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Home ➤ Automotive and Transportation ➤ Automotive components ➤ Automotive Engine Market
Automotive Engine Market
Automotive Engine Market
Published date: May 2023 • Formats:
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  • Home ➤ Automotive and Transportation ➤ Automotive components ➤ Automotive Engine Market

Global Automotive Engine Market By Placement Type (In-line Engine, V-type Engine, and W Engine), By Fuel Type, By Vehicle Type, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: May 2023
  • Report ID: 39912
  • Number of Pages: 275
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Sample
  • Quick Navigation

    • Report Overview
    • Driving Factors
    • Restraining Factors
    • COVID-19 Impact Analysis
    • By Placement Type Analysis
    • by Fuel Type Analysis
    • By Vehicle Type Analysis
    • Key Market Segments:
    • Growth Opportunity
    • Latest Trends
    • Regional Analysis
    • Market Share & Key Players Analysis:
    • Market Key Players:
    • Recent Developments:
    • Report Scope:

    Report Overview

    The global automotive engine market size was valued to be worth USD 96.8 billion in 2022. From 2023 to 2032, it is estimated to reach USD 124.3 billion growing at a CAGR of 2.6%.

    The automotive engine market refers to the industries that manufacture the internal combustion engines (ICEs) and powertrain components that are used in vehicles such as trucks, buses, and motorcycles. This market contains a wide variety of engine types. The demand for automotive engines directly depends on the production of automobiles, as the engine is considered the ‘heart’ of the automobile.

    It converts the heat energy produced by the combustion of fuel into mechanical work. Modern-day vehicles are equipped with Internal Combustion Engine (ICEs). The automotive engine has a high power-to-weight ratio as compared to stationary and traditional engines. Increasing sales of passenger cars and riding disposable income are expected to drive the market during the forecast period.

    automotive engine market

    Driving Factors

    Technological Advancements in Automotive Engines

    The increasing sales of commercial vehicles and passenger and increasing demand for pollution-free cars in emerging economies are driving the market growth. The automotive industry is evolving worldwide due to developments in new engine technologies such as hydrogen engines, Variable Displacement Engines (VDEs), Variable valve technology (VVT), and hybrid engines. The increasing sale of sports cars such as the Toyota GR86, Mazda MX-5, BMW M3/M4, and Porsche 911, which uses V8, V10, and V12 engines, fueling the growth of the automotive engine market.

    The increased need for advanced engines and greater fuel efficiency to reduce vehicle emissions forced manufacturers to produce pollution-free engines. The technological advancements in automotive engines, such as Hydrogen IC engines, direct injection, variable valve timing, and turbocharging, are driving the market growth. The increasing use of direct injection technologies in petrol engines helps in improving fuel economy for modern vehicles as it is a more precise method of injecting fuel, fueling the market growth. Worldwide logistics and on-road transportation activities are increasing, pushing the sales of heavy-duty vehicles such as trucks.

    Restraining Factors

    Increasing Demand for EVs

    Petrol and diesel automotive engines emit hazardous gases such as carbon dioxide and carbon monoxide, which have a negative impact on the environment and cause air pollution. Due to increasing government regulations on the emission of gases, consumers are shifting towards electric vehicles, which is a key factor that has a negative impact on market growth. These are some major factors affecting the market expansion.

    COVID-19 Impact Analysis

    The COVID-19 pandemic resulted in lockdown restrictions in all countries and led to disruption in manufacturing and supply chains. This resulted in a sudden decrease in the revenue share of the global automotive engine market. The production capacity of companies was reduced during the COVID-19 pandemic due to a lack of workforce. The pandemic resulted in a shortage of important engine components such as microchips and semiconductors, thus causing delays in the production and supply of engines.

     

    By Placement Type Analysis

    The In-Line Engine Segment is Dominant in the Market, with Largest Market Revenue Share

    Based on placement type, the automotive engine market is segmented into the in-line engine, v-type engine, and w-engine. The In-line placement engine segment was dominant in the market, with the largest market revenue share of 46% in 2022. The in-line placement, also known as straight engines, has all cylinders aligned in one row along the crankshaft with no offset. Engine placement is one of the most important factors in car design. Engine placement affects the cabin space, weight distribution, handling, and cooling requirements of the car. The modern car’s engine is manufactured with a front-engine layout. The in-line placement is used in near about all cars because it is the most practical, and the front-mounted engine is easy to work on and assemble in the factory.

