- Rise in demand for vehicles and expansion of the automotive industry are expected to fuel the global engine components market
- Demand for off-road vehicles or mining equipment is expected to rise due to expansion of mining operations across the globe, which is anticipated to drive industry growth
WILMINGTON, Del., Jan. 24, 2023 /PRNewswire/ -- The global engine components market was valued at US$ 7.1 Bn in 2021 and is expected to reach US$ 8.1 Bn by 2031. The global market is anticipated to expand at a CAGR of 1.4% during the forecast period from 2022 to 2031. The market is driven by the advent of high-performance engines, which are made up of several light, compact, and high-efficiency elements. The automobile industry contributes significantly to the economy of every country. GDP of any country has witnessed a rise in the proportion of automotive industrial spare parts industry in the past few years. This growth dynamics is expected to lead to high employment and increase in the national average wage.
Rise in demand for transportation and consumer goods, increase in per capita income, and growing urbanization contribute to rise in demand for vehicles, which in turn is projected to drive industry growth. Demand for commercial and passenger vehicles has increased significantly in the past ten years. Innovative materials, such as alloys of beryllium, aluminum alloys, magnesium alloys, hybrid materials, and titanium aluminum composite alloys, are utilized to reduce the weight of engine components, including collet, screw cap assembly, valve tappet, and retainer. This is expected to present significant opportunities for raw material suppliers serving the engine components industry.
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Key Findings of Market Report
- Rise in automation in the agricultural industry is anticipated to drive the demand for cultivators, harvesters, and agricultural tractors, among other mechanical farming machineries. Additionally, demand for off-road vehicles or mining equipment is increasing due to rise in mining operations across the world. Diesel or gasoline engines are used to power these machine components. Thus, rise in demand for off-highway engines is anticipated to drive the global engine components market.
- The screw cap assembly segment accounted for the largest market share in 2021. The trend is anticipated to continue during the forecast period. This is ascribed to rise in usage in demanding applications such as under extremely high dynamic load and pressure conditions. Presence of several industries requiring use of screw cap assembly and rise in automobile production are likely to propel the segment between 2022 and 2031.
Global Engine Components Market: Growth Drivers
- Important engine component makers are expected to benefit from increase in and expanded trade agreements across countries in the near future. Additionally, growing concerns among government officials and environmentalists about reducing vehicle emissions to meet international regulations and norms are expected to propel the global engine components market.
- Leading players are investing in enhancing performance of engine systems and engine components owing to strict regulations concerning vehicle emissions enforced by regulatory agencies. Additionally, development of 3D printing technology has advanced the design of engine components. This is anticipated to drive the global industry from 2022 to 2031.
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Global Engine Components Market: Regional Landscape
- As per market research on engine components, the market in Asia Pacific is expected to dominate the global industry. The region leads the world in terms of vehicle production and boasts of the largest per capita consumption of automobiles. Additionally, manufacturing industry in Asia Pacific is supported by India and China's production of huge quantity of engine components for export to Europe and Middle East. This factor is estimated to present business opportunities in the global market.
Global Engine Components Market: Key Players
- Nanjing Superior Machine & Parts Co.
- Schaeffler Technologies AG & Co.
- LuK GmbH & Co. KG
- Nittan Valve Co., Ltd.
- Pratt Burnerd America
- Smit Auto Industries
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Global Engine Components Market: Segmentation
Components
- Valve Tappet/Roller Tappet
- Screw Cap Assembly
- Collet/Cotter
- Retainer
Application
- Automotive
- Agriculture
- Construction & Mining Equipment
- Marine
- Stationary Engines
- Rolling Stock Diesel Engine
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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