Market Size of Automotive Engine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | > 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Engine Market Analysis
The Automotive Engine Market is expected to register a CAGR of greater than 4% during the forecast period.
The market is valued at USD 395 billion and is expected to reach over USD 500 billion.
The COVID-19 pandemic had a swift and negative impact on the globally integrated automotive industry. Automobile engine and component manufacturing plants have been shut down, and consumer footfalls in showrooms have fallen sharply because of lockdowns and travel restrictions worldwide.
However, the automotive engine market is expected to witness significant growth during the forecast period, as manufacturers are focusing on new technologies like the replacement of engine control units to increase the average life of vehicles, thereby improving the lifecycle of engines. The growing demand for fuel-efficient and lightweight vehicles will likely create lucrative opportunities for players in the market during the forecast period.
Moreover, with the rising electrification of the fleet, OEMs are seen closing down their respective production bases. For instance, In November 2022, Stellantis announced the closure of its Fiat Powertrain Technologies (FPT) engine plant in Campo Largo, Brazil. It came after the company aimed to achieve zero emissions by 2038.
The Asia-Pacific region is anticipated to continue as a significant market for automotive engines throughout the forecasted period. Both North America and Asia-Pacific regions dominate the global automotive engine market as several environmental norms are employed in North America, Europe, and Asia-Pacific.
