Advancements in 3D Printing Technology to Improve Quality and Design
The increasing demand for engine components for a broad spectrum of applications across various industrial domains, including agriculture, marine, stationery engines, and automotive is expected to remain the key factor in driving the global engine components market. Innovations and new product development activities are likely to occur in line with the evolving regulatory framework and the growing demand for energy efficiency. Over the past couple of decades, manufacturing techniques and technologies within the engine components market have witnessed considerable progress due to which, the production of sophisticated and cutting-edge engine components is on the rise– a factor that is anticipated to fuel the growth of the global engine components market during the forecast period.
The onset of Industry 4.0 has accelerated automation across small to large factories around the world bringing about improved efficiency and productivity. The evolving market dynamics, particularly in the automotive sector, are likely to have a strong influence on the overall growth trajectory of the global engine components market during the assessment period. The increasing emphasis on energy efficiency is estimated to pave the way for engine components made from lightweight materials. The booming automotive sector, mainly in developing nations, including India and China is projected to play a key role in fueling the growth of the global engine components market in the upcoming decade.
At the back of these factors, along with increasing focus on research and development activities, the global engine components market is expected to cross the market value of US$ 7.5 Bn by the end of 2030. Furthermore, advancements in the 3D printing technology has led to notable improvements in designs of various engine components, including valve tappet, screw cap assembly, and retainer.
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High Demand from Automotive Sector to Boost Market Growth
The increasing demand for engine components from the automotive sector is expected to provide a considerable boost to the global engine components market. The booming automotive sector, particularly in developing regions, is projected to accelerate the demand for automotive vehicles, thus impacting the growth of the global engine components market positively. Innovations in the engine components market are mainly focused on the possibility of utilizing different materials to attain energy efficiency goals. A number of lightweight hybrid and composite materials has gained immense popularity among engine components manufacturers. While steel, magnesium, and aluminum are anticipated to remain key materials in the production of engine components, palm kernel shell and periwinkle shell have emerged as ideal materials in commercially pure aluminum matrix. Research and development activities are projected to gain momentum during the forecast period.
Evolving Agriculture and Construction Sector to Offer Plethora of Opportunities
Construction and agriculture sectors are likely to provide considerable opportunities to the players operating in the current engine components market landscape. The notable rise in the demand for construction, defense, and agricultural machinery is expected to have a positive impact on the expansion of the global engine components market during the assessment period. While players operating in the current engine components market are major component suppliers for automotive manufacturers, a number of companies are also increasingly operating as system integrators– a trend that would continue during the forecast period.
In addition, a number of market players are expected to focus on the production of engine components for electric vehicles due to the growing demand for electric vehicles.
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Market Players to Address Supply Chain Challenges amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is expected to have a strong impact on the overall growth trajectory of the global engine components market. The closure of major industries in the first quarter of 2024 imposed by the Chinese Government in the wake of the increasing number of COVID-19 cases put forward a number of challenges across the global engine components supply chain. While the first quarter of 2024 witnessed a steep decline in the production of engine components, the second and the third quarter witnessed a major decline in the volume of cross-border trade across the engine components market due to which, market players are increasingly expected to address various challenges in the supply chain.
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Engine Components Market: Overview
- The global engine components market is anticipated to expand at a CAGR of 1% during the forecast period, primarily due to an increase in the need for development of high efficiency engines comprising multiple and small, lightweight, and high efficiency components
- Developing economies depend heavily on agriculture, and their growing population demand for high farm yield. Consequently, governments and international organizations have been initiating various schemes to promote mechanization in the agriculture sector. Agricultural mechanization is expected to propel the demand for agricultural tractors, harvesters, and cultivators among other mechanical farming equipment. These machinery are powered by either gasoline powered or diesel powered engines, which in turn is driving the global engine components market.
Drivers of Engine Components Market
- Rise in per capita income among the population coupled with increase in urbanization and surge in the demand for transportation of the population as well as consumer products are boosting the demand for vehicles. The global automotive industry has been witnessing a rise in the demand for both passenger vehicles and commercial vehicles; consequently, an increase in vehicle production has driven the demand for engine components.