    This type of engine is most common in passenger cars. The family cars such as BMW and Mercedes use such kinds of engines due to their easy and cost-effective manufacturing with an easy installation process. In-line type of engines is lightweight due to their compact designs and cost-effective due to their low maintenance costs. The W-engine segment is expected to grow at the fastest CAGR during the forecast period. The demand for W-engines is expected to increase in heavy-duty vehicles because they take less space and produce greater power. The V-engines are mostly used in high-performance cars such as Alfa Romeo, Ferrari, and Mercedes Benz.

    by Fuel Type Analysis

    The Gasoline Type Segment is Dominant in the Market

    By fuel type, the automotive engine market is segmented into gasoline, diesel, and other fuel types. The gasoline segment was dominant in the market, with the largest market revenue share of 37% in 2022. Gasoline engines are cheaper and deliver more power as compared to diesel engines. Gasoline is more refined than diesel which makes it thinner in density and more volatile. Thus in practical use, gasoline burns faster, which allows it to produce more horsepower. The demand for gasoline engines in passenger vehicles is increasing due to their significant advantages, such as efficiency, lightweight, and cost-effectiveness.

    The gasoline engines are less noisy, thus helping in reducing noise pollution. The Diesel segment is expected to grow at the fastest CAGR during the forecast period. Diesel engines have great demand in heavy-duty vehicles. Diesel is a richer source of usable energy than gasoline. Diesel engines are more efficient than petrol engines and emit less CO2, which makes them better for the environment. Diesel engines produce more torque as compared to petrol engines which makes them ideal engines for heavy-duty vehicles.

    automotive engine market by type

    By Vehicle Type Analysis

    The Passenger Vehicles Segment is Dominant in the Market

    Based on vehicle type, the automotive engine market is classified into passenger vehicles, light commercial vehicles (LCVs), and Heavy Commercial Vehicles (HCVs). The passenger cars segment was dominant in the market, with the largest market revenue share of 64% in 2022. The growth of the segment is propelled by rising individual buying power across the world. The Original Equipment Manufacturer (OEMs) are developing various engines based on different kinds of passenger cars, driving the growth of this segment. With the increasing presence of international automobile manufacturers and rising consumer purchasing power, the demand for passenger cars is increasing. Deployment of advanced engines in passenger cars propelling the segment’s growth. The commercial vehicle segment is expected to grow at the fastest CAGR during the forecast period. The increasing demand for trucks due to increased logistics and transportation activities is driving the sales of heavy-duty vehicles.

    Key Market Segments:

    By Placement Type

    • In-line Engine
    • V-type Engine
    • W Engine

    By Fuel Type

    • Gasoline
    • Diesel
    • Other Fuel Types

    By Vehicle Type

    • Passenger Vehicles
    • Light Commercial Vehicles (LCV
    • Heavy Commercial Vehicles (HCV)

    Growth Opportunity

    Increasing Demand for Fuel-Efficient Vehicles

    The increasing trends toward hybrid engines are expected to drive the market in the forecast period. The demand for passenger cars is increasing due to rising consumer buying power. The manufacturers in the automotive engine industry are focusing on the production of fuel-efficient engines with low emissions. Consumers prefer lightweight vehicles. Thus, the companies are focusing on lightweight engine components that are cost-effective, good quality, and highly durable. The emergence of additive manufacturing, such as 3D printing, to produce high-quality engine components is expected to create lucrative market opportunities.

    Latest Trends

    The Emergence of Logistics & Transportation Services

    The logistics and on-road transportation activities are increasing due to the increasing number of logistics industries. Thus, the demand for heavy-duty vehicles is increasing. The trend towards electrification is increasing due to increasing greenhouse gases and strict government regulations on emissions. The key players in the automotive industry are investing more in advanced materials such as high-strength steel and aluminum alloys to improve engine efficiency, performance, and durability.  These are some key market trends currently observed in the global automotive engine market.

