New York, April 05, 2023 (GLOBE NEWSWIRE) -- The Global Crate Engine Market was valued at US$ 20.06 billion in 2022 and is expected to reach US$ 34.24 billion by 2033, growing at a CAGR of 6.1% from 2023 to 2033. The increasing demand for high-performance vehicles, the growing popularity of racing sports, and the rising trend of engine upgrades and replacements are driving the growth of the market.
Crate engines are pre-built, high-performance engines that are sold as a complete package, including all the necessary components, and are ready to be installed in a vehicle. These engines are designed to provide greater power and performance compared to stock engines, making them popular among automotive enthusiasts, racers, and custom car builders.
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The global crate engine market has been steadily growing in recent years, and it is expected to continue to grow in the coming years. The market is primarily driven by the increasing demand for high-performance engines, which are used in a wide range of applications, including racing, drag racing, street performance, and off-road use.
The crate engine market is a rapidly growing industry that provides a complete engine package for vehicles, ranging from muscle cars to trucks. Crate engines are pre-assembled engines that are shipped in a crate and are ready to install. They provide a cost-effective solution for engine replacements and upgrades, and they are popular among automotive enthusiasts and racing professionals.
Crate Engines Market Growth Factors
- Increasing demand for high-performance engines: There is a growing demand for high-performance engines that offer greater power and speed for racing, motorsports, and other applications. Crate engines are designed to meet these needs, and therefore, their popularity is increasing.
- Growing custom car culture: With the rise of the custom car culture, there is a growing demand for engines that can be easily modified and customized. Crate engines offer a great solution as they can be easily installed and modified, allowing car enthusiasts to create their dream cars.
- Cost-effective solution: Crate engines are often a cost-effective solution compared to building an engine from scratch. They come with all the necessary components and are usually pre-tuned, which reduces the need for expensive engine building equipment and tuning software.
- Improved technology: Advancements in engine technology, such as better materials, more efficient combustion, and improved air intake systems, have led to better-performing crate engines. These engines can provide better fuel economy and performance than traditional engines, making them attractive to consumers.
- Easy availability: Crate engines are widely available from a range of manufacturers, making them easily accessible to customers. Additionally, online sales channels have made it easier for consumers to purchase crate engines from anywhere in the world, further boosting the market growth.
- Increased demand for engine replacement: Crate engines are also a popular choice for engine replacement, as they offer a quick and easy solution. With more vehicles on the road, the demand for engine replacement has been steadily increasing, further fueling the growth of the crate engine market.
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Market Segmentation
The market is segmented by engine type, power output, fuel type, and application.
- By engine type, the market is segmented into V6, V8, and others.
- By power output, the market is segmented into low (less than 300 horsepower), medium (300-500 horsepower), and high (more than 500 horsepower).
- By fuel type, the market is segmented into gasoline and diesel.
- By application, the market is segmented into racing, street performance, off-road, and others.
Regional Analysis
North America is the largest market for crate engines, followed by Europe and the Asia Pacific. The United States is the largest market in North America, owing to the presence of a large number of automotive enthusiasts and custom car builders. Europe and the Asia Pacific are expected to show significant growth in the coming years due to the increasing demand for high-performance vehicles in these regions.
Competitive Landscape
The crate engine market is highly competitive, with major players such as Chevrolet, Advance Auto Parts, FCA US LLC (Mopar), Jasper Engines & Transmissions, Dahmer Powertrain Inc., Ford Racing, Blueprint Engines, JEGS High Performance., EDELBROCK, LLC., Custom Crate Engines, ATK High Performance Engines, West Coast Engines, HARLEY-DAVIDSON, Yoshimura R&D of America, Inc., American Honda Motor Co., Inc., among others. These players are adopting various strategies such as mergers and acquisitions, partnerships, and product launches to strengthen their market position and expand their product portfolio.
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Recent Developments
- In January 2022, Ford Performance announced the launch of a new Coyote 5.0L crate engine, which is capable of producing up to 490 horsepower. The engine is designed to provide high-performance capabilities for street performance and racing applications.
- In October 2021, BluePrint Engines announced the launch of a new line of LS7 crate engines, which are designed to provide high-performance capabilities for racing applications. The engines are available in a range of power outputs, from 650 to 800 horsepower.
- In September 2021, Edelbrock LLC announced the acquisition of COMP Performance Group, a leading manufacturer of high-performance automotive components. The acquisition is expected to strengthen Edelbrock's position in the crate engine market.
- In August 2021, Chevrolet Performance announced the launch of a new line of LS427/570 crate engines, which are capable of producing up to 570 horsepower. The engines are designed to provide high-performance capabilities for racing applications.
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