- Stringent regulations pertaining vehicles emissions mandated by regulatory authorities worldwide are compelling players engaged in the development and manufacturing of engines to invest toward improving weight and performance of engine components and engine systems. For instance, players in the value chain of engine components are adopting lightweight materials to manufacture camshafts, valve-train components, including valve tappets and collets. Reduced weight of the engine decreases power requirements of vehicle operation, thereby saving fuel.
Challenges for Engine Components Market
- Electric vehicles are replacing conventional IC engine-powered vehicles. This trend is estimated to act as a major hurdle in the growth of the engine components market. Several government organizations and regulatory authorities around the globe have enacted stringent vehicle regulations and standards pertaining to diesel operated vehicles. This, in turn, has prompted automakers around the globe to announce plans to phase out the production of diesel engine vehicles. For instance, on December 29, 2019, Mitsubishi Motors, a Japan-based automaker, announced its plans to eliminate diesel versions of its key car models by the end of 2024, and significantly reduce the size of its existing diesel vehicle business. Automakers are expected to shift their focus toward electric vehicles. The company plans to modify the current diesel production facilities to manufacture electric vehicles.
- Additionally, in May 2018, Nissan Motors announced the termination of its diesel engine development. GM, Ford, and Volkswagen have also announced similar plans to stop diesel engine vehicle production across Europe and increase their manufacturing capabilities in terms of manufacturing electric vehicles. Therefore, phasing out of IC engines is anticipated to act as a major restraint to the engine components market in the near future.
Engine Components Market Segmentation
- The global engine components market has been segmented based on component, application, and region
- Based on component, the screw cap assembly segment held a prominent share of the global engine components market, owing to its high cost compared to other components; however, all components have a similar price range. The valve tappets segment held a relatively minor share of the engine components market, as the market share held by hydraulic lash adjusters is not included in the engine components market.
- In terms of application, automotive is a prominent segment of the global engine components market, due to larger production and consumption of passenger vehicles compared to that in other application areas
Engine Components Market: Regional Analysis
- The global engine components market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific and Europe are projected to be highly lucrative markets for engine components during the forecast period. This is primarily due to the presence of a prominent automotive industry in China, Germany, Japan, and India.
- Rise in demand for electric vehicles across Asia Pacific is likely to boost the engine components market in the region
- Europe has presence of major OEMs and tier-1 suppliers who have advanced research and development facilities, which, in turn, is anticipated to boost the engine components market in Europe
Engine Components Market: Competition Landscape
- Key players operating in the global engine components market include
- AcDelco
- AmTech International
- Burgess-Norton Mfg. Co. Inc
- Decora Auto Forge Pvt. Ltd.
- DNJ Engine Components
- DREWCO Corporation
- Eaton
- EFC International
- Federal-Mogul
- GT Technologies
- Hangzhou Heng Ji Trading Co., Ltd.
- Indo Schottle Pvt. Ltd
- ITW Automotive
- Kent Automotive
- LISI Automotive
- LuK GmbH & Co. KG
- Melling
- Nanjing Superior Machine & Parts Co
- Nittan Valve Co.,Ltd.
- Major vehicle manufacturers are investing heavily in the development of engine components. Growing industrial trend toward lightweight vehicles is likely to increase the demand for lightweight components across the globe. Following are the key developments from various vehicle manufacturers:
- In July 2019, Hyundai Motor Group developed the world’s first Continuously Variable Valve Duration (CVVD) technology to feature in future Hyundai and Kia vehicles
- On September 28, 2018, the Volvo Group developed a new-generation of natural gas fuelled engine. The Group’s engineers have produced an engine that reduces greenhouse gas emissions, while achieving an efficiency rating as good as that of a diesel engine.
- MAHLE GmbH is focused on the development of valve train parts, pistons. MAHLE develops the tribological system of valve train components: valves, valve guides, and valve seat inserts.
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