According to the report, the global engine components market is projected to surpass US$ 7.5 Bn by 2030, expanding at a CAGR of 1% during the forecast period, owing to a rise in the demand for lightweight automotive components to reduce vehicle emissions and comply with international emission standards. Continuous enhancement of automobiles and prototypes by major automakers and OEMs to match consumer preference for high-performance and fuel-efficient automobiles are driving the engine components market.
Expansion of Engine Components Market
Currently, sales of internal combustion engine-powered vehicles are the highest globally. Sales of electric vehicle (EV) sales are increasing; however, it may take a decade for sales of EVs to surpass the sales of IC engine vehicles. Presently, developed countries of North America and Europe are at the forefront in the adoption of EVs, while developing countries, except China, are in the initial stages of building the EV infrastructure. Meanwhile, the demand for IC engine components is estimated to increase at a steady pace led by the rising sales of IC engine-powered vehicles in developing countries and aftermarket sales.
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The automotive industry is on its way to witness fourth industrial revolution; automation is being followed by the digitization of production. The goal is to increase productivity, efficiency, speed, and quality, resulting in higher competitiveness for companies on their way to the future of industry. This is likely to create an opportunity for the global engine components market.
In terms of component, the cotter segment of the engine components market is expanding at a healthy growth rate. Cotters, also known as valve keepers, collets or locks, have the task of attaching the spring retainer. This component is utilized in diesel, gasoline, and CNG/LPG-based small engines, light vehicles, and heavy-duty engines. Automotive is a major application area of engine components compared to other applications. The automotive industry records higher volumes of vehicle production and sales of vehicles, which drives the demand for engine components. Sales of passenger cars and commercial vehicles registered an increase of 17.93% with sale of 74.97 million units in 2010, reaching 91.35 million units in 2019.
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Regional Analysis of Engine Components Market
Asia Pacific dominated the global engine components market in 2019. It is anticipated to hold a leading share of the global market during the forecast period due to rise in the production and sales of IC engines in the region. In China, gasoline cars dominate the market. EVs are currently a key part of the economic reboot plan announced by the authorities in China; however, gasoline is, by far, the most popular fuel among consumers in the country. In H1 of 2019, 92% of passenger car sales featured this fossil type. India is projected to witness the domination of the combustion engine of the automotive market in the country. Consequently, Asia Pacific is likely to act as a key region for the global engine components market.
Engine Components Market Players
Prominent players operating in the global engine components market include AcDelco, AmTech International, Burgess-Norton Mfg. Co. Inc, Decora Auto Forge Pvt. Ltd., DNJ Engine Components, DREWCO Corporation, Eaton, EFC International, Federal-Mogul, GT Technologies, Hangzhou Heng Ji Trading Co., Ltd., Indo Schottle Pvt. Ltd, ITW Automotive, Kent Automotive, LISI Automotive, LuK GmbH Co. KG, Melling, Nanjing Superior Machine Parts Co, and Nittan Valve Co.,Ltd.
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