Global Engine Components Market: Overview
An engine is the core wedge of every automobile. The engine is built of many small and big components that help it to operate efficiently. The engine components include spark, carburetor, fuel pump, valves, exhaust system, cooling system, piston, propelling nozzle, crankshaft, flywheels, starter system, heat shielding system, cylinder liner, cylinder head, and many more. Development and innovation have transformed the automobile industry over the years. Innovative manufacturing has also transformed the engine components and materials, for example, a wide-scale outbreak of lightweight engine components has replaced the traditionally used bulky components, and the components with high power can now run at lower power. The engine components have a better and stable build with more safety features.
Global Engine Components Market: Growth Factors
The global engine components market is expected to grow significantly during the forecast period owing to increasing emphasis on the energy-efficient engine components and the growing demand for lightweight automobiles. Furthermore, the growing concerns of government bodies and environmentalists for reducing the emissions from vehicles to comply with international norms and standards positively influence the trajectory of the global engine components market growth.
The continuous developments and enhancements in automobiles and its prototype components to match the preferences of the consumer across the globe are driving the growth in the global engine components market. Moreover, the development in manufacturing techniques within the engine components market is the key factor that is likely to fuel the market during the forecast period. The emergence of 3D printing technology has improved the designing of the engine components including the screw tap assembly, valve tappet, retainer, and many more. The internal combustion engine-powered vehicles have the largest sales globally. The emergence of industry 4.0 has boosted automation across the globe resulting in improved productivity and efficiency, which is further propelling the market to witness huge growth during the forecast period.
The growing demand for the engine components due to its wide-scale applications including automotive, stationary engine, marine, agriculture, and many others is the major factor contributing to the growth of the global engine components market.
The extensive research and development activities in the automobile sector are expected to bolster the market during the forecast period.
Global Engine Components Market: Segmentation
The global engine components market can be segmented into components, applications, and regions.
By component, the market can be segmented into the retainer, collet, screw cap assembly, and valve tappet. Of these, the valve tappet component holds the largest market share and is likely to witness huge growth during the forecast period. These are also known as the valve keepers. It is utilized in the light vehicle, heavy-duty engines, CNG-based small engine, gasoline, and many others.
By application, the market can be segmented into stationary engines, marine, construction & mining equipment, agriculture, and automotive. The automotive segment is dominating the market owing to the increasing volumes of sales and production of vehicles. The automotive segment can further be classified into two-wheelers, buses, medium & heavy trucks, light-duty vehicles, and passenger vehicles.
Global Engine Components Market: Regional analysis
Asia Pacific is dominating the global engine components market and is anticipating to hold the largest market share during the forecast period owing to the increasing manufacture and sales of IC engines. In developing countries like India and China, the automotive sector is proliferating significantly owing to the expected huge market growth during the forecast period. The presence of the key market players in the region also induces the market to grow significantly during the forecast period.
Europe and North America are the potential regions for the global engine components market due to the high per capita income of the people. Europe undergoes extensive research and development activities and thus propels the regional market growth.
Global Engine Components Market: Competitive Players
Some of the significant players in the global engine components market are Nittan Valve Co., Ltd., Nanjing Superior Machine & Parts Co, Melling, LuK GmbH & Co. KG, LISI Automotive, Kent Automotive, ITW Automotive, Indo Schottle Pvt. Ltd, Hangzhou Heng Ji Trading Co., Ltd., GT Technologies, Federal-Mogul, EFC International, Eaton, DREWCO Corporation, DNJ Engine Components, Decora Auto Forge Pvt. Ltd., Burgess-Norton Mfg. Co. Inc, AmTech International, and ACDelco.
Global Engine Components Market: Regional Segment Analysis
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