Vehicle Engine and Engine Parts Market: Robust Growth Amidst Challenges

Vehicle Engine And Engine Parts Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The market size of the global vehicle engine and engine parts is expected to grow to $600.27 billion in 2027 at a CAGR of 8.2%.”

— The Business Research Company

LONDON, GREATER LONDON, UK, November 30, 2023 /EINPresswire.com/ — The vehicle engine and engine parts market have experienced robust growth, with the market size set to climb from $427.27 billion in 2023 to $458.54 billion in 2024, boasting a noteworthy Compound Annual Growth Rate (CAGR) of 7.3%. Looking ahead, the market is poised for continued expansion, reaching an estimated $590.78 billion by 2028, fueled by a projected CAGR of 6.5%.

Market Driver: Surging Automobile Manufacturing

A key driver propelling the vehicle engine and engine parts market is the escalating production of automobiles globally. Automakers leverage a variety of engine components and parts in the manufacturing process. According to the International Organization of Motor Vehicle Manufacturers, global vehicle production witnessed a notable increase, reaching 57.2 million units from January to September 2021, up from 52.1 million units in the same period in 2020. This surge in global vehicle production is anticipated to be a driving force behind the growth of the vehicle engine and engine parts market.

Explore the Market with a Detailed Sample Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2747&type=smp

Market Segmentation
1) By Product Type: Vehicle Engines, Vehicle Engine Parts
2) By Fuel Type: Gasoline (Petrol), Diesel, Gas, Other Fuel Types
3) By Placement Type: In-line Engine, W Engine and V-Type

Emerging Trend: Auto Sector Sales Decline Presents Challenges

Despite the overall growth, the vehicle engine and engine parts market face challenges stemming from declining sales in the automobile sector. Reduced demand for automobiles in various economies translates to lower demand for new engines and engine parts. Global car production experienced a 16% decline in 2020, as reported by the International Organization of Motor Vehicle Manufacturers. In India, the Society of Indian Automobile Manufacturers noted a decline in passenger car sales from 1,541,866 units in 2021 to 1,467,056 units in 2022. This trend poses a constraint on the growth of the vehicle engine and engine parts market.

Regional Dynamics: Asia-Pacific Leads, Western Europe Follows

As of 2023, Asia-Pacific has asserted its dominance as the largest region in the vehicle engine and engine parts market. The region’s prominence is attributed to its significant contribution to global automobile production and manufacturing. Following closely, Western Europe emerges as the second-largest region in the market, reflecting the region’s strong presence in the automotive industry.

Access the Complete Report for In-Depth Analysis:
https://www.thebusinessresearchcompany.com/report/vehicle-engine-and-engine-parts-global-market-report

Vehicle Engine And Engine Parts Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Vehicle Engine And Engine Parts Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on vehicle engine and engine parts market size, vehicle engine and engine parts market drivers and trends, vehicle engine and engine parts market major players, competitors’ revenues, vehicle engine and engine parts market positioning, and vehicle engine and engine parts market growth across geographies. The vehicle engine and engine parts market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

Browse Through More Similar Reports By The Business Research Company:
Motor Vehicle Body Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/motor-vehicle-body-global-market-report

Motor Vehicle Parts Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/motor-vehicle-parts-global-market-report

Motor Vehicles Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/motor-vehicles-global-market-report

About The Business Research Company
The Business Research Company has published over 3000+ detailed industry reports, spanning over 6500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Global Market Model – Market Intelligence Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users assess supply-demand gaps.

Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]

Check out our:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Oliver Guirdham
The Business Research Company
+44 20 7193 0708
[email protected]
Visit us on social media:
Facebook
Twitter
LinkedIn
YouTube

Sports Market Growth Forecast 2023-2027



Originally published at https://www.einpresswire.com/article/671897017/vehicle-engine-and-engine-parts-market-robust-growth-amidst-challenges

Previous articleChickfly Announces 15% off During Solstice Sale
Next articleDesigns.ai Introducing Designmaker and Videomaker for Content Creator