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Pulished Date February, 2021
ID: 11188
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Engine Market Segmentation By Power Rating (0.5 MW-1 MW, Up to 0.5 MW, 2 MW- 5 MW, 1 MW- 2 MW, Above 5 MW), by End User (Automotive (On Road (Light Vehicles, Medium/ Heavy Trucks, Light Trucks) Off Road (Industrial/ Construction Equipment, Marine Applications) and Non-Automotive) and Region - Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2026.

Pulished: February, 2021
ID: 11188
Pages: 175

Engine Market Size, Trends & Growth (2021 - 2026)

Internal combustion engines that use diesel as fuel are known as diesel engines, these engines are also called compression ignition engines. Furthermore, diesel engines are incorporated into heavy duty vehicles due to their ability to produce higher torque compared to that produced by gasoline or any other engine. In an optimistic scenario, if electric vehicles live up to the expectations set by the main electric vehicle manufacturers, the deadline set by the countries to ban the sale of new ICE motors could become a reality. However, as of now, it seems highly unlikely that ICE Motors is going to close anytime soon. The adoption of electric vehicles will take considerable time for their adoption on a large scale, largely due to the lack of sophisticated charging infrastructure in several countries and the high price of such vehicles.

The global automotive engine market is foreseen to record a CAGR of around 5.23% over the outlook period of 2021-2026. Large-scale prototypes and innovations from major automakers and OEMs, along with consumer preference for fuel-efficient, high-performance cars are some of the main drivers of market growth. Original equipment manufacturers will need to constantly develop and improve advanced IC (variable valve timing and reciprocating powertrain) engines. The trend of downsizing and overcharging engines is on the rise, with automakers developing smaller engines with better fuel injection systems. The reduction changes the operation of the motor at high loads where the efficiency of the motor is high. Due to their lower weight, these engines improve fuel consumption. L4 and V6 engines dominated the automotive engine market by investment type in 2018. Disposable revenues in the Asia-Pacific region and other developing economies are on the rise. In developed economies like Norway, most customers have already switched to electric vehicles. This is due to the availability of an adequate charging infrastructure in these countries. In developing economies, customers want to buy an electric vehicle because of its profitability and improved range of mobility, but due to the high cost and lack of charging infrastructure that supports electric mobility, people are buying automotive ICs.

Recent Developments:

  • China FAW Group Co., Ltd. (FAW) and Toyota Motor Corporation (Toyota) will restructure their management systems with the aim of achieving sustainable growth in China.
  • AGCO Corporation (NYSE: AG), a global designer, manufacturer and distributor of agricultural equipment, agreed to acquire the business of Valtra Corporation, a Finnish company owned by Kone Corporation.
  • AGCO Corporation announces a new brand initiative for its engine business: AGCO SISU POWER (TM).

IMPACT OF COVID-19 ON ENGINE MARKET:

The impact of COVID-19 on the global economy has affected the automotive and non-automotive markets, affecting industrial and commercial vehicle sales and fuel prices. Therefore, the slowdown in the automotive sector has also affected the world market for engines in terms of demand. Although diesel engines are more fuel efficient than gasoline engines, the incentive for automakers is lower because the tax rate for diesel vehicles is higher than that for gasoline vehicles and the emission standards. Diesel engine sales are in full-size in commercial pickup trucks and SUVs, which is estimated to increase after the first quarter of 2021.

Drivers and Restraints of Engine Market:

Drivers:

Demand for diesel/petrol engines is likely to decline over the forecast period, due to increased stringency of emission standards and increased focus by governing bodies on vehicle production and adoption of hybrid and electric. Increasing pollution around the world is a major issue that may be driving the adoption of electric vehicles. Higher levels of pollution resulted in around 9 million premature deaths in 2016, and the air quality index of major industrial regions is steadily declining, according to a World Bank study. According to the World Health Organization, 9 out of 10 people breathe air with a high level of pollutants. Asia-Pacific and Europe face significant air quality problems due to emissions of large amounts of pollutants from manufacturing industries in these regions.

