Rockville, MD, Nov. 25, 2024 (GLOBE NEWSWIRE) -- According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, the global automobile engine & part manufacturing market is estimated to reach a size of US$ 410.21 billion in 2024 and is further forecasted to expand at a noteworthy CAGR of 8.3% from 2024 to 2034.
Prominent automotive engine and part manufacturing companies are investing in the development of specialized components, including electric motors, batteries, controllers, and others because electric vehicles (EVs) are becoming more popular. Because of this trend, automakers are focusing on developing and growing their production of electric powertrains.
As electric and hybrid vehicles are gaining popularity, there is an increasing demand for advanced battery systems, efficient drivetrains, and related components. To maintain the future of environment-friendly transportation, this trend is pushing the creation of a specialized supply chain for electric and hybrid vehicle components.
The North American region holds a substantial global market share due to the strong emphasis on modern engine technologies, particularly in the United States, and the growing popularity of electric cars. Government incentives for electric vehicles and the presence of a strong supply chain are further supporting market growth in the region.
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Key Takeaways from Market Study
- Turnover of the worldwide market for automobile engines & parts manufacturing is forecasted to reach a value of US$ 912.97 billion by 2034.
- The North American region is estimated to generate revenue worth US$ 81.66 billion in 2024.
- East Asia is approximated to register a turnover of 88 billion by 2034-end.
- The United States is approximated to reach a valuation of 2 billion in 2024.
- The market in Japan is evaluated to expand at 9% CAGR through 2034.
- In East Asia, China is projected to achieve a size of US$ 171.27 billion by the end of 2034.
- Based on product and service, demand for motor vehicle engines is forecasted to reach US$ 283.14 billion in 2024.
“Key companies are focusing on high-demand fields, including lightweight materials, turbocharging, electric and hybrid engine components, and others to satisfy the growing demand for vehicles that are both environment-friendly and fuel-efficient,” says a Fact.MR analyst
Leading Players Driving Innovation in the Automobile Engine & Part Manufacturing Market
Key players in the automobile engine & part manufacturing market are Cummins Inc., General Motors, Ford Motor Company, Toyota Motor Corporation, Honda Motor Co., Volkswagen Group, Fiat Chrysler Automobiles (Stellantis), Hyundai Motor Company, Daimler AG, Nissan Motor Co., BMW AG, Magna International Inc.
Original Equipment Manufacturers Analyzed to Hold Leading Position
Due to their critical role in the development of new vehicles, original equipment manufacturers (OEMs) hold a significant share of the global market. As OEMs design and manufacture vehicles, a steady supply of premium engines and parts that meet stringent requirements is necessary. As the automobile industry is evolving with technological advancements, such as electric and hybrid vehicles, OEMs are at the forefront of innovation, making significant R&D investments to enhance performance and sustainability.
Stability and reliability in manufacturing are also ensured by strong relationships between suppliers and OEMs. Another reason for this leading position is the growing global demand for new automobiles.
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Automobile Engine & Part Manufacturing Industry News:
- Magna introduced the next version of its eDrive technology at CES 2024 in October 2024, demonstrating its potential for advanced electric automobiles. This innovative electric motor is still in the experimental stage, but because of its exceptional performance and adaptability, it is expected to completely change the way most cars are designed and used in the future.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automobile engine and part manufacturing market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product and service (motor vehicle engines, camshafts, crankshafts, pistons, piston rings & carburetors, engine pumps, rebuilt engines, fuel injection systems) and major market (original equipment manufacturers, exports, aftermarkets & services), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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