine, power trains, & parts market in 2023.
• The region’s robust automotive industry and economic dynamics contribute significantly to market dominance.

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The Motor Vehicle Engine, Power Train & Parts Global Market Report 2023 provides an overviewof the motor vehicle engine, power train & parts market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The motor vehicle engine, power train & parts market forecast analyzesmotor vehicle engine, power train & partsmarket size, motor vehicle engine, power train & parts market share,leading competitor and their market positions.

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