Global Motor Vehicle Engine, Power Train & Parts Market Research 2024, Forecast To 2033
17 Jan, 2024
The motor vehicle engine, power train & parts market has exhibited robust growth, ascending from $844.94 billion in 2023 to $913.47 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 8.1%. Contributing factors include economic conditions, the regulatory environment, consumer preferences, and the dynamics of global trade. Forecasts predict sustained strong growth for the motor vehicle engine, power train & parts market, with an expected increase to $1216.03 billion in 2028 at a CAGR of 7.4%. This growth is driven by trends such as electrification, a focus on sustainability and emissions reduction, increased connectivity and IoT integration, urbanization, and the evolution of mobility services. Key trends in the forecast period include electrification and lightweighting, advancements in materials, additive manufacturing, digitalization and connectivity, and collaborative partnerships.
Global Motor Vehicle Engine, Power Train & Parts Market Key Driver
The motor vehicle engine, power train, and parts market benefit from stable economic growth globally. The International Monetary Fund forecasts a 3.3% global GDP growth in 2020 and 3.4% in 2021. Recovering commodity prices and stable economic conditions support investments in end-user markets, driving market growth.
Get A Free Sample Of The Global Motor Vehicle Engine, Power Train & Parts Market ReportGlobal Motor Vehicle Engine, Power Train & Parts Market Segments
The motor vehicle engine, power train & parts market covered in this report is segmented –
1) By Type: Vehicle Engine And Engine Parts, Power Train And Power Train Parts
2) By Application: Passenger Vehicle, Commercial Vehicle
3) By End Use: OEM, Aftermarket
By Geography: The regions covered in the motor vehicle engine, power train & parts market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023. Western Europe was the second largest market in motor vehicle engines, power trains, & parts market. The regions covered in the motor vehicle engine, power train, & parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Major Motor Vehicle Engine, Power Train & Parts Industry Players
EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd, Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc
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Motor Vehicle Engine, Power Train & Parts Market Overview
A motor vehicle engine is used to propel a motor vehicle and an arrangement of gears and related components that transfers power from an engine to a driving axle is known as power train.
Motor Vehicle Engine, Power Train & Parts Global Market Report 2023 provides data on the global motor vehicle engine, power train & parts market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor vehicle engine, power train & parts market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.