The market value for Engine Market was USD 7.49 billion in 2022 and is expected to reach USD 13.77 billion in 2032 growing at a CAGR of 25% during the forecast period. The desire for fuel-efficient automobiles, the increased focus on decreasing vehicle emissions, and the growing popularity of electric and Hybrid Vehicles are the main factors propelling the market’s expansion.
The rising demand for fuel-efficient cars is one of the main drivers propelling the Engine market’s expansion. The car industry is continually working to create more effective engines that can give consumers improved fuel economy. This is so that users may save money on fuel costs while simultaneously lessening the carbon footprint of the automobiles, which is made possible by fuel-efficient engines. As a result, cutting-edge engine technologies including variable valve timing, direct injection, and turbocharging have been created.
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The increasing focus on lowering vehicle emissions is another factor boosting the Engine market. There is an increasing need to reduce automobile emissions as people throughout the world become more ecologically concerned. As a result, engines that generate fewer pollutants such nitrogen oxides, particulate matter, and carbon monoxide have been developed. The desire for cleaner and more efficient engines has surged as a result of governments all over the world implementing stricter emission rules.
The market for Engines is expanding as a result of the growing popularity of electric and hybrid vehicles. While hybrid vehicles still need engines to operate, electric vehicles do not need conventional internal combustion engines. Due to the rising popularity of hybrid vehicles, cutting-edge engine technologies have been created that can be used in conjunction with electric motors to improve fuel efficiency and lower pollution.
Also, there is a growing need for lighter, smaller, and more powerful engines in the Engine sector. As a result, cutting-edge materials and manufacturing techniques have been created that can assist engines be smaller and lighter while yet producing large amounts of power. Advanced noise reduction methods have also been developed as a result of the increased need for engines that are quieter and more tuned.
- General Motors
- Ford Motor Company
- BMW AG
- Toyota Motor Corporation
- Honda Motor Co., Ltd.
- Volkswagen AG
- Daimler AG
- Renault-Nissan-Mitsubishi Alliance
- Hyundai Motor Company
- PSA Group
The global market is further segmented into type and application:
|By Engine Type Outlook||
|By Fuel Type Outlook||
|By Vehicle Type Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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