Global Automotive Engine Market Report Size, Trends & Growth Opportunity, By Placement Type (In-line Engine, V-type Engine, W Engine), By Duty Type (Light Duty, Medium Duty, Light Heavy Duty), By Fuel Type (Gasoline, Diesel), By Vehicle Class (Class 1; <

Global Automotive Engine Market Report Size, Trends & Growth Opportunity, By Placement Type (In-line Engine, V-type Engine, W Engine), By Duty Type (Light Duty, Medium Duty, Light Heavy Duty), By Fuel Type (Gasoline, Diesel), By Vehicle Class (Class 1; < 6,000 lbs, Class 2; < 6,001 - 10,000 lbs, Class 3; 10,001 - 14,000 lbs, Class 4; 14,001 - 16,000 lbs, Class 5; 16,001 - 19,500 lbs, Class 6; 19,501 - 26000 lbs), By Vehicle Type (Passengers Car, Commercial Vehicle), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) And Forecast Till 2027.

Global Automotive Engine Market

Global Automotive Engine was valued at US$ 1.16 billion in 2021, estimated to reach US$ 1.40 billion in 2027, with a CAGR 8.0% from 2022-2027.

One of the most important components of any vehicle is engine and so Automotive engines are the vehicle's powerhouse, also called the central heart. These engines are usually offered as petrol and diesel engine, that uses heat energy produced throughout the combustion to provide mechanical output to the drive shaft.

Market Drivers

The rising demand for the automotive engine is directly dependent on automotive production. Hence, the increasing sales of passenger cars & commercial vehicles and emerging economies are driving the demand in the automotive engine market.

One of the other key factors driving the growth of the market is the development of new engine technologies such as variable displacement engines & hybrids engines which deliver high performance and fuel efficiency.

Also, strict government regulations are forcing to reduce carbon emission from vehicles and thus improved vehicle performance. The development of hydrogen engines as an alternative to fossil-fuel-powered engines is creating new growth trends in the automotive engine market.

The demand for fuel-efficient & lightweight vehicles and rising demand for technologically advanced powered engines for improved vehicle performance are driving the market growth.

Manufacturers are focusing on innovative technologies such as engine control unit replacement to extend the average life of automobiles that drive the demand for an automotive engine.

Market Restraints

There are growing concerns related to fossil fuel emissions on the environment that have prompted the manufacturers to explore other environment-friendly options, such as electric vehicles (EVs). EVs operate on batteries rather than engines; EVs are cost-effective & create low emissions. Thus, the demand for EVs is a major restrain for the market growth.

Rapid development of new technologies requires hefty investments in R&D. In each stage of R&D, many specifications of the technology are tested & re-tested before an outcome. Thus, the heavy investment in developing a new breed of engines takes a considerable amount of time which restrains the growth of the automotive engines market.

The expansion of the automotive engine industry is fueled by the development of new engine technologies. These technologies costs heavy and are expensive. Hence expensive technical know-how restrains the automotive engines market in forecasted period.

Market Segmentation

Automotive Engine Market is segmented into major 4 categories. Based on Placement Type, the market is segmented into In-line Engine, V-type Engine, W Engine. Based on Duty Type, the market is divided into Light Duty, Medium Duty, Light Heavy Duty. Based on Fuel Type, the market is segmented into Gasoline, Diesel. Based on Vehicle Class, the market is segmented into Class 1; < 6,000 lbs, Class 2; < 6,001 - 10,000 lbs, Class 3; 10,001 - 14,000 lbs, Class 4; 14,001 - 16,000 lbs, Class 5; 16,001 - 19,500 lbs, Class 6; 19,501 - 26000 lbs. Based on Vehicle Type, the market is segmented into Passengers Car, Commercial Vehicle. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.

Regional Analysis

Asia Pacific region dominates the Automotive Engine market across the world with CAGR 2.95% owing to the fast expansion of the APAC region's automotive sector, like China, India, and Japan, OEMs have been focused on creating technologically sophisticated powered engines to obtain high torque and efficiency.

North America occupied the second-highest market portion after the Asia Pacific and is anticipated to grow at a significant CAGR throughout the forecast period as the growth in the market is majorly driven by of existence of long-established original equipment manufacturers, providing a firm foundation for the region's robust development and expansion of the market.

The Europe is anticipated to witness substantial growth in forecast time due to the existence of long-established original equipment manufacturers, which offer a solid foundation for the region's automotive engine market's robust development and expansion

Market Key Players

Some of the key players operating in Global Automotive Engine Market are AB Volvo, Cummins Inc., Fiat Automobiles S.p.A, Volkswagen AG, Ford Motor Company, Mitsubishi Heavy Industries, Ltd., General Motors, Honda Motor Co., Ltd., Mercedes-Benz, Renault Group, Stellantis (Chrysler).

Industry development

In May 2022, Mercedes-Benz had entered into partnership with Sila, a next-gen battery materials company, to feature Sila’s silicon anode chemistry in batteries as an option in the upcoming electric Mercedes-Benz G-Class.

In August 2022, Stellantis had invested a total of UDD $99 million in 3 North American plants for production of a new four-cylinder turbocharged engine. The new engine is a 1.6-liter, I-4 turbocharged unit with direct fuel injection & flexibility for HEV applications.

In July 2022, Ford launched America’s 1st electric pickup truck purpose-built for police: 2023 FORD F-150 LIGHTNING PRO Special Service Vehicle.