The Business Research Company’s Vehicle Engine And Engine Parts Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The global vehicle engine and engine parts market reached a value of nearly $240.2 billion in 2019, having grown at a compound annual growth rate (CAGR) of 7.92% since 2015, and is expected to grow at a CAGR of 8.92% to nearly $338.1 billion by 2023.
The vehicle engine and engine parts market consist of the sales of motor vehicle engine and engine parts and related services used in bikes, passenger cars, racing cars, commercial vehicles, marine, agricultural equipment and earth-moving equipment. The engine parts consist of an engine cylinder head, engine cylinder block, alternator, A/c compressor, power steering pump, flywheel, clutch assembly, clutch housing and transmission. The vehicle engine and engine parts market does not include engines for electric vehicles.
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The vehicle engine and engine parts market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the vehicle engine and engine parts market in 2019.
The vehicle engine and engine parts covered in this report is segmented by product type into vehicle engines and vehicle engine parts and by fuel type into gasoline (petrol), diesel, gas and others.
The growth for the vehicle engine and engine parts market is restricted by the growing popularity of the electric vehicles all over the world. These battery-operated cars are not only easier to maintain but also does not contribute towards the air pollution. The popularity of electric car market is backed up by several government initiatives such as in Norway, the drivers of zero emissions cars are not only exempted from road tax but also exempted from 25% VAT on sales, reduced road and ferry tolls and parking costs, and access to bus lanes.
Major players in the market are Cummins, Toyota Motor, DENSO Corporation, Delphi Automotive PLC , Federal Mogul Corporation, MAHLE GmbH, BMW AG, General Motors, Volkswagen AG and Fiat Automobiles SpA.
1) By Product Type: Vehicle Engines; Vehicle Engine Parts 2) By Fuel Type: Gasoline (Petrol); Diesel; Gas; Others
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