Restraints:

High maintenance and higher emissions from diesel engines are key factors restricting the market for engines. Higher tariffs on diesel engines due to their greater weight increase the cost of such vehicles, which in turn, in some cases, is likely to hamper the overall market for engines.

Engine Market Segmentation:

By Power Rating:

  • 0.5 MW–1 MW 
  • Up to 0.5 MW
  • 2 MW–5 MW
  • 1 MW–2 MW
  • Above 5 MW

By End-User:

  • Automotive
    • On-Road
      • Light Vehicles
      • Medium/Heavy Trucks
      • Light Trucks
    • Off-Road
      • Industrial/Construction Equipment
      • Agriculture Equipment
      • Marine Applications
  •  Non-Automotive

The automotive segment accounted for more than 65.0% of total volume in 2017 and is expected to post the fastest growth during the outlook period. This growth is attributed to rising consumer disposable income, which translates into greater vehicle adoption worldwide. Technological developments leading to improvements in IC engines in terms of fuel efficiency, emissions and performance will also drive demand for products in the years to come.

Engine Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

In North America, most passenger cars are equipped with gasoline engines, due to the low cost of gasoline in the region compared to diesel. On the other hand, Europe is drastically reducing the production of diesel engines due to the strict emission standards in the region. The Asia Pacific region dominated the global engine market and had a significant share in 2019. A large portion of OEM earnings during the foreseen period will come from developing economies such as India and China. Some of the main drivers of market growth are the increase in car production and sales in countries such as India, China and ASEAN countries and the growth of the auto components industry. The engine parts market is also supposed to show a healthy growth rate during the conjecture period. However, the region, especially China, has seen an increase in the sales and production of electric vehicles, which is holding back the growth of the automotive engine market. In addition, in 2018, India and China saw a decline in vehicle sales, due to trade tensions and fragile consumer confidence, an erratic monsoon, low demand from parties and high costs of fuel and insurance, which also hampered market growth as vehicles slowed. Another factor responsible for this decline is the increased awareness of shared mobility.

Key Players of Market:

The report has also analysed the competitive landscape of the market with some of the key players being AGCO Corporation, China FAW Group, Bosch, Deere & Company, Continental AG, Delphi Automotive, Mitsubishi Heavy Industries, Ford Motor, General Motors, MAN SE, Wärtsilä, Cummins, Caterpillar, Rolls-Royce, etc.

