Automotive Engine Market 2023-2027: Size and Increasing popularity of electric vehicles; growth driven by the Type, Some of key Companies Positioned Strategically

The automotive engine market size by Type (In-line engine, V-type engine, and Flat engine) and Geography (APAC, North America, Europe, South America, and Middle East and Africa), is forecast to increase by 14.23 mn units. The market is expected to grow at a CAGR of   3.43% between 2023 and 2027.

• The automotive engine market is experiencing a significant shift towards electric vehicles (EVs) due to increasing global concerns over sustainable energy and reducing carbon emissions. Key drivers fueling this trend include government subsidies, declining battery electric vehicle (BEV) prices, and the introduction of cost-effective EV variants. Moreover, the expansion of EV charging infrastructure, heightened consumer awareness, and regulatory measures such as bans on fuel-powered vehicles in certain jurisdictions are further propelling the demand for EVs in major markets like China, the US, Japan, Norway, and Germany.
• In the Asia Pacific (APAC) automotive engine market, China and India hold the largest production shares due to their substantial automotive manufacturing bases. The region's market is anticipated to attract more low-cost manufacturers, particularly in China, due to the cost reduction of components and the availability of advanced and stable systems during the forecast period. Factors such as rising disposable income and improvements in living standards are fueling the demand for automobiles in APAC. Consequently, Original Equipment Manufacturers (OEMs) are establishing regional manufacturing plants to cater to this burgeoning market.

Access the full report to know who are the other key countries segment-wise forecast and historic data

Some of the Key Companies:

• AB Volvo
• BMW AG
• Cummins Inc.
• Dr. Ing. h.c. F. Porsche AG
• Eicher Motors Ltd.
• Ford Motor Co.
• General Motors Co
• Honda Motor Co. Ltd
• Hyundai Motor Co.
• MAHLE GmbH
• Maruti Suzuki India Ltd.
• Mazda Motor Corp.
• Mercedes Benz Group AG
• Mitsubishi Motors Corp.
• Renault SAS
• Stellantis NV
• Toyota Motor Corp.
• Trelleborg AB
• Yamaha Motor Co. Ltd.

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