Automotive Engine Industry Report 2024: Electrification and Hybridization, and Downsizing and Turbocharging are Emerging Key Trends - Market Size, Share, Opportunities, & Forecasts to 2028
DUBLIN, March 6, 2024 -- The "Automotive Engine Market - Global Industry Size, Share, Trends, Opportunity, & Forecast 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Engine market was valued at USD 94 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.48% through 2028, reaching USD 130.63 billion
The automotive engine market is driven by several factors, including regulatory mandates, consumer preferences, and technological advancements in engine design and efficiency. Regulatory requirements related to emissions standards, fuel economy targets, and vehicle performance criteria drive automakers to invest in advanced engine technologies, such as turbocharging, direct injection, and variable valve timing, to meet compliance and market demand for cleaner, more efficient vehicles.
Consumer preferences for performance, fuel efficiency, and environmental sustainability influence engine choices, prompting automakers to offer a diverse range of engine options to cater to different market segments and customer needs. Technological advancements in engine design, materials, and manufacturing processes enable automakers to improve engine performance, efficiency, and reliability, driving down emissions, fuel consumption, and operating costs throughout the automotive lifecycle.
Challenges facing the automotive engine market include emissions reduction, electrification, and cost pressures. Stricter emissions regulations and consumer demand for cleaner vehicles drive automakers to invest in emissions control technologies, such as exhaust aftertreatment systems and hybrid powertrains, to meet compliance and market expectations for low-emission vehicles. The trend towards electrification, including battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), poses challenges for traditional internal combustion engines, necessitating investments in alternative powertrain technologies and infrastructure to remain competitive in the evolving automotive landscape.
Opportunities for market growth lie in the development of advanced engine technologies, alternative fuels, and hybrid powertrain solutions that offer improved performance, efficiency, and environmental sustainability for automotive applications. Collaborative efforts between automakers, engine suppliers, research institutions, and government agencies facilitate technology innovation, standardization, and scale economies that drive down costs and accelerate the adoption of cleaner, more efficient engines.
Moreover, the transition towards electrification presents opportunities for engine manufacturers to supply hybrid powertrains, range extenders, and other ancillary components for electrified vehicles, leveraging their expertise and capabilities to participate in the evolving automotive ecosystem. Overall, the automotive engine market plays a crucial role in shaping the performance, efficiency, and sustainability of vehicles across different automotive segments.
Key Market Trends
Electrification and Hybridization of Automotive Engines
One of the most profound trends in the automotive engine market is the shift towards electrification and hybridization. This transformation is driven by a global push to reduce greenhouse gas emissions and mitigate the environmental impact of transportation. As a result, automotive manufacturers are investing heavily in electric and hybrid powertrains, which offer enhanced efficiency and reduced carbon footprint compared to traditional internal combustion engines (ICEs). Electric Vehicles (EVs): EVs are becoming increasingly popular as advancements in battery technology allow for longer driving ranges and faster charging times. The increasing adoption of electrified powertrains represents a significant trend in the automotive engine market, with profound implications for the traditional ICE segment.
Downsizing and Turbocharging
In response to stricter emissions standards and the pursuit of improved fuel efficiency, downsizing and turbocharging have become key strategies in the automotive engine market. Downsizing involves reducing the engine's displacement while maintaining or even improving power output. Turbocharging complements this approach by using exhaust gases to drive a turbine that compresses incoming air, resulting in more power from a smaller engine. Smaller engines consume less fuel, and the addition of a turbocharger can provide extra power when needed, reducing the engine's fuel consumption. Smaller engines generate fewer emissions, which is essential for compliance with stringent emissions regulations.
Advanced Materials and Lightweighting
The pursuit of greater fuel efficiency and reduced emissions has led to a trend in the automotive engine market centered around advanced materials and lightweighting. Engine components are being designed and constructed with materials that offer improved strength-to-weight ratios, durability, and thermal efficiency. Lightweight materials such as aluminum and composite alloys are replacing heavier steel components in engine construction.
Aluminum is significantly lighter than traditional cast iron, resulting in weight savings and improved thermal management. Many modern engines feature aluminum components. Carbon fiber-reinforced composites and other advanced materials are increasingly used in engine components, including intake manifolds and valve covers, to reduce weight and improve efficiency.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Automotive Engine Market.
- Cummins Inc.
- Fiat S.PA
- Volkswagen Group
- Ford Motor Company
- Mitsubishi Heavy Industries
- AB Volvo
- General Motors
- Honda
- Hyundai Motor Company
- Scania AB
Report Scope
Automotive Engine Market, By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Medium & Heavy Commercial Vehicles
Automotive Engine Market, By Placement Type:
- In-Line
- V-Type
- W-Type
Automotive Engine Market, By Fuel Type:
- Petrol
- Diesel
- Other Fuels
Automotive Engine Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- Thailand
- South Korea
- Australia
- Europe & CIS
- Germany
- Spain
- France
- Russia
- Italy
- United Kingdom
- Belgium
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Turkey
- Saudi Arabia
- UAE
For more information about this report visit https://www.researchandmarkets.com/r/tn5od0
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