Global Automobile Engine & Part Manufacturing Market to Surge to US$ 913 Billion by 2034: Fact.MR Report

The global automobile engine and part manufacturing market is experiencing a period of robust growth, fueled by the accelerating adoption of electric vehicles (EVs) and supportive government policies. According to a new report by Fact.MR, a leading market research firm, the market is expected to reach a valuation of US$ 410.21 billion in 2024 and is projected to expand at a remarkable compound annual growth rate (CAGR) of 8.3% from 2024 to 2034, ultimately reaching a staggering US$ 912.97 billion. This impressive growth trajectory reflects the dynamic shifts within the automotive industry and the increasing demand for advanced engine technologies.

This surge in market value is significantly driven by the burgeoning popularity of electric and hybrid vehicles. Automakers are heavily investing in the development and production of electric powertrains, including electric motors, batteries, controllers, and other specialized components. This investment reflects a broader industry trend toward environmentally friendly transportation solutions, leading to the creation of a specialized supply chain for EV components. The increased demand for advanced battery systems, efficient drivetrains, and related components is a key catalyst for this market expansion.

North America commands a substantial global market share, largely due to the strong emphasis on modern engine technologies within the United States and the increasing adoption of electric vehicles. Government incentives aimed at promoting EV adoption, coupled with a robust supply chain infrastructure, further bolster market growth in this region. The report highlights the substantial contribution of North America, expecting it to generate revenue worth US$ 81.66 billion in 2024.

East Asia is another key player, projected to register a turnover of US$ 88 billion by the end of 2034. China, in particular, is anticipated to achieve a market size of US$ 171.27 billion by 2034. The report also projects significant growth for Japan, with a predicted CAGR of 9% through 2034.

The Fact.MR report provides a detailed breakdown of the market by product and service, with the demand for motor vehicle engines alone forecasted to reach US$ 283.14 billion in 2024. Leading companies in the industry are focusing on high-demand areas such as lightweight materials, turbocharging, and electric and hybrid engine components to meet the growing demand for fuel-efficient and environmentally conscious vehicles. This focus on innovation is vital for staying competitive in this rapidly evolving market.

Key Players Driving Innovation:

Major players like Cummins Inc., General Motors, Ford Motor Company, Toyota Motor Corporation, Honda Motor Co., Volkswagen Group, Stellantis, Hyundai Motor Company, Daimler AG, Nissan Motor Co., BMW AG, and Magna International Inc. are at the forefront of this innovation, continually developing and improving engine and component technologies.

Original Equipment Manufacturers (OEMs) – A Leading Position:

OEMs hold a significant market share, owing to their crucial role in the development and manufacturing of new vehicles. Their need for a consistent supply of high-quality engines and parts that meet rigorous standards drives market growth. Furthermore, as the automotive industry undergoes a technological transformation with the rise of EVs and hybrids, OEMs are leading the charge in R&D investments to enhance performance and sustainability. Strong supplier relationships are vital in ensuring stability and reliability in manufacturing.

Recent Industry News:

Magna’s unveiling of its next-generation eDrive technology at CES 2024 highlights the ongoing technological advancements within the sector. This innovative electric motor, while still in development, showcases the potential for transforming automotive design and usage in the future.

Report Scope and Methodology:

The Fact.MR report offers a comprehensive analysis of the automobile engine and part manufacturing market, providing historical data from 2019 to 2023 and forecast statistics for 2024 to 2034. The study delves into key market segments 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 globally (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA). The report also includes detailed competitive landscape analysis and growth projections for several related automotive markets.

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