Wilmington, Delaware, United States, Sept. 08, 2023 (GLOBE NEWSWIRE) — The global market for engine components was estimated to have acquired US$ 7.1 billion in 2021. It is anticipated to register a 1.4% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 8.1 billion.
It is projected that increased and expanded trade agreements among nations would present new economic prospects for major engine component manufacturers during the forecast period.
The growing concern among environmentalists along with government officials about reducing car emissions to meet international regulations and norms is favorably influencing the growth of the engine components market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 7.1 Bn | |
| Estimated Value | US$ 8.1 Bn | |
| Growth Rate – CAGR | 1.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 280 Pages | |
| Market Segmentation | Components, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | AcDelco, AmTech International, ASPPICE ENGINEERING, BLE products, Burgess-Norton Mfg. Co. Inc., Decora Auto Forge Pvt. Ltd., DNJ Engine Components, DREWCO Corporation, Eaton, EFC International, Federal-Mogul, GT Technologies, Hangzhou Heng Ji Trading Co., Ltd., Indo Schottle Pvt. Ltd., TW Automotive, Kent Automotive, LISI Automotive, LuK GmbH & Co. KG, MISUMI Group Inc., Nanjing Superior Machine & Parts Co., Nittan Valve Co., Ltd., PIOLAX, Inc., Pratt Burnerd America, Rane Group, Schaeffler Technologies AG & Co., Smit Auto Industries, SSV Technocrates, Young shin Automotive, Other Key Players | |
Key Findings of the Market Report
- The need for agricultural harvesters, tractors, and cultivators among other mechanical farming equipment is anticipated to rise as mechanization in the agriculture sector increases.
- Mining machinery and off-road vehicles are becoming increasingly necessary due to the increase in mining operations across the world.
- Diesel or gasoline engines are used to power these pieces of machinery.
- The global market for engine components is being driven by an increase in demand for off-highway engines.
Market Trends for Engine Components
- The screw cap assembly now commands a sizable portion of the market and is anticipated to keep dominating it for the foreseeable future. The extensive usage in demanding applications, such as under extremely high dynamic loads and pressure conditions, is mostly to blame for this. Global demand for screw cap assemblies has increased due to the presence of several industries and rising car production volumes.
- Vehicle manufacturers are using cutting-edge and energy-efficient engines to increase the efficiency of the vehicle engine as a result of the implementation of strict emission requirements throughout areas. Another important factor driving the growth of the engine components market is the need for vehicles along with the expansion of the automotive industry.
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Engine Components Market Regional Outlook
Various reasons are propelling the growth of the engine components market in different regions. These are:
- Asia Pacific is predicted to dominate the global market for engine components since the area produces more cars than any other on earth and has the largest per capita vehicle usage. A significant portion of the engine components produced in India and China are exported to the Middle East as well as Europe, fueling the Asia Pacific region’s manufacturing industry.
- For engine parts, North America is a very alluring market. This is explained by a highly established industry for the engineering, production, services, and modification of engine parts. The region’s large market share is also attributed to the presence of important component and automakers.
Global Engine Components Market: Key Players
Established and recent joint venture businesses control the global engine components market. Key organizations have the opportunity to boost worldwide commerce by embracing modern technology and utilising lightweight materials. Key businesses are, however, strengthening their positions through partnerships, mergers, and acquisitions as well as by emphasizing the diversification of their product lines.
The following companies are well-known participants in the global engine components market:
- AcDelco
- AmTech International
- ASPPICE ENGINEERING
- BLE products
- Burgess-Norton Mfg. Co. Inc.
- Decora Auto Forge Pvt. Ltd.
- DNJ Engine Components
- DREWCO Corporation
- Eaton
- EFC International
- Federal-Mogul
- GT Technologies
- Hangzhou Heng Ji Trading Co., Ltd.
- Indo Schottle Pvt. Ltd.
- TW Automotive
- Kent Automotive
- LISI Automotive
- LuK GmbH & Co. KG
- MISUMI Group Inc.
- Nanjing Superior Machine & Parts Co.
- Nittan Valve Co., Ltd.
- PIOLAX, Inc.
- Pratt Burnerd America, Rane Group
- Schaeffler Technologies AG & Co.
- Smit Auto Industries
- SSV Technocrates
- Young shin Automotive
- Other Key Players
Key developments in the global market for engine components market are:
- The first CVVD technology was created by Hyundai Motor Group in July 2019 and would be used in next Kia and Hyundai automobiles. This CVVD is environmentally friendly and maximizes both fuel economy and engine performance. According to the driving circumstances, the valve control technology regulates the length of valve shutting and opening, which contributes to a 5% increase in fuel efficiency and a 4% increase in performance.
- Manufacturers of electric cars sold almost 17 million vehicles between 2107 and 2022, and they anticipate tremendous growth in the ensuing several years. By 2030, there should be 145 million electric vehicles on the road.
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Global Engine Components Market Segmentation
- Components
- Valve tappet/ Roller Tappet
- Screw Cap Assembly
- Collet/ Cotter
- Retainer
- Application
- Automotive
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Buses & Coaches
- Two-wheelers
- Agriculture
- Tractors
- Agriculture Equipment
- Automotive
- Construction & Mining Equipment
- Excavators
- Loaders
- Dumpers
- Bulldozers
- Motor graders
- Road rollers
- Mixer trucks
- Dump Trucks
- Crushers
- Underground mining equipment
- Others Concrete Equipment
- Marine
- Commercial Vessel
- Offshore Support Vessel
- Stationary Engines
- Utilities/ Power Suppliers
- Healthcare
- Commercial
- Oil & Gas
- Manufacturing
- Telecommunications and Data Centers
- Rolling Stock Diesel Engine
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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