Motor Vehicle Engine, Power Train & Parts Global Market Report 2024

The motor vehicle engine, power train & parts market size has grown strongly in recent years. It will grow from $844.94 billion in 2023 to $913.47 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be attributed to factors such as economic conditions, the regulatory environment, consumer preferences, and global trade.

The motor vehicle engine, power train & parts market size is expected to see strong growth in the next few years. It will grow to $1,216.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to factors such as electrification, sustainability and emissions reduction, connectivity and the Internet of Things (IoT), urbanization, and mobility services. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.

The motor vehicle engine, powertrain, and parts market are expected to benefit from the stable economic growth projected in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP is forecasted to grow by 3.3% in 2020 and 3.4% in 2021. This growth is further supported by the recovery of commodity prices, following a significant decline in the recent past. Developed economies are also anticipated to experience consistent growth during the forecast period. Moreover, emerging markets are expected to exhibit slightly faster growth compared to developed markets. This stable economic growth is likely to drive increased investments in the end-user markets, thus promoting growth in the motor vehicle engine, powertrain, and parts market during the forecast period.

The main categories in the motor vehicle engines, powertrains, and parts market include vehicle engines and engine parts, powertrains, and powertrain parts. Vehicle engines and engine parts encompass the components used in motor vehicle engines. They find applications in both passenger vehicles and commercial vehicles and are used in both the OEM and aftermarket segments.

The motor vehicle engine, power train, & parts market research report is one of a series of new reports that provides motor vehicle engine, power train, & parts market statistics, including motor vehicle engine, power train, & parts industry global market size, regional shares, competitors with a motor vehicle engine, power train, & parts market share, detailed motor vehicle engine, power train, & parts market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle engine, power train, & parts industry. This motor vehicle engine, power train, and parts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The increasing demand for aftermarket parts is set to propel the growth of the motor vehicle engine, powertrain, and parts market in the coming years. Aftermarket automotive parts, distinct from those manufactured by the original equipment manufacturer (OEM), serve as replacements or upgrades for a vehicle's original components. Aftermarket components in the motor vehicle engine, powertrain, and parts industry are employed for replacement, performance enhancements, cost-effective options, modifications, and maintenance. These components are often more affordable than OEM parts while delivering comparable or superior performance. For example, in June 2022, the 2022 Joint Channel Forecast Model presented by the US-based Auto Care Association and the Automotive Aftermarket Suppliers Association predicted an 8.5% increase in light-duty automobile aftermarket sales, reaching $356.5 billion in 2022. Thus, the growing demand for aftermarket parts is a driving force behind the motor vehicle engine, powertrain, and parts market.

The COVID-19 pandemic had a significant adverse impact on the motor vehicle engine, powertrain, and parts markets in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined as a result of government-imposed lockdowns worldwide. COVID-19, an infectious disease with symptoms such as fever, cough, and respiratory difficulties, initially emerged in Wuhan, China, in 2019 and subsequently spread globally. Transportation manufacturers heavily rely on the supply of parts and components from various countries, but many governments-imposed restrictions on cross-border movement, leading to production stoppages due to parts shortages. Additionally, the sales of new vehicles suffered a substantial decline due to reduced consumer demand amid widespread lockdowns. While the repercussions of the pandemic extended into 2021, it is expected that the motor vehicle engine, powertrain, and parts market will recover from these disruptions during the forecast period, as this event was an unforeseen occurrence not tied to any inherent market weaknesses or global economic fundamentals.

Motor vehicle parts manufacturers are increasingly adopting IoT technology to reduce unscheduled downtimes, thereby enhancing operational efficiency. IoT, or the Internet of Things, is a system of interconnected devices capable of collecting and exchanging data over a network without human intervention. IoT technology assists motor vehicle parts manufacturers in improving efficiency by providing real-time insights into production processes. Furthermore, it enables these manufacturers to gather wear and tear data that can help prevent equipment failures. For instance, German car parts manufacturer Robert Bosch entered into an agreement with software company SAP to connect its manufacturing machinery, tools, and vehicles to SAP's back-end software. This IoT technology, utilizing SAP's real-time database HANA, facilitates monitoring and support of the production of automobile parts. The global automotive IoT market is expected to reach $106.32 billion by 2023. According to IDC and SAP, 60% of global manufacturers utilize analytical data from IoT-connected devices to analyze their manufacturing processes.

Major companies operating in the motor vehicle engine, powertrain, and parts market are emphasizing innovation in their products, such as the Hybrid Powertrain, to better cater to the needs of their existing consumers. A hybrid powertrain integrates two or more distinct power sources to drive a vehicle. For instance, in July 2022, Toyota Motor Sales, U.S.A., Inc., a U.S.-based car and body parts manufacturing company, introduced the full-size sedan Toyota Crown with a New Hybrid Max Powertrain. The Platinum grade's HYBRID MAX powertrain represents Toyota's innovative hybrid technology, producing a net horsepower of 340. Equipped with a 2.4-liter turbocharged engine and a direct shift 6-speed automatic transmission, the HYBRID MAX offers substantial power at low engine speeds, ensuring a sporty and exhilarating driving experience. It achieves a manufacturer-estimated 28 MPG composite city/highway fuel economy rating.

Major companies operating in the motor vehicle engine, power train & parts market include EXOR Group, Robert Bosch GmbH, Aisin Seiki Co Ltd., Toyota Motor Corp, Denso Corp., Schaeffler Technologies AG & Co KG, Continental AG, Gestamp Automoción, Tata Motor Group, Dana Incorporated, Magna International Inc., ZF Friedrichshafen AG, Hyundai Motor Company, GKN Ltd., BorgWarner Inc., Valeo SA, JTEKT Corporation, Mahle GmbH, Autoliv Inc., Hitachi Automotive Systems Ltd., Nexteer Automotive Group Limited, American Axle & Manufacturing Holdings Inc., Tenneco Inc., Lear Corporation, Faurecia SA, Benteler Automotive Corporation, Linamar Corporation, Rheinmetall Automotive AG, Mando Corporation, WABCO Holdings Inc., Allison Transmission Holdings Inc., Cummins Inc., Eaton Corporation plc.

Asia-Pacific was the largest region in the motor vehicle engines, power trains, & parts market in 2023. Western Europe was the second largest market in motor vehicle engines, power trains, & parts market. The regions covered in the motor vehicle engine, power train, & parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

The countries covered in the motor vehicle engine, power train & parts market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The motor vehicle engine, power train, and parts market consist of sales of engine, transmission, driveshaft, axles, and differential. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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