1. Introduction                            

          1.1 Market Definition                  

          1.2 Scope of the report               

          1.3 Study Assumptions               

          1.4 Base Currency, Base Year and Forecast Periods              

2. Research Methodology                      

          2.1 Analysis Design          

          2.2 Research Phases                   

                    2.2.1 Secondary Research 

                    2.2.2 Primary Research     

                    2.2.3 Data Modelling        

                    2.2.4 Expert Validation     

          2.3 Study Timeline            

3. Report Overview                     

          3.1 Executive Summary               

          3.2 Key Inferencees          

4. Market Dynamics                    

          4.1 Impact Analysis           

                    4.1.1 Drivers

                    4.1.2 Restaints       

                    4.1.3 Opportunities 

          4.2 Regulatory Environment                  

          4.3 Technology Timeline & Recent Trends                  

5. Competitor Benchmarking Analysis                        

          5.1 Key Player Benchmarking                 

                    5.1.1 Market share analysis         

                    5.1.2 Products/Service      

                    5.1.3 Regional Presence    

          5.2 Mergers & Acquistion Landscape               

          5.3 Joint Ventures & Collaborations                 

6. Market Segmentation                        

          6.1 Engine Market, By Power Rating                 

                    6.1.1 0.5 MW–1 MW          

                    6.1.2 Up to 0.5 MW

                    6.1.3 2 MW–5 MW   

                    6.1.4 1 MW–2 MW   

                    6.1.5 Above 5 MW  

                    6.1.6 Market Size Estimations & Forecasts (2021-2026)        

                    6.1.7 Y-o-Y Growth Rate Analysis         

                    6.1.8 Market Attractiveness Index         

          6.2 Engine Market, By End-User            

                    6.2.1 Automotive    

                    6.2.2 Non-Automotive      

                    6.2.3 Market Size Estimations & Forecasts (2021-2026)        

                    6.2.4 Y-o-Y Growth Rate Analysis         

                    6.2.5 Market Attractiveness Index         

7. Geographical Landscape                    

          7.1 Global Identity Governance and Administration Market, by Region                   

          7.2 North America - Market Analysis (2018 - 2024)             

                    7.2.1 By Country     

                              7.2.1.1 USA

                              7.2.1.2 Canada

                    7.2.2 By Power Rating       

                    7.2.3 By End-User   

          7.3 Europe             

                    7.3.1 By Country     

                              7.3.1.1 UK

                              7.3.1.2 France

                              7.3.1.3 Germany

                              7.3.1.4 Spain

                              7.3.1.5 Italy

                              7.3.1.6 Rest of Europe

                    7.3.2 By Power Rating       

                    7.3.3 By End-User   

          7.4 Asia Pacific                 

                    7.4.1 By Country     

                              7.4.1.1 China

                              7.4.1.2 India

                              7.4.1.3 Japan

                              7.4.1.4 South Korea

                              7.4.1.5 South East Asia

                              7.4.1.6 Australia & NZ

                              7.4.1.7 Rest of Asia-Pacific

                    7.4.2 By Power Rating       

                    7.4.3 By End-User   

          7.5 Latin America             

                    7.5.1 By Country     

                              7.5.1.1 Brazil

                              7.5.1.2 Argentina

                              7.5.1.3 Mexico

                              7.5.1.4 Rest of Latin America

                    7.5.2 By Power Rating       

                    7.5.3 By End-User   

          7.6 Middle East and Africa          

                    7.6.1 By Country     

                              7.6.1.1 Middle East

                              7.6.1.2 Africa

                    7.6.2 By Power Rating       

                    7.6.3 By End-User   

8. Key Player Analysis                           

          8.1 AGCO Corporation                

                    8.1.1 Business Description

                    8.1.2 Products/Service      

                    8.1.3 Financials      

                    8.1.4 SWOT Analysis         

                    8.1.5 Recent Developments         

                    8.1.6 Analyst Overview      

          8.2 China FAW Group                  

          8.3 Bosch               

          8.4 Deere & Company                 

          8.5 Continental AG           

          8.6 Delphi Automotive                

          8.7 Mitsubishi Heavy Industries             

          8.8 Ford Motor                 

          8.9 General Motors           

          8.10 Rolls-Royce               

9. Market Outlook & Investment Opportunities                     

Appendix                         

          List of Tables          

          List of Figures                  

  • Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of by type, by application, by end-user, along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Engine Market By Region, From 2021-2026 ( USD Billion )
  2. Global Engine Market By Power Rating, From 2021-2026 ( USD Billion )
  3. Global 0.5 MW–1 MW  Market By Region, From 2021-2026 ( USD Billion )
  4. Global Up to 0.5 MW Market By Region, From 2021-2026 ( USD Billion )
  5. Global 2 MW–5 MW Market By Region, From 2021-2026 ( USD Billion )
  6. Global 1 MW–2 MW Market By Region, From 2021-2026 ( USD Billion )
  7. Global Above 5 MW Market By Region, From 2021-2026 ( USD Billion )
  8. Global Engine Market By End-User, From 2021-2026 ( USD Billion )
  9. Global Automotive Market By Region, From 2021-2026 ( USD Billion )
  10. Global Non-Automotive Market By Region, From 2021-2026 ( USD Billion )

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