Steady Growth is on Card for Global Vehicle Engine and Engine Parts Manufacturing Market on back of Rising Economic Activities


Published Date : May 28, 2018

Albany, New York, May 28, 2018: Despite operating in a dynamic business environment, the global vehicle engine and engine parts manufacturing market was successful to exhibit steady growth over the last couple of years. The trend is expected to continue through 2020, on the back of rising economic activities and lower oil prices. MarketResearchReports.biz has recently added a report, titled “Vehicle Engine And Engine Parts Manufacturing: Global Markets to 2020,” which studies in detail various aspects of growth witnessed in the market and covers refined growth forecasts. The report includes exhaustive information derived from industrial sources besides market intelligence for consumers as well as companies operating in the global vehicle engine and engine parts manufacturing market. It is therefore intended to serve as a guide for players looking to establish a strong foothold in the market and a source of reference for stakeholders looking to have a better knowledge about prevailing trends therein.

The automotive sector in South America, Africa, and Asia has reported spectacular growth, which has spurred the demand for vehicle engine, subsequently engine parts manufacturing. Scaling economic activities steered by rising disposable income and growing awareness of consumers has facilitated the ongoing trend, which has bode well for the global vehicle engine and engine parts market. Meanwhile, surging automobile recalls and rising emission control norms have negatively affected growth witnessed in the market. Nonetheless, expansion of automotive industry in emerging market, increasing population, and recent technological advancements will pave the way for the market’s growth in the near future.

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The report has pegged the global vehicle engine and engine parts manufacturing market to reach US$324 bn by the end of 2020, as against US$261 bn in 2016. If these figures hold true, the global market will rise at a positive 5.5% CAGR between 2017 and 2020. During the course of the forecast period, the market will significantly gain from the increasing demand for manufacturing brake pads with lesser use of heavy metals and reduced level of coppers and high density batteries. Besides these, strategic collaborations adopted by the market players aimed at expanding their distribution network, the rising demand for lithium batteries, and increasing automotive production will aid the expansion of the global vehicle engine and engine parts market.

On the downside, low aftermarket potential and replacement rate, surging demand for electric vehicles, threats from substitute, and increasing availability of counterfeit vehicle engine parts will create major challenges for the market. Nonetheless, technological advancements and growth strategies adopted by the market players are likely to have a positive impact on the market.

According to the report, the presence of several companies has rendered the global vehicle engine and engine parts market highly fragmented. Some of the leading players operating in the global market include Federal Mogul Corporation, Delphi Automotive PLC, DENSO Corporation, Cummins, MAHLE, among others.

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