According to the report by Expert Market Research (EMR), The Global Engine Components Market Share, Share, Analysis, Report and Forecast 2024-2032″, the engine components marketreached a value of around USD 7.01 billion in 2023. Aided by the increasing demand for high-performance vehicles and the expanding applications of advanced engine components in various industries, the market is projected to further grow at a CAGR of 2.50% between 2024 and 2032 to reach a value of USD 8.1 billion by 2032.
Engine components such as pistons, cylinders, spark plugs, and valve systems are integral parts of an engine that ensure optimal vehicle performance, fuel efficiency, and emission control. They are indispensable across industries such as automotive, aerospace, marine, and industrial machinery. The advent of advanced technologies such as turbocharging, direct fuel injection, and variable valve timing integrated into engine components significantly enhances their performance and efficiency.
The key driver of the global engine components market growth is the rising consumer demand for high-performance vehicles. Heightened awareness of fuel efficiency and emission control benefits has triggered a significant shift towards vehicles incorporating advanced engine components. In addition, the escalating trends of motorisation and urbanisation have spurred the popularity of sophisticated engine components, essential in vehicles employed for transportation and commercial applications.
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The burgeoning applications of engine components across various industries play a pivotal role in boosting the engine components market expansion. In the automotive industry, engine components critically influence vehicle performance parameters like acceleration, speed, and fuel consumption. The aerospace industry harnesses advanced engine components to augment the efficiency and reliability of aircraft engines. In the marine sector, engine components are integral to maintaining the performance of ships and marine vehicles.
Moreover, the surging demand for electric and hybrid vehicles has kindled a renewed focus on engine components that can align with these technologies. With the advent of eco-friendly transportation options and growing popularity of electric vehicles, compatible engine components have emerged as critical in vehicle manufacturing, thereby stimulating the engine components market expansion.
Industrial diversification into electric and autonomous vehicles also contributes to the market’s growth. The increasing investments in research and development in autonomous vehicles necessitate the integration of efficient and performance-boosting engine components, supporting the engine components market development. Simultaneously, the rapid advancement of electric vehicles necessitates the development of engine components that can optimise performance and extend battery life.
Engine Components Market Segmentation
The market can be divided based on type, component, application, and region.
Market Breakup by Type
Market Breakup by Component
- Valve Tappet /Roller Tappet
- Screw Cap Assembly
Market Breakup by Application
- Construction and Mining Equipment
- Stationery Engines
- Rolling Stock Diesel Engine
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Engine Components Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global engine components companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Nittan Corporation
- LISI Aerospace (SAS)
- SFS Group
- General Motors
- T. Technologies Inc.
- Tenneco Inc
- MAHLE GmbH
- Aikitec Co., Ltd.
- EFC International
- Cummins Inc
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