PUBLISHER: Orion Market Research | PRODUCT CODE: 1327617
PUBLISHER: Orion Market Research | PRODUCT CODE: 1327617
Title: Global Automotive Engine Market Size, Share & Trends Analysis Report by Component (Electronic Control Unit (ECU), and Sensors), by Sensor Type (Oxygen Sensor, Temperature Sensor, Position Sensor, Knock Sensor, and Others), by Fuel Type (Gasoline, and Diesel), by Communication Technology (Controller Area Network (CAN), Local Interconnect Network (LIN), Media Oriented Systems Transport (MOST), and Flexray Automotive Communication Bus), and by Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV))Forecast Period (2023-2030).
The global automotive engine market is anticipated to grow at a CAGR of 7.3% during the forecast period (2023-2030). The market growth is attributed to the growing investment initiatives by market players for developing a high-performance and long-range engine. For instance, in March 2022, Harbin DonganAuto Engine Co., Ltd. Announced its 2022 investment strategy. There are two unique investing projects. The first involves constructing a production line for highly efficient long-range engines, that requires changing the machining center, marking machines, tightening machines, gluing machines, and other pieces of machinery. Harbin Dongan Automotive Engine Manufacturing Co., Ltd. (DAE), a division of Harbin Dongan Auto Engine, plans to build the project for a total of CNY 72.33 million. The second project involves cylinder head automatic grinding equipment and cylinder block final cleaning machines, and it is a process capability improvement project. Harbin Dongan Auto Engine plans to invest a total of $3.6 million in this project.
The global automotive engine market is segmented by component, sensor type, fuel type, communication technology, and vehicle type. Based on the Component, the market is sub-segmented into ECUs and Sensors. Based on the sensor type, the market is sub-segmented into oxygen sensors, temperature sensors, position sensors, knock sensors, and others. Based on the fuel type, the market is sub-segmented into gasoline and diesel. Based on communication technology, the market is segmented into CAN, LIN, MOST, and flexray automotive communication bus. Furthermore, based on the vehicle type, the market is sub-segmented into passenger cars, LCV, and HCV. Among the vehicle type the passenger car sub-segment is anticipated to hold a considerable share of the market. The engines' simplicity, low-cost construction, and easy installation make them suitable for a variety of cars, including family hatchbacks and high-end sedans including BMW and Mercedes.
Among the fuel types, the Gasoline sub-segment is expected to hold a considerable share of the global parking management market. The segmental growth is attributed to the increased demand for gasoline, along with the expansion of commercial opportunities by several engines. For instance, in April 2022, Toyota announced 4 of its US manufacturing facilities received a $ 383 million investment to assist the production of its four-cylinder engines, including hybrid electric vehicles. A new four-cylinder production line is planned to be installed at the Toyota Alabama facility in Huntsville, that receives $ 222 million in addition to an expansion of 114,000 square feet to create engines for both combustion and hybrid electric powertrains.
The global automotive engine market is further segmented based on geography, including North America (the US and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and the Rest of Asia), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market across the globe. The regional growth is attributed to the presence of several emerging economies including China and India, among others.
Among all the regions, North America is anticipated to grow at a considerable CAGR over the forecast period. The regional growth is attributed to the growing demand for technological advancements across the region. Regional market players are coming up with new products to cater to the demand for the options that follow the engine in the fuel-free series. For instance, in February 2023, Cummins Inc. launched X10, a fuel-independent series of engine in North America by 2026. As a member of the X engine family, this engine is specifically designed to replace both the L9 and the X12 and has the adaptability to handle both medium- and heavy-duty applications. It can arrive an entire year ahead of schedule and meet US EPA rules for 2027. The diesel version can be made available first, with later introductions of additional types for gaseous fuels. The 10-litre displacement product joins the B6.7 and X15 in Cummins' product lineup and is aimed at consumers in the vocational, transit, pickup and delivery, and regional transport sectors.
The major companies serving the automotive engine market include: Eicher Motors Ltd., STELLANTIS NV, Ford Motor Co., General Motors, Honda Motor Co., Ltd., and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Dongfeng Motor Co. Ltd. collaborated with Dongfeng Cummins Engine Co. Ltd. on a heavy-duty engine R&D and production project in the Hubei Province's Xiangyang National Hi-tech Industry Development Zone.