    Regional Analysis

    North America Region is Dominant in the Market with Largest Market Revenue Share

    North America was dominant in the market, with the largest market share of 35% in 2022. The growth of the region is propelled by the presence of major key companies in the automotive engines market, such as General Motors, Ford, and Chrysler. The United States has the widest road network in the world; thus, the on-road transport activities are more in the region, driving the need for heavy-duty vehicles in transportation activities. The increasing sales of passenger cars and increasing demand for luxury vehicles due to rising consumer buying power in developed countries such as the United States, Canada, and Mexico are driving the market growth.

    Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the presence of major manufacturers in the automotive industry, such as Toyota, Honda, and Hyundai, in the region. The increasing sale of passenger cars in emerging economies such as Japan, China, and South Korea is expected to drive the market during the forecast period.

    automotive engine market regional analysis

    Key Regions and Countries Covered in this Report:

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirateso
      • Rest of MEA

    Market Share & Key Players Analysis:

    Major players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several key players are adopting market strategies such as merging, acquisition, collaboration, and competitive pricing to obtain a competitive edge in the market. The major key players in the automotive engine market include AB Volvo, Cummins Inc., Fiat Automobiles S.p.A, Volkswagen AG, Ford Motor Co., Mitsubishi Heavy Industries, Ltd., General Motors, Honda Motor Co., Ltd., Mercedes-Benz, Renault Group, Toyota Motor Corporation, Honda Motor Co., Ltd, Hyundai Motor Company, Scania AB, Toyota Motor Corp., and Other Key Players

    Listed below are some of the most prominent key players in the automotive engine market

    Market Key Players:

    • AB Volvo
    • Cummins Inc.
    • Fiat Automobiles S.p.A
    • Volkswagen AG
    • Ford Motor Co.
    • Mitsubishi Heavy Industries, Ltd.
    • General Motors
    • Honda Motor Co., Ltd.
    • Mercedes-Benz
    • Renault Group
    • Toyota Motor Corporation
    • Honda Motor Co., Ltd
    • Hyundai Motor Company
    • Scania AB
    • Toyota Motor Corp.
    • Other Key Players

    Recent Developments:

    • On 28 January 2021, General Motors announced that it would end production and sales of fossil-fuel vehicles9including hybrid and plug-in hybrid) by 2035 as a plan for its carbon neutrality.
    • On 2 April 2020, BYD and Toyota announced a new joint venture between two companies called BYD Toyota EV Technology Co. Ltd. with the aim of developing BEV.

    Report Scope:

    Report FeaturesDescription
    Market Value (2022)USD 96.8 Bn
    Forecast Revenue (2032)USD 124.3 Bn
    CAGR (2023-2032)2.6%
    Base Year for Estimation2022
    Historic Period2016-2022
    Forecast Period2023-2032
    Report CoverageRevenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments CoveredBy Placement Type- In-line Engine, V-type Engine, W Engine; By Fuel Type- Gasoline, Diesel, and Other; By Fuel Types- By Vehicle Type- Passenger Vehicles, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV)
    Regional AnalysisNorth America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive LandscapeAB Volvo, Cummins Inc., Fiat Automobiles S.p.A, Volkswagen AG, Ford Motor Co., Mitsubishi Heavy Industries, Ltd., General Motors, Honda Motor Co., Ltd., Mercedes-Benz, Renault Group, Toyota Motor Corporation, Honda Motor Co., Ltd, Hyundai Motor Company, Scania AB, Toyota Motor Corp., and Other Key Players
    Customization ScopeCustomization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase OptionsWe have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    Automotive Engine Market
    Automotive Engine Market
    Published date: May 2023
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    • AB Volvo
    • Cummins Inc.
    • Fiat Automobiles S.p.A
    • Volkswagen AG
    • Ford Motor Co.
    • Mitsubishi Heavy Industries, Ltd.
    • General Motors
    • Honda Motor Co., Ltd.
    • Mercedes-Benz
    • Renault Group
    • Toyota Motor Corporation
    • Honda Motor Co., Ltd
    • Hyundai Motor Company
    • Scania AB
    • Toyota Motor Corp.
    • Other Key Players
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