The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Vehicle Engine And Engine Parts Global Market Report 2024 offers crucial insights into the vehicle engine and engine parts market help businesses analyse and build stronger strategies.

The vehicle engine and engine parts market have witnessed robust growth in recent years, surging from $427.27 billion in 2023 to $458.54 billion in 2024, showcasing a remarkable compound annual growth rate (CAGR) of 7.3%. The roots of this growth in the historic period are embedded in the industrial revolution, the advent of automobile mass production, stringent environmental regulations, and the globalization of automotive manufacturing.

A Roadmap to Continued Expansion

– Forecasted Growth:

The vehicle engine and engine parts market are poised for sustained expansion, with projections indicating a climb to $590.78 billion in 2028, underpinned by a formidable CAGR of 6.5%. Anticipated growth in the forecast period is fueled by transformative factors such as the electrification of vehicles, the rise of autonomous vehicles, emphasis on lightweighting and fuel efficiency, the integration of 5G and connectivity, and a concerted shift towards green energy and hydrogen.

– Dominant Trends:

Major trends shaping the landscape in the forecast period include the adoption of advanced materials, the proliferation of hybrid powertrains, increasing digitalization and IoT integration, the utilization of 3D printing and additive manufacturing, and a growing commitment to the principles of the circular economy.

Driving Forces: Autonomous Vehicle Production

– Autonomous Vehicles on the Rise:

The burgeoning production of autonomous vehicles is anticipated to be a pivotal driver of growth for the vehicle engine and engine parts market. Autonomous vehicles, with their capacity to execute critical activities without human involvement, rely on robust engine and engine parts solutions. Projections suggest a substantial increase in the number of self-driving automobiles on American highways, reaching 3.5 million by 2025 and 4.5 million by 2030. This surge in autonomous vehicle production is a key catalyst for the market’s upward trajectory.

– Key Players:

Major players contributing to the growth of the vehicle engine and engine parts market include industry stalwarts such as Cummins Inc., Toyota Motor Corporation, DENSO Corporation, Volkswagen AG, General Motors Company, and Hyundai Motor Group. These entities play a pivotal role in advancing the capabilities of vehicle engines and parts to meet the evolving demands of the automotive landscape.

Read The Full Vehicle Engine And Engine Parts Market Report Here:
https://www.thebusinessresearchcompany.com/report/vehicle-engine-and-engine-parts-global-market-report

Innovating for Fuel Efficiency

– Enhancing Internal Combustion Engines:

Companies within the vehicle engine and engine parts market are investing significantly in enhancing the fuel efficiency of internal combustion engines. This drive involves the development of engines that deliver enhanced power while improving fuel economy. Innovations such as ‘direct fuel injection’ technology are gaining prominence, offering a fine mist of fuel directly into the cylinder to enhance efficiency. The U.S Department of Energy reports that direct fuel injection can improve engine efficiency by 12%, marking a substantial stride towards sustainability.

– Strategic Acquisition:

In February 2023, LKQ Europe, the continent’s largest vehicle parts and services provider, acquired Rhenoy Group, a prominent Dutch automotive organization. This strategic move empowers LKQ Europe to provide accessible and sustainable mobility across European markets. Rhenoy Group, known for its expertise in treating damage to new, remanufactured, and used parts, aligns seamlessly with LKQ Europe’s commitment to remanufacturing capabilities as part of its European strategy plan.

Market Segmentation: Navigating Complexity

– Comprehensive Segmentation:

The vehicle engine and engine parts market are intricately segmented, providing a nuanced understanding of its diverse components.

1. By Product Type:
   • Vehicle Engines
   • Vehicle Engine Parts
2. By Fuel Type:
   • Gasoline (Petrol)
   • Diesel
   • Gas
   • Other Fuel Types
3. By Placement Type:
   • In-line Engine
   • W Engine and V-Type

Regional Leadership: Asia-Pacific Dominance

In 2023, Asia-Pacific emerged as the largest region in the vehicle engine and engine parts market, underscoring the region’s pivotal role in driving automotive innovation and production.

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The Vehicle Engine And Engine Parts Global Market Report 2024  provides a comprehensive outlook of the vehicle engine and engine parts market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vehicle engine and engine parts market forecast offers a thorough analysis on vehicle engine and engine parts market size, vehicle engine and engine parts market share, prominent players and their strategies.

The Table Of Content For The Vehicle Engine And Engine Parts Market Include:

1. Vehicle Engine And Engine Parts Market Executive Summary
2. Vehicle Engine And Engine Parts Market Segments
3. Vehicle Engine And Engine Parts Market Size And Vehicle Engine And Engine Parts Market Growth Rate
4. Key Vehicle Engine And Engine Parts Market Trends
5. Major Vehicle Engine And Engine Parts Market Drivers
……
25. Key Mergers And Acquisitions In The Vehicle Engine And Engine Parts Market
26. Top Vehicle Engine And Engine Parts Companies
27. Vehicle Engine And Engine Parts Market Opportunities And Strategies
28. Vehicle Engine And Engine Parts Market, Conclusions And Recommendations
29. Appendix

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